Companies with global insurance policies may be duplicating cover, according to JLT Specialty, which surveyed 70 delegates attending a Global v Local workshop at the recent AIRMIC Conference.
The research revealed that while 54% of those responsible for arranging insurance for their companies knew what their global insurance programme comprised, only 12% thought they had full visibility of their programmes.
JLT therefore suggest that many companies may not know if they have duplicate cover and are spending more on insurance than needed.
They may also be unaware of gaps in their cover and/or if they are setting policies in the most effective and efficient way.
JLT partner, Karen Gorman, comments: “It’s easy to worry about compliance, local anomalies and local buying patterns and let these cloud the best decision for the buying of the insurance that’s needed.”
She adds: “Whilst control is key so are regular reviews, a proactive outlook and careful weighing up of options”.
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