A.M.BestTV: St. John’s Survey Shows Insurers Still Adapting to Own Risk Solvency Assessment

OLDWICK, N.J.--()--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.

Recent episodes of A.M.BestTV include:

  • Predictive Analytics Help Insurers Overcome Data Glut: A recent Best’s Review webinar on technology and underwriting, had a panel of experts discussing the issue of insurers having access to more data and how to use that data to become more effective underwriters and operators: http://www.ambest.com/v.asp?v=tech1214.
  • Insurance Industry Charitable Foundation Targets Literacy: The Insurance Industry Charitable Foundation awarded last year a grant of $750,000 over three years to the Sesame Street Workshop for its program titled, “Everyday is a Reading and Writing Day”: http://www.ambest.com/v.asp?v=iicf1214.
  • The Surprising, Wider Impacts of Natural Catastrophes: At a recent Best’s Review webinar a panel of insurance and catastrophe experts described how new modeling techniques and research into catastrophes demonstrates them having a deeper, longer-lasting impact on systems and infrastructures than previously believed: http://www.ambest.com/v.asp?v=cats1214.
  • China's Surging Insurance Sector Faces New Challenges: Chinese leaders have set aggressive growth targets for their insurance sectors by 2020, a prospect that has insurers and reinsurers focused on maintaining capital standards in the expanding market: http://www.ambest.com/v.asp?v=china1214.
  • “First Monday”— Analysts Discuss Top-Heavy U.S. Life Reinsurance Market; Residual Market Trends; Negative Nonstandard Auto Pressures: "First Monday" explores how the U.S. life reinsurance market sees further consolidation, how use of the capital markets by U.S. insurers transfers risk as coastal exposures grow and continue to expand and how smaller U.S. regional and single-state writers of private passenger nonstandard auto policies are struggling to maintain market share: http://www.ambest.com/v.asp?v=firstmonday1214.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best Company
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com