A Moving Target: Refocusing Risk and Resiliency Amidst Continued Uncertainty

Overview

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.

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