The Big Risks Keeping The Board Awake: A big opportunity for risk managers and insurers
London, UK - February 15, 2012
The largest risks facing European companies in today’s economic environment, according to the participants in the Risk Frontiers Survey 2012 produced by Commercial Risk Europe, are the big things: Interest rates, volatile currency markets, changing regulation, political risks and the challenges of growing in new markets are all giving companies cause for concern.
For the third consecutive year, XL Group plc’s (NYSE: XL) insurance operations (“XL Group”) has sponsored this report, which in 2012 included panel and/or individual talks with 75 risk managers in 11 countries.
Jason Harris, the Group’s Chief Executive, International Property and Casualty insurance, commented on the survey’s results: “It is the “big” business issues that are keeping board members across Europe awake at night.
“In a world of ever increasing complexity, companies face a host of fast changing risks. The uncertainty they present means that risk and insurance managers are now being included in discussions that, in the past, they may have been excluded from and they are expected to find solutions.
“Recent, high profile Enterprise Risk Management challenges have pushed the issue of risk to the top of the boardroom agenda. Big strategic decisions are being made at all levels and it is clear that the risk management and insurance community has a role to play if we are to help ensure that the right decisions are made at the right time.
“Companies are looking to insurers for products that respond to the changing nature of risk and meet the needs of their businesses. Products that provide, for instance, coverage for complex global supply chains or coverage for cyber risk. If the risk market wants to avoid becoming irrelevant to businesses, insurers need to provide innovative products which are fit for purpose.
“This is a real opportunity for risk managers and insurance professionals to demonstrate the value and expertise they can bring to the table and ultimately justify their position and the role of the risk industry in the boardroom.”
Commercial Risk Europe will distribute the survey report to European risk managers attending the FERMA Risk Management Seminar, of which XL Group is also a sponsor, on 22 and 23 October 2012, in Versailles, France.
To read the full Risk Frontiers Survey 2012, click here.
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.
XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin2, Ireland. To learn more, visit xlgroup.com
About XL’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
XL Group is the global brand used by XL Group plc’s insurance subsidiaries.