FERMA Newsletter N°49




Newsletter N°49

  October 2012



More than 800 respond to 2012 Benchmarking Survey


The 2012 FERMA Benchmarking Survey conducted in May and June received 809 responses, a record number. This is the sixth time that FERMA has carried out the survey and on each occasion the number of participants has risen significantly. The 2010 survey had 782 responses.


The results of the 41 questions about the risk and risk management and risk managers' views of insurance will be the centrepiece of the FERMA Seminar taking place in Versailles on 22 and 23 October. 


Read more in the Newsletter


Survey Interviews



Eva Grden

Enterprise risk management project manager, Telekom Slovenije





This year was the first time that members of the Slovenian risk management association Sl. Risk generally have taken part in the benchmarking survey, since they only became members of FERMA in 2011.


Eva Grden was one of these first to participate. She says that the survey has already been useful; it provided risk managers with opportunities to discuss their risk management processes. She found the questions interesting because they covered broad risk topics that she is dealing with in her work, such as risk governance, not only insurance issues.


Read the full article of Eva Grden in the Newsletter


Survey Interviews



Mikhail Rogov

Assistant Professor

Vice President RusRisk




According to Mikhail Rogov the three survey questions most relevant to his work relate to: 


1) Tools, methods, techniques, data sources

2) Risk appetite approach and examples

3) Risk management effectiveness measurement


Perhaps it is not surprising that he adds, "These are also the topics I would like to see covered in future surveys. 


Read the full article of Mikhail Rogov in the Newsletter


The FERMA Benchmarking Survey seen from a sponsor's eyes


AXA Corporate Solutions and Ernst & Young (E&Y) have sponsored the FERMA Risk Management Benchmarking Survey since it began in 2000. FERMA put some questions to Jean-Pierre Letartre, President E&Y France, Maghreb and Luxembourg. 


Will you tell FERMA members a little about Ernst & Young's interest in risk management?


Risk management is a growing issue for our clients, whether they are audit committee members, CEOs, CFOs or risk managers. Many organisations are not getting full value from their investments in risk management because their risk processes are not fully integrated with the decision-making process and because critical data and information are not sufficiently shared.


Read more in the Newsletter


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Around the associations





On 15 November, AGERS will hold its 28th seminar on the prospects for the annual renewal of insurance contracts. The venue is the Mapfre auditorium in Madrid.





A survey of Airmic members has overwhelmingly backed the association's campaign for changes to UK insurance law. The Law Commission, which advises the government on such matters, is in the final stages of a consultation process before drawing up new legislation focussing on commercial insurance. 


Airmic supports the overall direction of the commission's proposed reforms, which would make it more difficult for insurance companies to refuse claims on grounds of nondisclosure as long as the buyer acted honestly and in good faith. The survey found that more than 95% of members agree there should be changes to UK insurance law.




Read more about the FERMA member associations in the Newsletter


More than 350 risk and insurance professionals expected for FERMA Seminar


With one week to go, more than 350 risk and insurance professionals were expected to come to the 2012 FERMA Seminar in Versailles on 22 and 23 October. The Seminar is a free event for risk and insurance managers only held every two years. All members of FERMA associations should have received a personal invitation with a link to register online. You can also register through the Seminar website at: www.ferma-seminar.eu 

Read more in the Newsletter


 Guest speakers enhance discussions at FERMA Seminar


Guest speakers from different professional disciplines will add their perspectives to the topics under discussion at the FERMA Seminar.


The keynote speaker will be Thierry Touchais, executive director of the International Polar Foundation based in Brussels.  This non-profit organisation was co-founded 10 years ago by Belgian explorer and civil engineer Alain Hubert with a climatologist and a glaciologist. Its aim is to increase awareness of polar and related climate issues.     

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Insurance industry leaders debate at Seminar


The insurance panel debate that will take place on Tuesday morning 23 October brings together leading figures from the industry to take part in a discussion moderated by FERMA President, Jorge Luzzi and Ferma Board member, Jo Willaert. 

Read more in the Newsletter



Letter from Brussels


As you can imagine, the Seminar is taking up a lot of my time at the moment with just one week to go. With more than 350 delegates registered, it promises to be a really stimulating event, and I believe the dinner will be excellent.


I am looking forward to catching up with contacts and meeting new people from across the FERMA membership. If you have not already registered, there is still time. You will find instructions in this newsletter. 


Read more in the Newsletter


FERMA - Lloyd's training continues


The FERMA-Lloyd's professional development programme continued at Lloyd's in London on 11 - 12 October. Twenty young risk professionals from 11 countries took part with FERMA's head of education Edouard Thys. The topics for this session included:

  • How insurers manage their own risks
  • Communicating risk issues with impact to management
  • An interactive risk appetite case study
  • Data analysis and benchmarking
  • Performance management at Lloyd's
  • Emerging risks
  • Exposure management 

Read more about Lloyd's training in the Newsletter


FERMA seeks answers on management of cyber risks


Cyber risks are continuously evolving as technology advances and our dependence on IT growth.  Tackling such a rapidly moving target is a challenge for organisations and doesn't necessarily fit within the existing structure of enterprise risk management.


What is the role for the enterprise risk manager when the IT department has responsibility for cyber risks and even has a specialist IT risk manager? Will the manager of insurable risks be put in an awkward position because coverage is simply not easy to find or insurers are wary about the exposures? 


Read more in the Newsletter


Board changes at FERMA 


Isabel Martinez, a member of the Spanish risk management association AGERS, has become a member of the FERMA board. She has replaced Igor Mikhaylov who resigned because of work commitments. Isabel had been elected a board substitute at the FERMA annual general meeting in June 2012.


Isabel is Head of the Finance and Marketing department for the Autónoma University of Madrid, where she is responsible for risk management, management and financial accounts, financing decisions and project advisory. She is also a senior lecturer in corporate finance at the university's school of business and economics. She has a PhD in business and economics from the Complutense University in Madrid and has studied in the United States and United Kingdom  


Read more about Isabel Martinez in the Newsletter


Strengthening the risk manager's position :

Reservation of rights in London market claims 


FERMA members who have notified a claim or a circumstance to an insurer in the London market may have received a letter from the insurer imposing a reservation of rights, particularly on liability claims.


In essence, this is a notice from the insurer to make clear that none of its statements or actions during the investigation of the claim should be understood as waiving its rights to raise a defence to a claim under the express wording of the policy or otherwise.  


Read more in the Newsletter






© Copyright 2012 FERMA. All Rights Reserved. No distribution or reproduction of this issue or any portion thereof is allowed without our written permission except by the recipient for internal use only within the recipient's own organisation.


This Newsletter is produced by FERMA. If you have any questions concerning this Newsletter, please contact Florence Bindelle at FERMA on +32 2 761 94 32 - email: florence.bindelle@ferma.eu  




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