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Industry: Financial Services
Type: PDF
Date: 09-Jun-2009

Global - Issues & insights - Articles & publications - A glimmer of hope: Growth prospects in the global insurance industry and the escalation of risk and capital management

A glimmer of hope: Growth prospects in the global insurance industry and the escalation of risk and capital management 

In April 2009, the Economist Intelligence Unit surveyed, on behalf of KPMG International, 315 global insurance executives from around the world. This initial summary of findings is the first of a two-part series and examines how the financial crisis is changing the attitude of the global insurance industry to risk and capital management. The second and larger survey will track further anticipated changes in attitudes towards risk and capital management and will be published later this year.
Key findings of the survey:

  • Over half of respondents see positive prospects for growth in the next 12 months.
  • While respondents believe themselves to be well-capitalized, and rating themselves highly in terms of effectiveness across most risk management activities, there is a clear sense that a greater focus on both capital management and risk management would be warranted. Two thirds of companies have appointed board level risk committees.
  • There is limited appetite for incremental spend, with almost half the respondents expecting to improve performance without increasing resources.
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