In collaboration with: FERMA EUROPEAN RISK AND INSURANCE SURVEY REPORT 2016
Feb 13, 2017
In collaborationwith:
FERMA EUROPEAN RISK AND INSURANCE
SURVEY REPORT 2016
In collaborationwith:
8th biennal survey conducted by the Federation of European Risk Management Associations (FERMA)
In collaboration with: AIG, CHUBB, EY, MARSH and XL CATLIN.
Presentation of the survey:
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39 questions Survey Conducted from 8th April to 10thJune 2016 24 national associations members of FERMA 1 contact list : others (25 contact list in total) 634 Respondents Based on FERMA standard
Key Facts:
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Content: QuestionnaireThe survey comprises three parts:
PART 1: RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE: from S1 to Q16This part is seeking to reinforce the understanding and positioning of the risk and insurance
management role.Support the development of the risk and insurance management function.
PART 2: EUROPEAN INSIGHTS ON RISK MANAGEMENT: from Q17 to Q20NEWThis part is seeking to identify the main priorities for EU risk and insurance managers to ensure that
FERMA supports its members’ needs and expectations as regards the risk and insurance management function.
PART 3: Insurance Management : from Q30 to Q39This part is seeking to provide EU insight on the evolution of the insurance market and risk managers’
expectations.
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Sample – GlobalAll respondents: Long Completes + Short Completes
Associations Total Respondents Total invited Response RateAGERS 13 50 26%ALRIM 37 200 18,50%ASPAR CZ 5 50 10%BFV 1 1 100%DVS 7 90 7,78%FINNRIMA 20 104 19,23%SI.RISK 5 11 45,45%POLRISK 17 100 17%AIRMIC 59 1063 5,55%AMRAE 94 748 12,57%ANRA 57 227 25,11%APOGERIS 6 58 10,34%BELRIM 30 122 24,59%BRIMA 8 11 72,73%ERMA 32 99 32,32%DARIM 41 71 57,75%IGREA 11 41 26,83%MARM 5 31 16,13%NARIM 39 158 24,68%RUSRISK 25 56 44,64%SIRM 20 106 18,87%SWERMA 26 226 11,50%NORIMA 12 55 21,82%AIG 49 686 7,14%Others 15 43 34,88%Total 634 4407 14,39%
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Sample - 1st,2nd and 3rd Part completed Long Completes
A respondent is considered Long Complete if he
answered for all three parts of the questionnaire.
Associations Long Completes Total invited Response RateAGERS 6 50 12%ALRIM 7 200 3,50%ASPAR CZ 3 50 6%BFV 1 1 100%DVS 6 90 6,67%FINNRIMA 13 104 12,50%SI.RISK 4 11 36,36%POLRISK 10 100 10%AIRMIC 38 1063 3,57%AMRAE 57 748 7,62%ANRA 37 227 16,30%APOGERIS 5 58 8,62%BELRIM 20 122 16,39%BRIMA 6 11 54,55%ERMA 13 99 13,13%DARIM 30 71 42,25%IGREA 10 41 24,39%MARM 2 31 6,45%NARIM 32 158 20,25%RUSRISK 9 56 16,07%SIRM 17 106 16,04%SWERMA 15 226 6,64%NORIMA 8 55 14,55%AIG 44 686 6,41%Others 13 43 30,23%Total 406 4407 9,21%
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Sample – 1st and 2nd Part completedShort Completes
A respondent is considered Short Complete if he answered for first two parts of the questionnaire.
