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Nematrian Reference Library

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ReferenceTitleLink
Chase-Jenkins, L. and Farr, I. (2004)Adding Value Through Risk and Capital management - An ERM Update on the Global Insurance Industryhere

Foreward (partial)

"Integrated risk and capital management is emerging as a source of competitive advantage in the insurance industry. The days of viewing risk and capital management as purely defensive business processes are nearing an end. Insurers have come to recognize enterprise risk management as fundamental to creating and improving shareholder value through better risk-based decision making and capital allocation. The Tillinghast business of Towers Perrin conducted its third biennial survey on risk and capital management issues in an effort to provide industry leaders with a better perspective on the state of risk and capital management approaches. Responses were received from 150 insurance industry executives worldwide. Overall, the survey confirmed that significant strides have been made over the last two years, but there remains much work to be done. As evidence of the growing importance of risk and capital management, survey respondents told us the following: (a) Senior executives are giving integrated risk and capital management greater priority and attention than ever before, establishing high-level accountabilities befitting a legitimate strategic function; (b) Risk management considerations have begun influencing business decisions in such mainstream areas as asset/investment strategy, product pricing, annual business planning and reinsurance purchasing; (c) Economic capital is emerging as a critical tool in risk and capital management. While a prime senior executive objective is to create value through better risk-based decision making, most companies are still in the process of improving basic risk processes."


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