Deloitte’s Global Risk Management Survey, 12th edition, includes data and insights from 57 chief risk officers globally, including those at insurance firms.
Highlights included in this report:
- Geopolitical risk is a sore spot for insurers. Only 48% insurance respondents rated their institutions as extremely or very effective in managing geopolitical risk.
- Stress testing: insurers excel in some areas, struggle in others. 85% of insurers said that stress testing is performed on operational events (e.g., cyber, business resiliency, or third-party vendor), where it is more challenging to employ. Stress testing was less often conducted on other risk factors such as property and casualty claim cost (65%), expense (45%), and ESG (including climate) (30%).
- Solvency testing is gaining momentum. 33% of respondents said their insurance group is not subject to a solvency test, but believed it would likely be in the future. Insurers should expect that a group solvency requirement will gain ground in the coming years.
We thank Deloitte for sharing this report with our audience.