Associations Long Completes Total invited Response RateAGERS 7 50 14%ALRIM 30 200 15%ASPAR CZ 2 50 4%BFV 0 1 0%DVS 1 90 1,11%FINNRIMA 7 104 6,73%SI.RISK 1 11 9,09%POLRISK 7 100 7%AIRMIC 21 1063 1,98%AMRAE 37 748 4,95%ANRA 20 227 8,81%APOGERIS 1 58 1,72%BELRIM 10 122 8,20%BRIMA 2 11 18,18%ERMA 19 99 19,19%DARIM 11 71 15,49%IGREA 1 41 2,44%MARM 3 31 9,68%NARIM 7 158 4,43%RUSRISK 16 56 28,57%SIRM 3 106 2,83%SWERMA 11 226 4,87%NORIMA 4 55 7,27%AIG 5 686 0,73%Others 2 43 4,65%Total 228 4407 5,17%
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PART 1 - RISK MANAGEMENT PRO-FESSION AND PRACTICES IN EUROPE
PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 3 - Insurance Management 0
100
200
300
400
500
600
700
406 406 406
228 228
Total number of respondents for each part (Long Complete + Short Complete)
Long Completes Short Completes
SAMPLE
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Part 1 :RISK MANAGEMENT PROFESSION AND PRACTICES IN EUROPE
PART 1 - RISK MANAGEMENT PRO-FESSION AND PRACTICES IN EUROPE
PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 3 - Insurance Management
634 634
406
Total completes for each part
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Sample - 1st Part
A representative sample of European companies
Female 27%
Male 73%
S1: Are you?
Less than 25 years old
Between 31 and 35 years old
Between 46 and 55 years old
60+ years old
0.3%
3.5%
7.6%
35.5%
36.1%
11.0%
6.0%
S2 - What is your age ?
Basis: 634
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Sample - 1st Part
Less than €60k
Between €60k - €80k
Between €81k - €100k
Between €101k - €120k
Between €121k - €150k
Between €151k - €200k
More than €200k
18.5%
17.5%
18.0%
15.5%
11.7%
11.7%
7.3%
S3 - What is your total annual remuneration (including bonus and all compensations) ?
Basis: 634A representative sample of European companies
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In collaborationwith:
Less than €50 million
Between € 50 million and less than € 100 million
Between € 100 million and less than € 500 million
Between € 500 million and less than € 1 billion
Between € 1 billion and €5 billion
More than € 5 billion
10.1%
3.3%
13.6%
10.9%
31.2%
30.9%
Less than 250
Between 250 and less than 1,000
Between 1,000 and 5,000
Between 5,001 and 10,000
Between 10,001 and 20,000
More than 20,000
13.2%
9.6%
21.6%
11.8%
12.8%
30.9%
Q2.1 - Organization’s turnover: Q2.2 - Organization’s total number of employees:
A representative sample of European companiesSample - 1st Part
Basis: 634
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Don't know
Negative
Between 0% and 5%
Between 5.1% and 10%
Between 10.1% and 20%
More than 20%
44.0%
8.0%
22.2%
12.3%
8.8%
4.6%
Q2.3 - Organization’s average growth rate (EBITDA - Earnings before interest, taxes, depreciation and amortization) over the last five years.
A representative sample of European companiesSample - 1st Part
Basis: 634
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Latin America
Middle East
Africa
Asia / Pacific
North America
Europe
0.0%
0.8%
0.8%
0.8%
2.4%
95.3%
A representative sample of European companiesSample - 1st Part
Q3.1 - Where are your organization’s headquarters ?
National or Country
Division or Regional
Corporate (Head Office)
5.5%
5.8%
88.6%
Q3.3 - Which part of the organization do you work in ?
Basis: 634
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Yes47%No
53%
Q4 - Is your organization listed on the stock market ?
A representative sample of European companiesSample - 1st Part
Basis: 634
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Other
Security Director / Manager
Health and safety Director / Manager
General / Company Secretary
Compliance Director / Manager
Chief Operating Officer
Business Continuity Director / Manager
Head of Treasury / Treasury manager
President, Chairman
Captive Director / Manager
Chief Financial Officer / Finance Manager
Head of Internal Audit / Audit Manager
Legal Counsel / Head of Legal Department
Chief Executive Officer / Managing Director
Operational Risk Director / Manager
Chief Risk Officer
Risk Director / Manager
Insurance Director / Manager
13.4%0.0%0.2%0.3%0.3%0.5%0.6%0.8%0.9%1.4%1.6%1.6%
2.7%2.8%
4.7%12.6%
22.9%32.6%
Q5.1 - Respondent primary position.
A representative sample of European companiesSample - 1st Part
Less than 5 years12%
Between 5 and 10 years
25%More than 10
years62%
Q5.1 Quater – Respondent relevant professional experience in risk management and/or insurance.
