OLDWICK, N.J.--(BUSINESS WIRE)--This A.M.BestTV episode examines a recent survey from St. John’s University (St. John) and the consulting firm, Protivit, that reveals how U.S. insurers are still working through details, depth and strategy considerations involved in preparing the new Own Risk Solvency Assessment (ORSA) reports.
Beginning in 2015, U.S. state regulators will require large and medium size insurance groups or insurers to regularly conduct an ORSA. Among the key findings from the survey (of more than 100 insurance industry leaders) were most insurers are at a loss as to how long the ORSA report should be.
“We heard from some large companies (in excess of $3 billion) that said their reports would be 100 pages, while other companies (between $200-$500 million) said theirs would be 150 pages,” said Paul Walker, chair on James J. Schiro Zurich enterprise risk management at St. John’s University. “However, an average property casualty company said only 60 pages,” continued Walker.
Meghan Jankelow, associate director at Protiviti, addressed another finding where companies believed that there were fundamental components to the enterprise risk management program, which they were already adhering too.
Also appearing in this episode is:
- Shawn Seasongood, managing director at Protiviti
Click here to view the entire video program: http://www.ambest.com/v.asp?v=orsa1215.
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