Manufacturing Today - November/December 2016 - 18

Insuring Growth

few manufacturers are ready for
insurance complexities overseas
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Over the next five years, more than 50 percent of manufacturers plan to enter new international markets and almost
all plan to expand existing sites or open new facilities in
countries with existing operations, a recent study shows.
According to the study, a collaboration between Deloitte
and the Manufacturers Alliance for Productivity and Innovation (MAPI), Brazil, China and India remain at the top
of the list of new market targets for companies looking to
expand. The middle class boom and associated spending
power also positions South Africa, Turkey and Vietnam high
on the priority list.
18

manufacturing-today.com NOVEMBER/DECEMBER 2016

Taking the 'Local' Route
An insurer licensed to do business in
the state or country in which the insured's exposure is located is often
referred to as an admitted insurer.
Placing risks with an admitted insurer in an international setting requires local market knowledge and
an understanding of the regulatory
requirements. In a recent case, a glob-

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L E A N

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One common challenge expanding
industrial companies face involves
insurance purchasing. Legal and regulatory requirements, financial objectives, tax implications and sometimes political risks are a few of the
considerations that need to be sorted
through when corporations decide to
obtain international coverage to protect their foreign-based assets.
Each country has unique insurance regulations and tax on insurance premiums, and claim payments
can complicate the decision-making.
Sometimes the rules are not as black
or white as companies would like
them to be. For example, a jurisdiction
may have laws restricting insurance
services to locally licensed carriers
and, at the same time, make exceptions for certain classes of business
where there is insufficient capacity or
carriers to insure large risks. Even if
the rules were clear for many companies, deciding between the different
program options, such as whether to
place coverage with a locally-admitted
carrier versus a master program from
a non-admitted carrier, comes with
significant financial implications.
To help multinational industrial
companies evaluate their international assets and operations so their
insurance coverage is better aligned
with their financial objectives, the
following are several solutions companies can employ.

P RO F I TA B I L I T Y

N EWS

T ECHNOLOGY

C ONTENTS

D IALOGUE

L EADERSHIP

S U P P LY C H A I N

M ANAGEMENT

C OVER STORY

L AST PAGE

P RO F I TA B I L I T Y

T H E B AT T E RY S H OW

L EADERSHIP

O P E R AT I O N S

W ORKFORCE

R EGIONAL MANUFACTURING

P OLITICS

E XPORTING

COLUMN BY | RANDY CRAWFORD


http://manufacturing-today.com

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