A bulletin from Aon Global Risk Consulting, the risk management arm of Aon plc, using responses from 100 senior risk industry professionals at its annual Client Symposium, indicates that “organizations in Central and Eastern Europe and additional emerging markets are keen to take advantage of risk management and risk financing solutions such as captive insurance companies.”
The Symposium included presentations delivered by experts from the banking and insurance sectors from Barclays, SCOR Global P&C, United Insurance Company, ARUP, Chartis, InStar and the US Law Network as well as others who play a role in the identification, mitigation and financing of risk.
Aon said “specific focus was placed on emerging markets, with leaders from Central and Eastern Europe, Brazil and Turkey contributing to a discussion on the relevance and potential impact of solutions that have been long-standing features of risk management strategies in other parts of the world.
“Throughout the event, a recurring theme of ‘Evolution and Not Revolution’ in the approach to risk management underpinned formal and informal discussions. Speakers and delegates shared thoughts on how quickly solutions from mature risk management markets such as U.S., UK and Australia could be introduced successfully to emerging economies.
“Many contributors referred to the next five years as being the period of time in which the risk management models in these economies would gain traction and become a core part of the business strategy of major organizations. Captive insurance companies are expected to be a key element of the strategy for many firms.”
Jaap Veenenbos, regional director of Central and Eastern Europe for Aon Global Risk Consulting, commented: “With the magnitude, scope and complexity of risk on the rise, the key for success and growth for leaders in emerging economies is to understand and mitigate the level of risk facing today’s organizations.
“The need for more effective risk management solutions will continue as globalization makes the world smaller, overseas investment in Poland and additional countries increase and regulatory environments evolve. We are proud to be hosting this event in Warsaw and to be leading the debate on these critical business issues.”
Source: Aon Consulting