1. Press release
[Embargo to 9 am CET Monday 3 June 2013]
Insurance law can be an enterprise issue
Insurance law can be an enterprise-wide issue, so it’s
essential that legal experts and risk managers understand
what happens when the law is applied in business, Jorge
Luzzi, the President of the Federation of European Risk
Management Associations (FERMA), said this morning
(Monday 3 June).
Mr Luzzi was opening European insurance law: when
theory meets practice, a conference organised by FERMA
with the insurance law organisation AIDA Europe in Paris
today.
It is the first time the two have collaborated, and they
have brought together eminent legal experts and risk
managers from eight countries to discuss co-insurance,
embargoes, serial claims and directors’ and officers’
(D&O) insurance.
Mr Luzzi said: “Taking FERMA’s 22 member associations
together, we represent about 4,500 individual risk and
insurance managers. I say risk and insurance managers
deliberately because today not all risk managers deal with
insurance. Insurance law, however, is important to all of
them. If there is a problem over a major claim, it can
impact the company’s cash flow, the balance sheet and
even the directors’ personal liability.”

2. For example, he explained, if a major partner on a
coinsurance drops out of the consortium when there is a
large loss, collecting the claim is much more difficult, and
there can be serious consequences for the business.
The implications of trade embargoes and expanding
regulatory action against directors and senior managers
are some other ways in which insurance law has wide
repercussions on business.
Mr Luzzi also said that the new connection between
FERMA and AIDA Europe can help strengthen the
presentation of common interests on insurance legal
matters to European institutions. “For our part, we believe
we can contribute to AIDA’s understanding of how the
law works when it gets to workplace. Today’s title,
European insurance law: when theory meets practice, says
it all.”
FERMA is a federation of 22 risk management
associations in 20 European countries. In terms of their
insurance law systems, they are a varied group. Some
havea large, sophisticated insurance market with well
developed insurance jurisprudence. Others are smaller
countries,and somehad a state insurance monopoly until
about 20 years ago.
For more information, contact
Lee Coppack
FERMA media coordinator
lee@coppack.co.uk or +44 (0)20 8318 0330 or
(Monday 3 June) +44 (0)7843 089904
Or
Florence Bindelle

3. FERMA executive manager
florence.bindelle@ferma.eu or +32 (2) 761 94 31(Tuesday
4 June onward)
About FERMA
The Federation of European Risk Management
Associations (FERMA) brings together 22 national risk
management associations in 20 European countries.
FERMA has 4,500 individual members representing a wide
range of business sectors from major industrial and
commercial companies to financial institutions and local
government bodies. These members play a crucial role for
their organisations with respect to the management and
treatment of complex risks and insurance issues.
Member associations are from the following countries:
Belgium (BELRIM), Czech Republic (ASPAR CZ), Denmark
(DARIM), Finland (FinnRiMa), France (AMRAE), Germany
(DVS/BfV), Italy (ANRA), Luxembourg (PRiM), Malta
(MARM), Netherlands (NARIM), Norway (NORIMA),
Poland (POLRISK), Portugal (APOGERIS), Russia (RusRisk),
Slovenia (Sl.RISK), Spain (AGERS and IGREA), Sweden
(SWERMA), Switzerland (SIRM), Turkey (ERMA) and United
Kingdom (Airmic).