Basis: 634
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Yes54%
No46%
Q5.1 Ter - Do you have a specific qualification in risk and/or insurance management ?
A representative sample of European companiesSample - 1st Part
Q5.2 - Where is your specific qualification in Risk Management or Insurance from ? (Multiple Answer)
Business School
A national risk management association which is a member of FERMA
University
Professional Institute – please specify the name of the organisation awarding the qualification and the level of the qualification :
19.5%
27.9%
35.8%
38.7%
Basis: 344Basis: 634
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Yes39%
No61%
Q5.6 - Is your qualification subject to Continuous Professional Development (CPD)? Q5.7 - Do you plan to apply for Ferma Certification (Rimap)?
A representative sample of European companiesSample - 1st Part
Yes33%
No67%
Basis: 634
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A representative sample of European companiesSample - 1st Part
Basis: 634
Other, please specifyPARIMA, Asia Pacific
ASPAR CZ, Czech RepublicMARM, Malta
SI.RISK, SloveniaAPOGERIS, Portugal
BRIMA, BulgariaNORIMA, Norway
BFV, GermanyPOLRISK, Poland
RIMS, United StatesIGREA, Spain
FINNRIMA, FinlandAGERS, Spain
RUSRISK, RussiaSIRM, Switzerland
ERMA, TurkeySWERMA, Sweden
DVS, GermanyALRIM, Luxembourg
BELRIM, BelgiumNARIM, Netherlands
DARIM, DenmarkANRA, ItalyAIRMIC, UK
AMRAE, France
7.1%0.3%
0.8%0.8%0.8%0.9%0.9%
1.9%2.4%2.4%2.5%
2.8%3.3%3.5%3.6%3.6%3.8%
4.4%4.7%
5.8%5.8%
6.5%7.1%
9.3%10.9%
16.2%
Q5.3 - Are you or your organization a member of one of the following Risk Management associations? (Multiple Answer)
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Risk Management Insurance
52.0% 51.4%
29.4%
16.7%18.7%
31.9%Up to 3Between 4 to 10More than 10
Q6.1 - Full time equivalent people working for Risk Management or Insurance
Risk Management Function - 1st Part
Filter on Q3.3
Basis: 562 Basis: 72
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Risk Management Function - 1st Part
Q7 - Does your organization use (own or rent) a captive ?
Yes 34%
No 66%
Traditional Lines of Cover Non-traditional Lines of Cover
29.4%
44.4%
61.2%
37.9%
9.3%
17.8%
More important IdenticalLess important
Q7.1 - Involvement of the captive in over the next 2 years.
Basis: 634
Basis: 214
Q7.2 - Strategy in regards to risks which are difficult to place on the insurance market
Create a captive insur-ance / re-insurance
company
Use alternative risk transfer vehicles (Rent-a-captives, protected cell companies, structured coverages etc.)
Risk retention
Lobby the insurance market to develop more innovative
solutions
6.0%
17.4%
42.4%
34.3%
Basis: 420
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A representative sample of European companiesRisk Management Function - 1st Part
Basis: 634
0
100,000 or less
100,001 to 200,000
200,001 to 300,000
300,001 to 400,000
400,001 to 500,000
500,001 to 600,000
600,001 to 700,000
700,001 to 800,000
800,001 to 900,000
900,001 to 1,000,000 (1
milli
on)
1,000,001 to 1,500,000 (1
milli
on to 1.5 m
illion)
1,500,001 to 2,000,000 (1
.5 milli
on to 2 m
illion)
2,000,001 to 2,500,000 (2
milli
on to 2.5 m
illion)
2,500,001 to 5,000,000 (2
.5 milli
on to 5 m
illion)
5,000,001 to 10,000,000 (5
milli
on to 10 m
illion)
10,000,001 to 20,000,000 (1
0 milli
on to 20 m
illion)
20,000,001 to 50,000,000 (2
0 milli
on to 50 m
illion)
50,000,001 to 100,000,000 (5
0 milli
on to 100 m
illion)
100,000,001 to 200,000,000 (1
00 milli
on to 200 m
illion)
Over 2
00,000,000 (Ove
r 200 m
illion)
Don't know
Skip questi
on0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Total Insurance premium Outside services TOTAL INSURANCE TOTAL RISK TOTAL COST OF RISK 2015
Q8x2W2016 - Total Cost of Risk in 2015 (in Euros).
