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The whole truth concerning ERM: a holistic approach matches underwriting risk with financial and operational stragegies.(Property/Casualty: Underwriting Insight)
Assessing, controlling and monitoring risks across the enterprise can be a daunting challenge. How will enterprise risk management teams address complex, interdependent issues associated with the evolving nature of insurer risk in the 21st century?
To master the new art and science of ERM, property/casualty insurers must adopt innovative strategies to manage risk.
Historically, there have been two sides to risk management for property/ casualty insurance companies: financial and operational.
Finance-focused risk management works to analyze and control risks in bonds, equities and other investment instruments and foreign exchange. It also seeks to align assets with liabilities and focus on the timing of payouts and maturities. The analysis in this context is derived from archetypal financial risk management standards.
Operations-focused risk management generally tackles insurance enterprise exposures. It brings risk mitigation strategies to bear in order to control enterprise risks, including those associated with product obsolescence, regulation, natural hazards, competitive dynamics, employee retention and business continuity.
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