Insurers buying into enterprise risk management
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Most insurers say their top leaders view enterprise risk management as an important business strategy that adds value to their companies, Towers Watson & Co. said in a study released Tuesday.
About 74% of insurance executives said they believe risk management is a strategic partner in their businesses, according to Towers Watson’s “8th Biennial Global Enterprise Risk Management Survey.” Of those respondents saying ERM is important, 73% said that they are happy with their ERM programs.
Overall, 63% of respondents said they’re satisfied with their ERM performance, up from 53% in 2013.
About 70% of executives surveyed by Towers Watson said they expect ERM to increase shareholder value because of improved risk-related decision-making, while 61% said ERM has been one of the top drivers of change within their companies.
The survey included nearly 400 global insurance executives representing 23 of the world’s 50 largest insurers, according to the New York-based benefit consulting firm.
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