Insurance companies
are not doing enough to promote risk management, said Ms Susan Meltzer,
Chairman of the International Federation of Risk and Insurance Management Associations
(IFRIMA). In this interview, she tells Asia Insurance Review that the
understanding of risk management is just beginning among the insurers even for
their own operations and certainly lots more need to be done in this area.
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There is a lot
of work still to be done with insurers as they are very reluctant to take on
risks that cannot be calculated actuarially, said Ms Marie-Gemma Dequae,
President of the Federation of European Risk Management Associations in Europe
(FERMA). Here, she shares insight into how European countries are coping with
new risks and changing regulations, all of which impact the risk managers as
they look at risk transfer and risk financing.
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Until a few years
ago, when corporate leaders were asked, “What does risk management mean
to your organisation?” the traditional response would most likely only
refer to adequate insurance protection and disciplined housekeeping. Today,
large corporations are far less likely to give such a brief answer. For hundreds
of Global 1000 companies, strategic risk management – based on thorough
business impact analysis of exposure to loss and its consequences – is
elemental to strategic planning. Mr Dennis Bessant, Vice President, Global
Services and Asia Operations, FM Global, looks at this growing phenomenon.
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Towards the end
of June this year, Aon announced it was moving to electronic risk distribution
and that it would be using the RI3K electronic marketplace. We examine the implications
for the global insurance and reinsurance industries with Mr Alex Letts,
the Chief Executive, and Mr Tom Curtis, Asia Pacific Managing Director,
of Trading Service RI3K.
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