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Risk Committee
President / Chairman
Head of Treasury
Head of Internal Audit
General Counsel / Head of Legal Department
General / Company Secretary
Chief Risk Officer
Chief Operating Officer
Chief Financial Officer
Chief Executive Officer / Managing Director
Board of Directors / Supervisory Board
Audit Committee
6.9%
10.3%
4.9%
3.5%
5.8%
3.5%
5.0%
2.2%
26.3%
15.9%
10.7%
4.9%
2.1%
8.8%
10.7%
0.5%
9.3%
4.3%
6.0%
2.1%
35.5%
12.0%
7.6%
1.3%
InsuranceRisk Management
Risk Management/Insurance report - 1st Part
Q9ALL - To whom does your organization’s Head of Risk Management / Insurance report? Basis: 634
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Chief Operating Officer
General / Company Secretary
Head of Internal Audit
Audit Committee
Head of Treasury
Chief Risk Officer
General Counsel / Head of Legal Department
Risk Committee
President / Chairman
Board of Directors / Supervisory Board
Chief Executive Officer / Managing Director
Chief Financial Officer
2.2%
3.5%
3.5%
4.9%
4.9%
5.0%
5.8%
6.9%
10.3%
10.7%
15.9%
26.3%
Risk Management report - 1st Part
Basis: 634Q9.1 - To whom does your organization’s Head of Risk Management report?
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Insurance report - 1st Part
Q9.2 - To whom does your organization’s Head of Insurance report?
Head of Internal Audit
Audit Committee
Chief Operating Officer
Risk Committee
General / Company Secretary
Chief Risk Officer
Board of Directors / Supervisory Board
President / Chairman
General Counsel / Head of Legal Department
Head of Treasury
Chief Executive Officer / Managing Director
Chief Financial Officer
0.5%
1.3%
2.1%
2.1%
4.3%
6.0%
7.6%
8.8%
9.3%
10.7%
12.0%
35.5%
Basis: 634
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Risk management/insurance leader responsibility - 1st Part
Q10A - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned? RM’s or IM’s Responsibility - Yes
Analysis of capital projects and delivering business plans
Definition of compliance (Management, Framework, embedding and assurance)
Design and implementation of risk financing strategy and association solutions
Development and embedding of Business Continuity Management / Emergency Management / Crisis Management / Incident response programes and solutions
Alignment and integration of risk management as part of business strategy
Define a risk appetite strategy / statement
Assistance to other functional areas in contract negotiation, project management, acquisitions and investments
Development and implementation of Risk Culture across the organization
Design and implementation of risk controls/prevention
Insurance management and claims handling / insurable loss prevention
Development of map of risks: risk identification, analysis, evaluation, prioritization and reporting
31.7%
40.9%
47.5%
53.9%
61.8%
62.9%
65.5%
67.7%
68.0%
73.5%
74.8%
Basis: 634
104 Respondents skipped the question (16,4%)– not mandatory-
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Risk management/insurance leader responsibility - 1st Part
Q10B - In your organization, which of the following activities are the responsibility of the risk management or insurance leader – and are they already embedded or planned?
