While the insurance industry fared well during the global economic crisis, many insurers see room for improvement in their enterprise risk management programs, according to an industry survey.
Rating agencies' expectations and implementation of Solvency II are the key drivers of ERM, according to the Towers Watson's sixth biennial Insurance Industry ERM survey.
The results of the survey suggest that insurers around the world view their ERM performance as mixed, with 58 percent of participants being satisfied with their ERM capabilities over the past 18-to-24 months. However, 31 percent were neutral and 11 percent were dissatisfied, the survey found.
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