XL Group has partnered with the Federation of European Risk Management Associations (FERMA) to develop the 2014 Risk Management Benchmarking Survey, which saw participation from 850 risk and insurance managers from 21 countries across Europe. The results of the survey are detailed in the European Risk and Insurance Report, presented at the biennial FERMA Seminar in Brussels on 20 & 21 October 2014.
Commenting on the report’s key findings and speaking on risk management practices at the FERMA Seminar in Brussels, Kadidja Sinz, XL Group’s Distribution & Network Regional Manager for Continental Europe, said: “As large European companies with global reach face an increasingly broader range of new and complex risks, their risk managers can only drill down and gain real insight into these risks through true collaboration across their organisations. That’s why establishing a risk management culture is an important goal, as the European Risk and Insurance Report shows. Risk mapping, training and a close dialogue with the company’s leadership will continue to enable risk managers to develop and strengthen their function, gaining them a position as strategic advisers.
“As insurers, our role is to help our clients to better understand, quantify and address new, complex risks. We’re stronger together, so let’s tackle the challenges together.”
Claudia Thyme, XL Group’s Director Communications & Marketing Strategy, said: “Globalisation, the increased use of technology and the complexity of today’s supply chains give rise to new challenges for the risk management function. Understanding how risk managers look at the challenges they face and the priorities they are setting for the future, is critical for us to innovate as we look for new answers to respond to our client’s needs. That is why we are delighted to be a partner to FERMA in this important project. We work closely with risk management associations across Europe and beyond, as we believe that we need to play a key role in supporting risk managers as they shape and develop not only their function, but the whole insurance industry.”
With the theme "Living and Working in a Riskier World" the FERMA Seminar 2014 brings together about 400 risk management and insurance professionals from all over Europe to hear and discuss the key findings of the survey, as well as the latest developments on risk management, diversity and innovation.
FERMA’s Europe-wide benchmarking survey of risk and insurance management was conducted between April and June 2014. XL Group worked extensively with FERMA, its member associations in 20 countries and four other selected industry partners to explore the profiles of risk and insurance managers, the structure of their function, risk management practices, and their views on today’s most significant risks.
A management summary as well as a full online report of the results and key findings can be downloaded from the FERMA website under the following link:
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XL Group plc (NYSE:XL), 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. To learn more, visit xlgroup.com.
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