Capital models will serve little purpose if they are not embedded in the risk management culture of a company, leading insurance financial experts warned here.
"Any model is only as capable as the risk management program of any company in which it functions," according to American International Group Chief Financial Officer Steven Bensinger.
"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 at the 18th Annual Executive Conference for the Property-Casualty Industry.
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