Define a risk appetite strategy / statement
Development of map of risks: risk identification, analysis, evaluation, prioritization and reporting
Alignment and integration of risk management as part of business strategy
Assistance to other functional areas in contract negotiation, project management, acquisitions and investments
Insurance management and claims handling / insurable loss prevention
Design and implementation of risk controls/prevention
Analysis of capital projects and delivering business plans
Design and implementation of risk financing strategy and association solutions
Development and implementation of Risk Culture across the organization
Development and embedding of Business Continuity Management / Emergency Management / Crisis Management / Incident response programes and solutions
Definition of compliance (Management, Framework, embedding and assurance)
51.1%
66.2%
49.1%
58.5%
71.8%
58.0%
34.5%
43.5%
50.8%
45.6%
42.0%
14.7%
10.3%
16.6%
8.4%
4.7%
14.0%
9.3%
10.4%
18.0%
21.5%
13.1%
17.5%
7.1%
18.0%
16.7%
7.1%
11.5%
39.7%
29.7%
14.8%
16.6%
28.5%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
Embedded Planned for 2015/16 Not planned Skip question
Basis: 634
104 Respondents skipped the question (16,4%)– not mandatory-
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In collaborationwith:
No relationship 37.5%
Regular, close collaboration
37.9%
Risk mgr's own responsibility
11.8%
Not applicable 12.8%
Strategic planning business
No relationship 18.5%
Regular, close collaboration
58.0%
Risk mgr's own responsibility
15.5%
Not applicable 8.0%
Ethics / Compliance / Legal
Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (1/6) Basis: 634
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Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (2/6)
No relationship 39.0%
Regular, close col-laboration 33.9%
Risk mgr's own responsibility
10.6%
Not applicable 16.6%
Corporate Social Responsibility Sus-tainability / Sustainable Development
No relationship 10.6%
Regular, close col-laboration 48.4%
Risk mgr's own responsibility
30.8%
Not applicable 10.3%
Business Continuity / Crisis Management
Basis: 634
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Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (3/6)
No relationship 18.1%
Regular, close collaboration
58.8%
Risk mgr's own responsibility
13.7%
Not applicable 9.3%
Internal Control / Internal Audit
No relationship 37.5%
Regular, close col-laboration 40.7%
Risk mgr's own responsibility
9.6%
Not applicable 12.1%
IT- for major projects
Basis: 634
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Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (4/6)
No relationship 32.2%
Regular, close col-laboration 42.3%
Risk mgr's own responsibility
10.6%
Not applicable 15.0%
Investments and investors relations
No relationship 26.3%
Regular, close col-laboration 45.0%
Risk mgr's own responsibility
9.8%
Not applicable 18.9%
Mergers & Acquisitions – for ac-quisitions / transfers decisions
Basis: 634
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Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (5/6)
No relationship 31.5%
Regular, close col-laboration 45.7%
Risk mgr's own responsibility
7.6%
Not applicable 15.1%
Sourcing / Procurementted
No relationship 25.4%
Regular, close col-laboration 47.2%
Risk mgr's own responsibility
7.6%
Not applicable 19.9%
Manufacturing / Logistics / Distribution / Quality
Basis: 634
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Risk management/insurance leader interactions - 1st Part
Q12.1 - Please tell us the relation of your organization’s risk management / insurance function with other areas / issues. (6/6)
No relationship 7.3%
Regular, close collaboration
35.0%Risk mgr's own responsibility
49.5%
Not applicable 8.2%
Insurance Managementted
No relationship 35.5%
Regular, close col-laboration 44.2%
Risk mgr's own responsibility
7.6%
Not applicable 12.8%
HR - Employee Benefitsted
Basis: 634
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Risk management/insuranceOrganization - 1st Part
Q13 - Which of the following organization forms most closely describes that of your company ?
11.0%
23.8%
33.9%
7.7% 7.7%
15.8%
Basis: 634
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Risk management/insuranceOrganization - 1st Part
Q14 - To what extent does your organization prioritize risks by mapping them ?
