Implementation of enterprise risk management : evidence from the German property-liability insurance industry

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      <subfield code="a">Implementation of enterprise risk management</subfield>
      <subfield code="b">: evidence from the German property-liability insurance industry</subfield>
      <subfield code="c">Muhammed Altuntas</subfield>
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      <subfield code="a">Implementing a properly functioning enterprise risk management (ERM) programme has become increasingly important for insurance companies. Unlike traditional risk management where individual risks are managed in separate silos, ERM is based on the concept of managing all relevant risks in an integrated, holistic fashion. ERM has  also been growing in importance as a result of increased attention on risk management in the context of corporate governance. A recent report by The Geneva Association identified strengthening "risk management practices" as one of three key measures that "aim to strengthen financial stability". Despite the heightened interest in ERM by  insurance managers and actuaries, there is only limited empírical evidence on how insurance companies actually implement the ERM approach. The goal of our research is to examine the implementation of the ERM components by insurers. Therefore, we surveyed all German property-liability insurance companies with premiums written in excess of 40 million euros. There are 113 such insurers and 95 of them participated in our survey, leading to a response rate of 84 per cent. The questionnaire covers a comprehensive set of dimensions of an ERM system. In addition to detailed questions about specific ERM activities, the questionnaire assesses when these ERM activities were initiated. The results document significant increases in the extent to which ERM is being implemented by these firms and details the sequence of implementation of this evolving risk management process.</subfield>
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      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
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      <subfield code="g">01/07/2011 Tomo 36 Número 3  - 2011 , p. 414-439</subfield>
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