Deloitte Insurance Risk Management Survey

Deloitte Insurance Risk Management Survey

The National Insurance Commission (NAICOM) in July 2012 issued guidelines for developing a risk management framework for insurers and reinsurers. The guidelines set the minimum standard required from each insurer and reinsurer.

The Deloitte Insurance Risk Management Survey was commissioned to understand the state of risk management practices in the Insurance industry in line with NAICOM guidelines. The NAICOM guidelines aim to reduce systemic risk to the financial system. Therefore it is important for the boards of directors and senior management teams to re-examine their approaches to risk management, including their risk frameworks, governance, and methodologies.

The maiden edition represents Deloitte’s most recent look at the state of risk management across the insurance services industry post NAICOM guidelines. The Deloitte survey provides a picture of the state of risk management as insurance companies respond to enormous changes across the industry.

We hope that this survey report provides you with useful information about how insurance companies are navigating the challenges of risk management today and encourages a dialogue that can help enhance risk management in a changing world.