25.9%
49.1%
3.5%10.9% 10.7%
Basis: 634
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Risk management/insuranceOrganization - 1st Part
Q16 - Do you use IT / GRC (Governance, Risk and Compliance) tools to manage the following Risk Management / insurance activities? (YES) Basis: 634
Risk mapping
Risk registers
Scenario Analysis
Risk quantification
Risk appetite and tolerance
Claims analysis
Risk reporting / Risk dashboards
Monitoring of risk mitigation actions / controls
55.4%
52.1%
34.1%
45.6%
35.2%
44.6%
56.6%
49.2%
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Part 2 : EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN
EUROPE
PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 3 - Insurance Management
634 634
406
The number of Long Completes + Short Completes
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Top 10 risks and level of mitigation - 2nd Part
Q17.1&2 - In terms of impact – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items)
Interest rate & Foreign exchange
IT systems and data centers
Market strategy, clients
Cyber-attack / data privacy
Reputation and brand
Competition
Noncompliance with regulation and legislation
Political, country instability (crisis, war, regulatory changes)
Business continuity disruption
Economic growth/slowdown
38.2%
40.2%
45.4%
46.5%
48.3%
48.6%
55.5%
59.5%
60.4%
63.4%
Basis: 634
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Top 10 risks and level of mitigation - 2nd Part
Q17.3&4 - In terms of likelihood – What are the top ten risks that threaten the successful achievement of your organization’s strategic objectives? (Multiple Answer, list of 33 items)
Strategic project failures
Interest rate & Foreign exchange
IT systems and data centers
Cyber-attack / data privacy
Market strategy, clients
Noncompliance with regulation and legislation
Competition
Political, country instability (crisis, war, regulatory changes)
Business continuity disruption
Economic growth/slowdown
39.9%
41.6%
42.6%
46.1%
47.5%
49.4%
55.8%
56.5%
57.7%
63.2%
Basis: 634
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Top 10 risks and level of mitigation - 2nd Part
Q19.1 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation level
Interest rate & Foreign exchange
IT systems and data centers
Market strategy, clients
Cyber-attack / data privacy
Reputation and brand
Competition
Noncompliance with regulation and legislation
Political, country instability (crisis, war, regulatory changes)
Business continuity disruption
Economic growth/slowdown
36.0%
32.5%
28.5%
30.8%
35.6%
23.4%
38.6%
12.2%
36.3%
13.9%
45.0%
52.9%
51.4%
47.1%
42.5%
54.9%
40.3%
36.1%
47.5%
45.0%
19.0%
14.5%
20.1%
22.0%
21.9%
21.8%
21.0%
51.7%
16.2%
41.0%
High Mid Low
Basis: 402
Basis: 383
Basis: 377
Basis: 352
Basis: 308
Basis: 306
Basis: 295
Basis: 288
Basis: 255
Basis: 242
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Top 10 risks and level of mitigation - 2nd Part
Q19.2 - Please assess the current level of mitigation for the areas risks you have previously identified: Mitigation strategy
Interest rate & Foreign exchange
IT systems and data centers
Market strategy, clients
Cyber-attack / data privacy
Reputation and brand
Competition
Noncompliance with regulation and legislation
Political, country instability (crisis, war, regulatory changes)
Business continuity disruption
Economic growth/slowdown
41.3%
60.8%
53.8%
59.7%
56.5%
49.0%
64.2%
23.6%
49.9%
26.9%
33.5%
17.6%
7.3%
19.3%
5.6%
2.9%
5.4%
10.6%
33.7%
3.7%
25.2%
21.6%
38.9%
21.0%
37.9%
48.1%
30.4%
65.8%
16.4%
69.4%
Reduction Transfer Accepted
Basis: 402
Basis: 383
Basis: 377
Basis: 352
Basis: 308
Basis: 306
Basis: 295
Basis: 288
Basis: 255
Basis: 242
In collaborationwith:
Interest rate & Foreign exchange
IT systems and data centers
Market strategy, clients
Cyber-attack / data privacy
Reputation and brand
Competition
Noncompliance with regulation and legislation
Political, country instability (crisis, war, regulatory changes)
Business continuity disruption
Economic growth/slowdown
34.7%
23.9%
18.4%
20.3%
31.4%
20.1%
30.1%
16.7%
32.1%
13.9%
50.0%
59.6%
63.2%
56.6%
53.9%
56.8%
56.8%
53.8%
53.3%
56.7%
15.3%
16.5%
18.4%
23.1%
14.7%
23.1%
13.1%
16.7%
14.6%
29.4%
High Mid Low
Basis: 402
Basis: 383
Basis: 377
Basis: 352
Basis: 308
Basis: 306
Basis: 295
Basis: 288
Basis: 255
Basis: 242
Top 10 risks and level of mitigation - 2nd Part
Q19.3 - Please assess the current level of mitigation for the areas risks you have previously identified: Satisfaction level
In collaborationwith:
FERMA priorities at EU level - 2nd Part Q20NEW - Among the following current regulatory matters, what should be the first 3 priorities for FERMA at EU level?
