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 Risk – Rating Agency Outlook
A.M. Best released its 2018 Outlooks on the P/C Industry, U.S. Economy, and the industry impact of U.S. Tax Reform.

Emerging Risk – Regulatory System
R Street releases 2017 Insurance Regulation Report Card.

Emerging Risk - Autonomous Vehicles: Legislative & Regulatory Update
Summary of AV-related legislative and regulatory activity at the state and federal levels, as of January 2018; as well, as other related "news and notes." 

Emerging Risk – Industry Outlook
Deloitte pinpoints key opportunities and threats that it believes should demand attention from insurers over the next 12-to-18 months.

Emerging Risk – Climate Change
A Geneva Association study finds that the insurance industry is addressing climate change, but its influence is limited.

Emerging Risk – Natural Catastrophes
CoreLogic Natural Hazard Risk Report recaps a year of record-breaking catastrophe.

Emerging Risk – Global Risks
The four global risks exhibiting the highest impact with the greatest likelihood of materializing are all environmental, according to the WEF Global Risks Report.

PCI Survey

PCI News

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 Webinar: Telematics 2.0, March 15
Presentation will explore the next generation of telematics applications.

PCI Webinar: GDPR – New Paradigm – Presentation Slide Deck
On February 8, cybersecurity risk management firm Venable presented an informative overview of the European Union's new cybersecurity regulation, GDPR.

PCI, ISO: Insurers' net income after taxes fell in first 3 quarters of 2017

PCI Webinar: Is Your ERM Framework Working Effectively Or Is It Window Dressing?, Presentation Slides
On September 19, the PCI ERM & Emerging Risks Committee heard a presentation on the fundamental operating practices and risk performance metrics that may assist P&C insurance companies to better manage and mitigate key risks. The slide deck is available here for members.

Industry Events

NAIC Public Hearing on Covered Agreement Reinsurance Collateral Provisions, February 20, New York
The NAIC will begin discussions on how to proceed with reinsurance collateral reform. A request for written comments will be followed by a public hearing at the Andaz Wall Street Hotel, NYC from 10 a.m. to 3 p.m. Eastern Time. (Registration required

NAIC Spring 2018 National Meeting, March 24-27, 2018, Milwaukee, WI
In conjunction, the CIPR will be holding a forum event on the 2017 catastrophes, scheduled for March 26.

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.

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.