Global Insurance and Risk Management Survey: Financial Crisis Spotlights ERM
The Towers Watson 2010 survey of 465 chief risk officers, chief financial officers and chief actuaries in insurance companies around the world has found that seasoned ERM practitioners are advancing in economic capital modeling and making ERM part of their decision-making process, while those less experienced continue to strengthen their ERM framework. Increasingly, insurance companies recognize risk appetite statements that link governance, metrics and risk modeling to risk and capital decisions as fundamental to a strong ERM program
However, while there is ample evidence of insurers’ considerable progress during the last two years in ERM and economic capital development efforts, the industry still faces many challenges.