Basis: 581
Enforcement of Solvency 2 and impacts for captives
A future EU regulation on the European cyber insurance market
Risks connected to the increased reporting and transparency requirements (reputation, global competitiveness, confidentiality regarding strategy, business model and cross-border synergies)
Give a legal basis to the Risk Manager profession
28.9%
32.9%
32.9%
41.5%
52.2%
54.7%
57.0%
Optional for non-EU organisations
In collaborationwith:
PART 3: EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 1 - RISK MANAGEMENT PROFESSION AND PRACTICES IN
EUROPE
PART 2 - EUROPEAN INSIGHTS ON RISK MANAGEMENT
PART 3 - Insurance Management
634 634
406
The number of Long Completes - Part 3
In collaborationwith:
Changes of Insurance Program - 3rd Part Q30 - Which of the following changes to your insurance program will you consider as a result of the current financial and economic climate ? (Multiple Answer)
Purchase of credit insurance
Implementation or further use of captive facilities
Selection of more financially robust insurers
Acceleration of claims settlement process
Insurance buying pattern
Negotiate long-term agreement or roll-over
Strengthen loss prevention activity
9.6%
24.1%
27.3%
30.5%
32.8%
42.9%
53.7%
Basis: 406
In collaborationwith:
Changes of Insurance Program - 3rd Part
Q30.1 - Could you please define for each item below if it increases/decreases or stay identical?
Insurance buying pattern:
33%
Retention level Purchased limit Lines of cover
48.9% 45.9%55.6%
11.3% 10.5%3.8%
39.8% 43.6% 40.6%
IdenticalDecreaseIncrease
Basis: 133
In collaborationwith:
Types of insurance - 3rd Part Q31 - What overall limit does your organization benefit from per annual aggregate, independent of sublimits, for the following types of insurance?
Basis: 406
Public Liability
Product Liability
Directors' & Officers' Liability
Gradual Environmental impairment Liability
Errors & Omissions / Professional Liability
Cyber risk coverage
Property (including business interruption)
26.8%
25.9%
38.9%
37.4%
43.1%
25.1%
17.5%
27.3%
22.2%
27.1%
14.0%
16.3%
6.7%
9.9%
21.4%
20.4%
20.0%
5.7%
11.1%3.0%
22.7%
18.0%
16.3%
6.7%
4.2%
6.4%
1.7%45.3%
6.4%
15.3%
7.4%
38.7%
23.2%
63.5%
4.7%
<50M EUR 50 – 100M EUR 101 –300M EUR >300M EUR No coverage
In collaborationwith:
Types of insurance - 3rd Part
Q32 - How do you select your purchased limit per types of insurance ? (Multiple Answer)
74.1%
54.9%47.3%
23.2% 21.4% 20.0%
4.4%
Basis: 406
In collaborationwith:
Types of insurance - 3rd Part Q33 - In your opinion, what is commonly the most efficient international insurance program for the following risks?
17% 10%26%
4% 13% 14% 5% 10% 11% 8%
32%
14%
44%
11%
30% 34%
8%
36% 33% 39%
20%
12%
16%
17%
22% 19%
19%
35% 39% 40%8%
12%
3%
35%
11% 7%53%
3% 7% 3%23%
51%
11%33% 25% 25% 16% 16% 10% 11%
No opinion / don't know
Local standalone policies only
Master policy & local policies limited to selected countries
Master policy and local policies in each country where the insured is presentMaster policy only, granting coverage on a non-admitted basis for international oper-ations
Basis: 406
In collaborationwith:
Types of insurance - 3rd Part
Q34 - What is your main reason for implementing local standalone policies in certain countries ?
