Airmic is working with FERMA on the most extensive survey ever of risk and insurance management across Europe.

Starting on 22 April, members of Airmic and other risk management associations in more than 20 European countries will be invited to take part in the 2014 FERMA Benchmarking Survey.

The results of this survey, which is independently conducted, will form the basis of the first FERMA European Risk and Insurance Management Report.  The report will be published at the FERMA Seminar in Brussels on 20 October 2014 to which Airmic members are invited.

Airmic chairman, Chris McGloin, said: “To create this survey FERMA has worked extensively with Airmic and its other member associations so that the results will be a valuable tool for risk managers. Georgina Wainwright, Airmic’s membership manager and technical executive, has played an active role in the survey working group.

“I urge members to take part. The more responses we gather, the more useful the survey will be for us,” said Chris.

FERMA’s intention is to create a reference work for risk and insurance managers throughout Europe that will also provide a tangible basis for reporting to senior management on risk management.

FERMA president Julia Graham, a former Airmic chairman, said “Many Airmic members have activities in a number of European countries, so being able to benchmark themselves at European level will be invaluable. At the same time, we need the contribution of Airmic members to make the results truly representative of the views of risk and insurance managers across Europe.” 

This seventh edition of the survey, which takes place every other year, will be more quantitative and practical and provide more benchmarks for comparison than previous versions of the survey. Among the changes will be:

• A more detailed analysis of the most significant risks facing the business and tolerances for specific risks;
• An examination of the cost of risk, including insurance, risk consulting costs, broker remuneration, etc;
• A wider examination of the relationships between risk management and other internal functions of the organisation;
• A further examination of the link between corporate performance and risk management identified in the previous FERMA benchmarking survey in 2012;
• A specific question on the identification and insurability of emerging risks such as cyber risks, environmental liabilities and supply chain exposures;
• An evaluation of EU hot topics and their impacts for company governance and insurance markets.

Cristina Martinez, leader of the survey project group and a member of the FERMA board, explains, “We believe that by strengthening the quantitative nature of the survey we can produce a report that has lasting value both for individual risk and insurance managers and for our member associations to further explore the issues that the survey will highlight. It will also provide a sound basis for analysis of developments with future surveys.”

The FERMA Benchmarking Survey is already the widest expression of the views of risk and insurance managers across Europe with more than 800 responses in 2012. There is an official translation of the questions from English into French, German, Italian and Spanish while several associations will provide their own translations. An independent research company, Toluna, will collect the responses and compile the results.

The Seminar which will take place on 20 and 21 October at the Square in Brussels is free for Airmic members to attend and this year the programme includes a gala dinner to celebrate FERMA’s 40th anniversary.