Many insurers have failed to apply enterprise risk management to investment risk, credit risk and operational risk, according to a study released this week by Towers Perrin.
"ERM is about looking at all risk, not just insurance risk," said Joseph Lebens, principal in Towers Perrin's insurance consulting practice in the Hartford, Conn. office.
Investment, credit and operational risks are "bigger risks than companies thought in the past. They have [previously] focused more on the insurance risks," he said, adding, "I have to believe that companies are paying more attention to credit and liquidity issues than they have in the past."
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