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

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FOR IMMEDIATE RELEASE

OLDWICK - DECEMBER 12, 2014 03:17 PM (EST)
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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• 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.


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