April 17th, 2014

ERM Benchmark Review Update 2013

Posted at 1:00 AM ET

Here we bring together the GC Capital Ideas four part Enterprise Risk Management Update story for 2013:

ERM Benchmark Review, 2013 Update: Part I: In April and October 2009, Guy Carpenter published two briefings titled “Risk Profile, Appetite and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness.” This briefing is an update of those studies that summarizes the information publicly disclosed on enterprise risk management (ERM) measures.

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ERM Benchmark Review, 2013 Update: Part II: Before focusing on the results of the latest study, we would like to reaffirm the definition of risk profile, risk appetite and risk tolerance found in our previous publications.

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ERM Benchmark Review, 2013 Update: Part III: The table quantifies the proportion of companies in the sample that disclose the method as well as the specific level of various risk quantifications. Compared to our previous ERM benchmark study, a new metric referring to catastrophe risk has been added. Taking advantage of the increased level of disclosure and transparency on catastrophe risk exposure, we have extended our reports to include this in view of its importance in the economic capital approach of (re)insurers.

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ERM Benchmark Review, 2013 Update: Part IV: Capital management using risk-based capital models and capital allocation is a central component of risk management practices. We have investigated this topic as a new chapter for our 2013 ERM Benchmark update. In this context, the table shows the portion of companies that publish concrete data on their excess capital - the amount of capital retained in excess of a certain target amount. The table also shows both the portion of companies using risk-based capital models in the risk management process and the portion giving some indication of the methodology of the capital allocation process.

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