Nearly two-thirds of insurers and reinsurers have instituted an"adequate" enterprise risk management (ERM) program providing ameasure of their solvency, a rating firm study has found.
According to a new research report from Standard & Poor's inNew York, 62 percent of 78 carriers the firm surveyed have theadequate rating, while 24 percent of the companies have a "strong"ERM plan.
ERM is described by S&P as a "subjective view of aninsurer's or reinsurer's risk management practices, focusing on howits loss tolerance is defined and measured and on the processes itundertakes to ensure that this tolerance is not exceeded."
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