FERMA Newsletter N°63



Federation of European Risk Management Associations (FERMA)

Newsletter N°63

 February 2015



As we publish this Newsletter we must share with you the news that our Secretary General and Board member Edwin Meyer is very unwell.  Our thoughts are with Edwin, his family and friends.


We have been advised by Edwin's company Arcelor Mittal that Edwin's family would prefer not to be contacted at this time


Top Italian insurer sponsors Forum


Italy's largest insurer Generali Assicurazioni, is to be the diamond sponsor for the 2015 FERMA Forum in Venice on 4 to 7 October. Diamond sponsorship is a new category this year open only to a partner from the host country.

Generali, which is one of the world's largest insurers, was founded in Trieste in 1831 when the city was the most important seaport of the Austro-Hungarian Empire. The city was booming; about 20 insurance companies were already active mainly in marine insurance. Generali's founder Giuseppe Lazzano Morpurgo brought together a group of Trieste financiers and merchants in November 1831 to start a company with sufficient capital to expand beyond the geographical territory reached by other Trieste houses and into other classes of insurance. Almost immediately after the statutes of the new company had been approved, Morpurgo left Trieste to establish the company's Venice headquarters, so the company's connection with Venice is nearly as old as the business itself.


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Board approves strategic actions setting directions in 2015


The FERMA Board has approved 14 strategic actions for 2015 and ensured that they are aligned with FERMA's strategic objectives: to be a significant stakeholder at EU level, to coordinate and support the development of risk management, and to be sustainable.

Europe: We will continue to monitor developments affecting risk managers and position ourselves on major regulatory issues. These are the regulatory issues on top of the risk managers' agenda according to the 2014 FERMA European Risk and Insurance Survey.

  • Solvency II: 2015 is the last year of preparation before the entry into force of the Solvency II regime for the insurance sector on 1 January 2016. Captives benefit from a simplified treatment, but the implementing measures define captives in a restrictive manner. FERMA will follow the European Commission's work on the Level 2 implementing measures and monitor the Solvency II equivalence assessment for non-European captive domiciles.


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More Forum news




  • Platinum, gold and silver sponsorship opportunities are still available;
  • Only a limited number of exhibition stands remain;
  • Applications are also open for speakers.

For more information on all of these items, contact FERMA's Project Manager Véronique De Hertogh at veronique.dehertogh@ferma.eu or +32 2 761 94 35.

The March edition of the FERMA newsletter will have a full focus on the Forum with the launch of registration, the Forum website and the draft programme. 





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Solvency II: one step further towards legal certainty despite a restrictive definition of captives


The Delegated Act for the Solvency II Directive was finally published on 17 January 2015 on the EU Official Journal.

The definition and simplifications for the calculation of provisions for captives have remained constantly the same since the versions of July and October 2014; they are treated in the articles 89, 90, 103, 105 and 106 of the new Delegated Act. Eligible captives are still limited to the type of captives which do not have compulsory third party liability business and which provide cover only to undertakings belonging to the group..



2015: FERMA looks ahead 


Julia Graham

FERMA has started 2015 with a new executive structure and ambitious plans for the year. Here the executive team give us their views and personal objectives.


Julia Graham, President and board member


One of my objectives as FERMA president was to agree and implement a management succession plan for the FERMA leadership that built upon the achievements of the past and positioned FERMA for even greater achievements in the future.

Now, for the first time, FERMA has selected its next president well ahead of the end of the current president's term of office - allowing for a smooth and informed transition. Jo Willaert, who is one of three vice presidents, has taken on the position of deputy president and will follow me as president at the end of the 2015 Forum in Venice on 7 October.

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European Risk and Insurance Report now in Russian


The FERMA European Risk and Insurance Report 2014 is now available in Russian thanks to our member RusRisk who has made a translation. Отчет FERMA о Рисках и Страховании в Европе can be downloaded here:





Letter from Brussels



Florence Bindelle

This will be a year of change for FERMA. You may be aware that during the last board meeting in December, we elected a new Secretary General Edwin V. Meyer, General Manager Risk and Insurance for Arcelormittal based in Luxembourg, and a new Treasurer, Anders Esbjörnsson who is Group Risk Manager NCC in Sweden.

Both Edwin and Anders are key opinion leaders of the risk management community, and already very familiar with FERMA's organisation. I look forward to their innovative input and insight into our future developments. Their predecessors Pierre Sonigo and Fernand De Winter gave us immense support, and we are currently in a period of transition.


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Terrorism in Paris and elsewhere

The horrific terrorism attacks in Paris during the week of January 5th are a clear reminder to risk managers of the growth in risks which are intangible and hard to manage, according to FERMA President Julia Graham. Others that have come onto the scene in the last year are the conflict and sanctions related to Russia and the Ukraine, and the Ebola outbreak in West Africa.



From the President


Julia Graham.

As we started 2015, our thoughts turned towards New Year resolutions.

One of my resolutions is to keep up to date with my reading - which will have the added value in the future years of contributing to my continuing professional development needs as a Certified Risk Manager. (Look out for an in-depth report about Certification in a coming FERMA Newsletter).





Expert views : US terrorism insurance - the new TRIA


Nathan Bacchus

As any business or organisation with assets in the United States knows, 2014 and the first few days of 2015 were a period of extreme uncertainty related to the future of the US Terrorism Risk Insurance Act, or TRIA.

This programme, created in the aftermath of the 9/11 attacks, established a mechanism for a public-private share of terrorism insurance losses. It has proved critical to ensuring that commercial consumers of insurance, with assets in the United States, are able to obtain adequate terrorism coverage at affordable prices. 


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Expert views : Talvivaara Mining Company bankruptcy - financing the environmental risk


Matti Sjögren

This case from Finland explains the issues under Environmental Liability Directive (ELD) legislation of financing remediation of the environmental damage caused by an industrial operator which has become bankrupt.

Talvivaara Mining Company

Talvivaara Mining Company was established in 2004 and started production in 2008. It operates an open pit nickel mine in Sotkamo in Eastern Finland with an annual production capacity of more than 10 million tonnes of ore. The metals are extracted by bioheap leaching, a method where natural bacteria living in the rock accelerate metal leaching by oxidation.


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Knowledge Corner


Here is FERMA's selection of recently published useful reports for risk managers. 


  • BELRIM: Liber Amicorum

BELRIM 40th anniversary book (English, Flemish, French)

  • Corporate governance

Developments in Corporate Governance and Stewardship, UK Financial Reporting Council (English)

  • Cyberrisks

Cyberrisk measurement and assessment, World Economic Forum (English)


Read more in the Newsletter





© Copyright 2015 FERMA. All Rights Reserved. No distribution or reproduction of this issue or any portion thereof is allowed without our written permission except by the recipient for internal use only within the recipient's own organisation.


This Newsletter is produced by FERMA. If you have any questions concerning this Newsletter, please contact Florence Bindelle at FERMA on +32 2 761 94 32 - email: florence.bindelle@ferma.eu  


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