ERM in Insurance Special Interest Group

Purpose of the group

This group focuses on the particular challenges of risk professionals involved in risk and capital management within Insurance, and incorporates the previous Internal Model Industry Forum to reinforce that internal models are now part of the business-as-usual risk and capital management activities of many insurers.


Aims and Objectives

Our focus is to ensure that we are covering topics that have a particular relevance for practitioners and other stakeholders in Enterprise Risk Management in the insurance industry.  

  • Cover a mix of both technical and ‘soft’ topics
  • Run events to disseminate views on an existing topic and enable shared learning 
  • Aim to develop thought leadership where there is a particular gap or need in the market
  • Frequently engage with the membership to ensure they shape the agenda and to gather feedback 
  • Engage with other SIGs where there are subjects of common interests with insurance, in order to ensure that we approach topics in a way that is collaborative, efficient and effective.


Forward agenda

We have created an outline forward agenda, we are particularly interested in: 

  • Ideas for areas or topics you’d like to see the new group focus on
  • Expressions of interest to provide help, support and leadership on particular areas. 

We have also created an outline forward agenda as a list of topics we are looking to explore, which you can view in full here. We are keen to hear any feedback you may have. 


Review of Solvency II - call for evidence

The UK Government announced in June 2020 that it would review certain features of the Prudential Regulatory Regime for insurance firms, known as Solvency II. HM Treasury published a call for evidence inviting all interested stakeholders to share their views. We are seeking to develop a response based on an understanding of the views of members of the IRM working in the insurance sector through a questionnaire. Click here to find out more and contribute. We are also planning a webinar to gain additional industry perspectives about the review on the 14th Dec at 1.30pm, further details will be provided below in the 'Future events' section.

The purpose of this questionnaire is to ensure we have an understanding of the views of members of the IRM working in the insurance sector - on Solvency II, and its design and performance since its introduction almost five years ago.

During this period, the role of risk professionals in insurance has grown and developed, so it makes sense to ensure that the distinct perspective of CROs and risk professionals is reflected in any changes to the regime so it appropriately reflects how the UK insurance sector operates.

The intention is that these views are then reflected in the ERM in Insurance Special Interest Group's response to the consultation.

At the same time in October, HM Treasury also published a Phase II consultation relating to the Financial Services Future Regulatory Framework Review, which consults on proposals that impact on how financial services rules are made, who is responsible for making them, how stakeholders can have their say, and how those making the rules are scrutinised and held accountable. As the Future Regulatory Framework has the potential to significantly impact on how Solvency II is implemented across insurance, we have also included some questions to enable feedback to be provided on relevant areas of this consultation.

We have aimed to keep the questionnaire as short as possible - just 16 questions and most of them only require choosing one answer. A brief introduction is provided before each question, so you do not need to read the HMT papers. Given the breadth of Solvency II issues covered you will find an option to answer additional questions at the end of the questionnaire. We would like to emphasise that these additional questions are entirely optional and we understand that you may only wish to answer some of them.

Please note that the deadline to complete the survey will be 31st December 2020.

Thank you for responding to this questionnaire.


Future events

Strategic transformation and risk - capturing the opportunities for insurance

In insurance companies today, there is a significant focus on change and transformation - this is crucial for insurers to survive and thrive in the future, and to "build back better" after the pandemic. The approaches used to manage change and transformation have been developed and refined over recent years. However, before the pandemic regulators identified that firms' failed change management had been the highest historical source of operational disruption, and there have been some high-profile failures. There is therefore a strong case for seeking to enhance risk management as part of the effective management of change and transformation.

This roundtable session brings together a number of practitioners who are experienced in leading, managing and overseeing change and transformation in insurance companies. They will discuss their thoughts on the case for risk function engagement, how risk can support transformation and how the benefits of transformation can be delivered. This will help attendees to understand the context in which strategic transformation is taking place in insurance and consider how the risk function's role needs to change and adapt to create increased value.

Please note that Chatham House rules will apply.

Date: Tuesday, 23rd February 2021
Time: 13.30 - 15.00 GMT
Registration: Please click here to register


January 2021: Change and transformation session 1

H1 2021: ESG session no 2 

H1 2021: Operational resilience – the practical challenges for insurers 


Past events

Review of Solvency II - call for evidence

Date: Monday, 14th December 2020
Time: 13.30 - 15.00 GMT


Environmental, Social and Governance (ESG) and insurers - surveying the landscape


Please click here to view the results of the polls.

Date: Tuesday, 22nd September 2020
Time: 13.30 - 15.00 BST



Webinar - Board risk governance in insurance - making it work 

Click here for the slides used in the webinar

Date: Wednesday, 15th July 2020
Time: 13.30 - 15.00 BST

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Group Co-Chair: Isaac Alfon

Group Co-Chair: Justin Elks


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