"An effective framework is useless unless it can be understood, adopted and implemented in a consistent basis over time, Ladd Muzzy, director of Aon ERM, said during a Web seminar this week, titled "E
U.S. insurers that have built internal economic capital models to satisfy rating agency and regulatory requirements have only done part of the work needed to get full value from such models,
In October 2005, Standard & Poor's first introduced an enterprise risk management component to its ratings analysis, and the firm is currently working on revisions to its insurer capital model. Steve
The term "economic" means that assets and liabilities are set at fair market value, as opposed to reported values (set according to statutory accounting principles or generally accepted accounting
"A little risk management avoids a lot of fan cleaning," joked CNA's chairman and CEO, Steve Lilienthal, during a discussion about enterprise risk management at last month's International Insurance
In building Prism, "we've really come to appreciate what makes a good, robust economic stochastic model. We're in a really good spot now having gone through all this work. [And] where we see
Standard & Poor's has changed the rating outlooks for Munich Reinsurance Co. and its U.S. affiliate American Re-Insurance from stable to positive and indicated the two firms might qualify for a "doub
Unlike static factor-based models, dynamic models--such as the one Fitch will use to rate insurers and reinsurers--assess the ability of companies to withstand multiple stresses to underwriting and