Risk management is at the core of the insurance business. While this has been the case for some time, its importance has started to change. This increasing importance of risk management was already an ongoing process due to a better understanding of insurance companies' risks but it had accelerated even more by the time the financial crisis began in 2008.
The financial crisis has been debated and its impact on global economies will be permanent. One key theme that remains is that a better and wider understanding of the riks of financial institutions is required - and that this understanding needs to be developed throughout the industry.
Taken from Risk Management for Insurers, Second Edition, this white paper considers these changes and new concepts.