NEW YORK–Capital models will serve little purpose if they are not embedded in the risk management culture of a company, leading insurance financial experts advised at an industry conference here.
Steven Bensinger, American International Group chief financial officer, said that "any model is only as capable as the risk management program of any company in which it functions."
"If you have an out-of-control company, but with a terrific capital modeling program, I am not sure how good that can be," he said, speaking Friday at the 18th Annual Property Casualty Conference in New York
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