Willis Re, the reinsurance division of global insurance broker Willis Group Holdings, recently hosted a risk management seminar in Sofia, Bulgaria “to highlight the growing challenges facing Bulgarian insurance companies and how risk management can help.”
The all-day event, held in the Radisson SAS Hotel’s Alexander Ballroom, was attended by business leaders and representatives from the Bulgarian government.
A number of Willis Re associates and directors delivered a series of talks and open forums on the topic of insuring Bulgarian companies against catastrophic perils. Willis Re Director, Lucian Chiroiu, explained how Bulgaria’s increasing exposure to catastrophic risk could be attributed to the Country’s growing economy, which in turn had led to an increase in wages and an expansion in infrastructure.
“Catastrophe risk management provides insurance penetration in depth across an array of business sectors. And given the current economic climate, we find catastrophe models extremely relevant in protecting Bulgaria’s GDP, its people and government in the event of a major catastrophe,” he explained. “There are a number of ongoing risk mitigation measures that are in place or are being planned within Bulgaria. We welcome this opportunity to discuss the process of assessment, mitigation, insurance and reinsurance of these catastrophic risks in an open forum.”
Guy Hudson, Executive Director of Willis Re, added: “The management of catastrophic risk is a local problem, one that is experienced globally and examples of different approaches to risk management at a national level can be seen in many other countries around the world. We welcome this opportunity to highlight the issue of exposure – and how to protect against it – to Bulgarian businesses and government representatives here today.”
Johann Meeke of Willis delivered a talk on the role of enterprise risk management as a new paradigm for the insurance industry. In particular, the Solvency II requirements for increased attention to Enterprise Risk Management were highlighted. He noted: “The Solvency II project is well advanced and it is imperative that Bulgaria participates as the requirements for good governance are finalized over the coming months.”
Michail Antonov, Chairman of the Institute of Risk Management in Bulgaria, described Willis efforts as a “welcome addition to our evolving knowledge pool,” adding that the seminar “has been extremely helpful in highlighting to us the environmental risks and exposures local businesses need to protect against.”
Source: Willis Re – www.willis.com
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