Insurers have generally shown themselves to be largely resilient to the secondary turbulence of the Global Financial Crisis - whilst some credit can be given to heavy investment in recent years to improve their risk management, insurers should remember that the crisis was banking-focused. The ability of insurers to withstand a similarly catastrophic event aimed directly at them has not yet been tested, and the fact that many banks have not lived up to the recent economic challenges should give us all pause for thought.
A new report written by industry experts Oliver Wyman, asks whether Insurers really know all the risks they are running. Are they clear about what is actually meant by risk management? And are they really managing their risks?
