Insurer Groups Form Global Business Unit

Insurer Groups Form Global Business Unit

By Steven Brostoff, Washington Editor

NU Online News Service, July 25, 2:33 p.m. EST, Washington?The American Insurance Association is joining with the American Council of Life Insurers in a new, coordinated effort to advance global trade in insurance.

The two Washington-based Associations will create a joint strategic planning committee aimed a promoting industry unity on trade issues.

"We know that the insurance industry is extremely effective on major international trade issues when it speaks with one voice," said John Savercool, vice president of federal affairs for AIA.

"This formalization of the already effective AIA-ACLI collaboration will help ensure that U.S. insurers are united on their major international trade goals and objectives, a unity that will benefit the industry and allow us to make our case more effectively to U.S. trade officials and our trade partners," he said.

Brad Smith, managing director for international relations with ACLI, said that a formal, unified planning and coordination mechanism will allow the associations to leverage the industry's resources and expertise for member companies that are looking to expand globally.

In addition to the ongoing opening of the insurance market in China, the associations said they will work in other areas, including future market openings in Japan, India and Vietnam, and international regulatory developments.

The associations said they will coordinate with U.S. government trade negotiators and strengthen relationships with their overseas counterparts and the broader U.S. financial services industry.