Insurance industry struggles to cope with ERM implementation
Insurance companies understand the importance of risk management, but are struggling to cope with the implementation of enterprise-wide risk management (ERM) systems, according to a survey published by PricewaterhouseCoopers (PWC) today.
The survey, the first of its kind conducted by PWC, questioned board members from 44 leading insurance companies from Asia, Europe and North America. Of these, 27 companies operate in life, 12 in property and casualty and five in reinsurance.
Andrew Stoker, director in the actuarial practice at PWC, said the results showed there was a consensus emerging
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