3.9%12.8% 15.5%
4.9% 2.0%
54.4%
6.4%
Basis: 406
In collaborationwith:
Types of insurance - 3rd Part
Q36 - On average, at last renewal when were your policy documents issued in relation to the policy inception date for …? Basis: 406
Before inception
date18%
Within 1 month of inception
date33%
Within 3 months of inception
date34%
Over 3 months of inception
date15%
Master policy
Before inception
date15%
Within 1 month of inception
date25%
Within 3 months of inception
date44%
Over 3 months of inception
date16%
Local policy issuing
In collaborationwith:
Loss control services and claims handling - 3rd Part
Q37A - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer)
Policy wording tests
Set-up of claims handling procedure
Building relationships between insured, insurers and brokers
Pre-selection of lawyers and adjusters
Crisis management simulations
Return phone calls within 24 hours
Coordination between teams involved (in house, broker, insurer) in the claim
Adequate and realistic reserve and evolution of reserve
Confirmation of position on coverage as quickly as reasonably possible
30 days advanced payment once coverage is confirmed
Learnt lessons analysis
Automatic access to worldwide claims reporting
36.9%
25.9%
26.1%
11.1%
11.6%
9.4%
35.5%
18.2%
38.7%
13.5%
29.3%
20.7%
For your service providers (brokers, insurers, third parties) Basis: 406
In collaborationwith:
Loss control services and claims handling - 3rd Part
Q37B - What are the 3 main areas of improvement related to loss control services and claims handling? (Multiple Answer)
Within your own organization
Policy wording tests
Set-up of claims handling procedure
Building relationships between insured, insurers and brokers
Pre-selection of lawyers and adjusters
Crisis management simulations
Return phone calls within 24 hours
Coordination between teams involved (in house, broker, insurer) in the claim
Adequate and realistic reserve and evolution of reserve
Confirmation of position on coverage as quickly as reasonably possible
30 days advanced payment once coverage is confirmed
Learnt lessons analysis
Automatic access to worldwide claims reporting
20.2%
36.2%
22.7%
12.1%
45.6%
4.7%
29.8%
7.4%
11.1%
4.7%
53.9%
12.8%
Basis: 406
In collaborationwith:
Loss control services alongside insurance policies - 3rd Part
Q37A.bis. What are the main areas of improvement related to loss control services alongside insurance policies?
For your service providers (brokers, insurers, third parties) - YES
Property
Liability (public, products)
Cyber
D&O
Motor
60.3%
61.1%
65.5%
48.0%
35.0%
Basis: 406
In collaborationwith:
Loss control services alongside insurance policies - 3rd Part
Q37B.bis. What are the main areas of improvement related to loss control services alongside insurance policies?
Within your own organization - YesBasis: 406
Property
Liability (public, products)
Cyber
D&O
Motor
57.6%
66.0%
68.2%
46.1%
40.6%
In collaborationwith:
Use(s) of claims - 3rd Part Q38 - Please select among following items the 3 most significant use(s) of claims related data. (Multiple Answer)
I do not conduct risk and insurance data analysis
Improve benchmarking abilities
Provide rationale for the risk management budget
Allow you to conduct captive optimization
Understand the company's risk appetite and tolerance
Assess the cost of uninsured risks
Allow you to conduct insurance program limit optimization
Allow you to conduct insurance program retention optimization
7.1%
17.0%
23.2%
27.8%
42.6%
44.6%
45.1%
66.3%
Basis: 406
In collaborationwith:
Areas of improvement - 3rd Part
Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer)
Filter on Q16
Basis: 306
24/7 access
Daily update of activity & documents
Claims management tools
Interactivity
Tailor-made and user-friendly reporting possibilities
Technical information/ advice/ best practices
Management schedules / planning
25.5%
19.6%
39.5%
23.2%
40.2%
21.2%
16.0%
In-house IT tool
In collaborationwith:
Areas of improvement - 3rd Part
Q39A - What are the top 2 areas of improvement you expect from a risk and insurance management IT platform / portal? (Multiple Answer)
External IT solution (broker or insurer-provided) Basis: 306
Filter on Q16
24/7 access
Daily update of activity & documents
Claims management tools
Interactivity
Tailor-made and user-friendly reporting possibilities
Technical information/ advice/ best practices
Management schedules / planning
27.1%
21.9%
34.0%
28.8%
37.6%
27.5%
7.8%