Daily Insurance Industry News
Daily Insurance Industry News
Sunday 21st of October 2018
October 28, 2009

ERM advance continues amongst (re)insurers

by Richard Kilner

Story link: ERM advance continues amongst (re)insurers

Guy Carpenter & Company has released a study indicating that the shift towards stronger enterprise-wide risk management (ERM) is continuing to gather pace within the insurance and reinsurance industry.

In the six months since the firm’s initial Risk Tolerance Benchmarking study ratings agencies have increased the importance of ERM-related disciplines in a bid to improve transparency.

The disclosure of the structure of ERMs has remained relatively unchanged, although in Bermuda the degree of disclosure has increased to an almost European level, with Asia-Pacific and the US still behind Europe.

European (re)insurers also lead the way regarding disclosure of capital allocation and modelling methods.

Generally there is little difference between insurers and reinsurers regarding quality of disclosure, with most detail provided by firms that engage in both insurance and reinsurance activities.

Guy Carpenter’s MD, Susan Witcraft, has stated that the ongoing rise of metric-based frameworks is helping firms to enhance their efficiency whilst also boosting their ability to respond to risk and capital questions.


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