The increasingly complex nature of cross-border business presents a web of regulatory and logistical hurdles to multinational corporations around the world. Designing and executing an effective international insurance programme to safeguard global operations is vital.
I am pleased to present the 2017 Global Programmes Report, which addresses the top considerations for large corporate insurance buyers. It also tackles hot topics such as Brexit, employee benefits and the emerging risks and opportunities presented by the growing presence of drones. Allianz, which sponsors this report, has taken a particularly keen interest in the area of drones and provide a detailed analysis of how their emergence is impacting everyday life.
Multinationals and the global insurance industry are no strangers to grappling with complex tax questions and scrutiny, but the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (Beps) project has introduced a new and broad challenge to the whole captive concept.
Jenny Coletta and Paul H Phillips, of EY, tackle the relevance of Beps to captives and global programmes within this report and their intervention is a welcome one.
A by-product of technological development is the ability to collect and analyses large amounts of data. Used properly, data can provide strong benefits to insureds and insurers, while getting claims paid is arguably the most important function of any captive. Both topics receive much deserved attention inside.
This Report would not be complete without addressing the impact of Brexit on captives and multinational programmes. While many of the relevant questions remain unanswered, and will likely remain so for another two years, it is essential that corporates and those designing global programmes are prepared for all eventualities.