Casualty accumulation is the concentration of insured risks or insurance coverages that may be affected by events or circumstances that cause substantial losses under several insurance policies, and potentially over multiple years and geographies. In [...]
In recent years, there have been substantial changes in the approach to supervision of insurance groups. There has been much debate on group capital requirements and risk management and reporting obligations. However, group supervision is [...]
Risk culture is at the centre of attention in almost all industries. Leadership pressure, higher consumer protection standards, negative public reputation and regulatory requirements are driving risk culture up the organisational agenda. This paper aims [...]
The topic of risk appetite has exploded in recent years, especially since the global financial crisis. Risk appetite frameworks (“RAF”) and risk appetite statements (“RAS”) continue to evolve, and companies are at different stages [...]
The digital revolution is bringing many benefits to society and business, but the growing reliance on information technology and the internet is increasing the exposure to cyber risk. For insurers, this threat stems from the [...]
In 2014 the CRO Forum members have developed a recommendation for minimum data standards for reporting loss events to an operational risk (OpRisk) loss data consortium. Currently, different providers for loss database services use their [...]
Pushing the limits - Managing risk in a faster taller, bigger world Our world is moving into unprecedented technological dimensions, with new records being set almost every day. High-speed trains are getting ever faster, buildings [...]
This fifth paper in our series on managing environmental, social and governance (ESG) challenges in business transactions is dedicated to the topic of human rights. It focuses on the core functions of the insurance industry [...]
The CRO Forum celebrated its 10 year anniversary in 2014. Keynote speakers were invited to the anniversary event, exchanges of views and information took place and discussions were held. Three interviews with individuals closely associated [...]
The 2014 White Paper on Operational Risk is an update to the 2009 CRO Forum White Paper. The primary objective is to highlight the development of operational risk in the insurance industry. The White Paper [...]
