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Risk in Context Podcast: Risks to consider when moving away from a global insurance program

Multinational organizations have often carved out some lines of coverage from their global program, opting to purchase the needed insurance in a specific country or region.

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Multinational organizations have often carved out some lines of coverage from their global program, opting to purchase the needed insurance in a specific country or region. In recent years, as they contended with a more challenging insurance market, many organizations have explored the option of replacing their entire global programs with coverage purchased in the different countries where they operate.

In this episode of Risk in Context, Diana Accordi, Multinational Advisory Practice leader for Asia, Corinne Boeri, Multinational Advisory Practice leader for France, Elvira Lacalle Bertrand, Multinational and Real Estate Practice leader for Spain, and George Scaglia, US Multinational Advisory Practice leader, discuss this trend and when it can help organizations better manage their risks. They also talk about the potential risks of moving away from a global program and share advice on how to improve a program overall. 

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Key takeaways

No one-size-fits-all solution

A global program allows multinationals to have the same coverage across all countries, which may not be possible through locally placed coverage. Dismantling a global program is not a solution for all companies.

Beware of gaps in coverage

Differences in insurance offerings are likely to lead to coverage gaps that can be addressed through a master program that brings all regions to the same insurance standard. Different renewal dates may increase the risk of insurance lapses.

Program changes require careful analysis

Multinational organizations considering moving away from a global program should carry out an in-depth review that examines the potential impact both immediately and in the long term.

About our speakers

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Diana Accordi

Asia Leader, Multinational Advisory Practice

Diana Accordi heads Marsh’s Multinational Advisory Practice in Asia, where she is focused on the retention and growth of Asian multinational clients. She also provides advice on compliance related to overseas insurance regulation, helping companies make informed decisions on insurance purchasing. 

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Corinne Boeri

Multinational Advisory Practice Leader

Corinne Boeri leads Marsh’s Multinational Advisory Practice in France. In this role, she provides strategic advice to clients on the structure of their global programs and works with clients on network management and to implement solutions to mitigate their risks. She is also a client executive and plays a pivotal role in managing the delivery of cross-functional services to clients.

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Elvira Lacalle Bertrand

Multinational and Real Estate Practice leader, Spain

Elvira Lacalle Bertrand is the director of Marsh’s Multinational Practice in Spain. She coordinates a team of international business specialists to support both clients setting up business in Spain as well as large multinational companies with operations abroad. She works to make sure that clients have full access to Marsh’s solutions and resources across the globe.

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George Scaglia

Multinational Advisory Practice leader, US

George Scaglia is a managing director, senior client advisory, and US Multinational Advisory Practice leader. He is responsible for maintaining contact with clients and the insurance markets, helping clients design and implement their insurance programs as well as managing and coordinating the network service delivery for large complex multinational insurance programs.

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This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

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