Implementation of enterprise risk management within the insurance industry—driven by ratings agencies and anxious boards—is moving steadily forward, with large global reinsurers at the head of the adoption curve.
In fact, these reinsurance giants are not only leading the way on ERM within the insurance industry itself—but are so advanced that they can serve as models for almost any company considering a program.
Peter Dickey, assistant vice president in the reinsurance ratings division with A.M. Best, says major reinsurers "got the concept of ERM earlier than others—before 2005."
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