WORLD FEDERATION OF INSURANCE INTERMEDIARIES (WFII)
Promoting the interests of insurance intermediaries in international public affairs.
WORLD FEDERATION OF INSURANCE INTERMEDIARIES (WFII) AT A GLANCE
WFII enables insurance intermediaries to speak with one voice to international institutions and regulators that affect their business throughout the world.It enables the exchange of information on global issues and goals that all national associations of intermediaries have in common. WFII provides global leadership, develops solutions and co-ordinates actions to promote the insurance intermediary industry at international level.
WFII aisbl under Belgian law.
WHAT WE DO
Who we represent
The World Federation of Insurance Intermediaries, represents insurance agents and brokers from over 100 national associations (in over 80 countries) across the world. WFII was formally launched in January 1999, in Washington D.C. and represents over 500,000 professional intermediaries who handle the vast majority of insurance placements globally.
WFII represents the interests of intermediaries with international institutions and works to deepen the understanding of the role played by insurance brokers and agents in global commerce. WFII is recognised by world-wide leading and influential bodies such as the OECD, FATF, IAIS, WTO and the UN as an expert on insurance intermediaries' issues in international Public Affairs.
A multidimensional activity
What appears a simple concept “insurance intermediation” is in fact a multidimensional activity that requires a great variety of skills and qualities if it is to be a successful business in a very competitive market. The market for insurance products, like many other markets, is characterized by imperfect information by each party to the transaction, significant search costs to find the appropriate deal, and asymmetric bargaining power. Through their various activities, intermediaries help clients and insurance companies overcome a number of market failures which otherwise would hamper competition. These activities are important for all types of insurance buyers, large companies, SMEs & private consumers.
In a changing sector
WFII members believe that further liberalisation of insurance intermediary markets across the globe is in the best interest of consumers and helps strengthen the economies of all participating countries. They fully accept competition from all sources of insurance distribution, provided this competition is fair and operates on a level playing field. They work together to ensure that all regulation supports a level playing field at national, regional and international levels.