International Insurance Council Might Be Missed By The Industry
It is sad to see the passing of the International Insurance Council, the association that was dedicated to opening markets worldwide to free trade in insurance.
The IIC, which was based in Washington, is closing, according to its board, because there were no more battles to fight. With the establishment of the World Trade Organization and the agreement by China to broadly open its insurance market, the major issues have been resolved.
At the same time, IICs membership was declining. Many insurers, the IIC board said, decided to concentrate on the domestic market, leaving only a few carriers interested in global business. The remaining global players apparently did not represent a large enough base to sustain IIC.
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