Industry Issues | ERM & Emerging Risks

ERM & Emerging Risks

PCI Establishes Forum on Emerging Insurance Risks, Opportunities and Issues impacting Enterprise Risk Management

Chief risk officers and other high-level risk managers at insurance companies are facing a broad range of emerging issues that could significantly impact the insurance enterprise and possibly the industry. Recognizing the growing importance of the insurer's risk management process and strategy, PCI established a new member committee as a forum where those with primary responsibility for overseeing emerging risks can garner a better understanding of the key challenges and opportunities ahead.

The committee will address multi-faceted, emerging risks and opportunities such as cyber and the internet of things, autonomous vehicle technologies, legalization of marijuana, opioid usage trends, changes to insurance capital standards and other emerging enterprise risk management topics. This web page will offer related information, webcasts, publications and other resources.

For questions about the PCI ERM & Emerging Risks Committee or other related matters, please contact David Kodama, assistant vice president, research.

2018 PCI ERM Committee Meeting 
PCI Members are invited to register for the committee's annual in-person meeting, to be held on May 10, 2018 at the PCI Chicago HQ.

Latest News | View all

Emerging Risks – 2018 Survey Results
"Cyber security and data breach" tops the list of enterprise risks cited in the 2018 Emerging Risks Survey.

Emerging Risk – Climate Change
Moody's Report Warns of Climate Change Risks for P&C (Re)Insurers.

Video Replay: Insurtech - What the Board Needs to Know When Creating Platforms for Innovation
Panel discussion discusses issues and challenges conventional insurers face in the insurtech space and how insurers can adapt and transition.

Emerging Risk – Rating Agency Outlook
A.M. Best released two separate special reports that examine how key events have shaped the U.S. insurance industry over the past 25 years, and details the rating agency’s prospective look for the industry. 

Emerging Risk – Cyber
Webinar replay: “2018 Cyber Predictions Report & Insights” explores the recently released Aon Report and discusses current cyberrisk trends, including market demands to insure cyber, the collision of cyber and property risk (silent cyber), and insights into management of cyberrisk as an enterprise risk. (Presentation Slide Deck)

PCI Survey

PCI News

PCI Outlines Priorities for State-Based Regulation and Role of the NAIC
PCI CEO addresses NAIC's Big Data Working Group, the NAIC's strategic plan, the distracted driving epidemic in the U.S., and international regulatory developments.

PCI Board Chair testifies before the House Financial Services Subcommittee on H.R. 5059, “State Insurance Regulation Preservation Act”

ERM & Emerging Risks Committee Meeting: 2018 - May 10
The agenda will highlight key emerging issues related to strategic risk management, rating agencies, and the management of emerging risks, metrics and approaches integral to ERM strategy.

PCI Financial Regulation and Global Convergence Committee to Meet May 9, Chicago
Committee to discuss and recommend PCI policy regarding NAIC, federal and international insurance financial regulation and tax issues.

PCI Webinar: What Every Insurer Needs to Know About Blockchain – PRESENTATION SLIDE DECK
PCI members received a presentation on the significance of blockchain networks and implications for the insurance industry.

PCI Webinar: Digitization of Insurance, Cyber Risks, and the Role of ERM, April 3 - REPLAY
PCI members received a presentation from Fred Karlinsky of Greenberg Traurig, P.A. on the area of emerging technology and the digitization of insurance, and the CRO’s role in managing the risks and opportunities they pose for the insurer.

PCI posts wrap-up report of the NAIC Spring 2018 meeting

Industry Events

NAIC: International Insurance Forum, May 14-15, Washington, D.C.
"Transforming Insurance in the 21st Century: A C-Suite Perspective" panel will discuss the myriad of challenges and opportunities presented by the current dynamic marketplace. Click HERE to register.

Global Insurance Symposium, April 24-26, Des Moines, Iowa
This event features demonstrations from eight startups participating in the Des Moines-based Global Insurance Accelerator's 2018 cohort.

Chief Executive Group, LLC, Corporate Board Member: Cyber Risk Forum, Apr 16, San Francisco
Forum to explore emerging trends, prevalent threats and strategic opportunities surrounding cyber security. Developed exclusively for CEOs and board members to help participants understand, devise and implement enterprise-wide cybersecurity strategies.

RIMS: 2018 Annual Conference & Exhibition, San Antonio, April 15 - 18
Experience the Innovation Hub that features presentations on developments in emerging risks, claims and cyber risks.

NAIC CIPR: Lessons Learned from Recent Catastrophes, March 26 - Replay
The event featured a presentation and panel discussion on how catastrophe losses have impacted insurance availability, pricing and loss modeling. pre-storm preparedness, consumer protection and assistance, data needs, state approaches to facilitating mitigation and the effectiveness of building codes and standards.

State Legislative/Regulatory News | View all

South Dakota Adopts ORSA Guidance Manual
The SD Department of Labor and Regulation/Division of Insurance has adopted SDCL 20:06:09 , which adopts the NAIC ORSA Guidance Manual, 2014 edition. The  ... more >

New York DFS Issues Guidance Related to the Equifax Data Breach

New York DFS Posts FAQs on the Cybersecurity Requirements for Financial Services Companies Regulation

North Carolina Adopts NAIC's ORSA Model Act
NC HB 383 adopts the NAIC ORSA Model Act which requires an insurer to conduct an ORSA at least annually when there are significant changes to its risk profile. The law has ... more >

News Article: Extracting Business Value via ORSA

South Carolina Enacts ORSA Bill
South Carolina enacted SB 254, which requires domiciled insurers to conduct an Own Risk and Solvency Assessment. The bill is effective January 1, 2018.

Utah Enacts HB 42 to Amend Insurance Code, Adopt ORSA Model Act
Utah has enacted House Bill 42 which modifies numerous provisions of the insurance code, including adoption of the NAIC ORSA Model Act. This bill becomes effective May 9, 2017.