Most insurers may have emerged from the global financial crisis in good shape, but new global regulatory demands and the increasing expectations of ratings agencies are driving them to bolster their enterprise risk management (ERM) programs.
That is one of the findings of an analysis released this week by global consulting firm Towers Watson, which also noted that while the insurance companies were driving to meet the new regulatory requirements evolving out of so-called Solvency II, many were running into resourcing issues.
Towers Watson said a lack of available resources in terms of people with the desired levels of skill and experience had contributed to slower than expected enhancement of companies’ ERM programs.
It said a survey had revealed that people challenges had been noted by 56 per cent of respondents, followed by 45 per cent that had noted data challenges.
