FERMA Newsletter N°73

29.09.2016

 

Federation of European Risk Management Associations (FERMA)

Newsletter #73

September 2016

 

The future of captives

FERMA board member Dirk Wegener answers some questions about captives.

FERMA:

When companies are deciding to set up or maintain a captive, how important are:


Coverage that isn't generally available on the commercial market?
Higher limits than available at an acceptable price from the commercial insurance market?
Better pricing on frequency risks (avoiding euro for euro trading with insurers)?
Better loss information?
Ability to plan better for severity losses?

 

 

FERMA President's Column

A welcome evolution in risk management from insurers

 

One of the strongest impressions that I took away from the September symposium of our newly merged German member GVNW is that of evolution in risk management from the insurance industry for its corporate customers. This is a welcome development. 

 

From corporate consolidation to the possibility of automating all routine transactions through blockchain, insurance is in a period of upheaval. Consumer insurance has clearly become a commoditised product. Here in Belgium, for example, people now insure personal and household risks, other than motor, in a single product. It is a standardised, and there is little room for customisation. Lines of business have blurred or disappeared. 

Jo Willaert

 

 

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FERMA Website

 

Letter from Brussels

Tax, good corporate citizenship and reputation

 

Corporate transparency and its new reporting requirements are a priority for FERMA because the risk manager will be working with other functions to create the right strategy to maintain a reputation for good corporate citizenship.   

 

 

Read more in the Newsletter

 

FERMA speaks out for captive insurance

 

FERMA has raised its voice to defend the value of captive insurance for European companies and the economy of Europe in the face of challenges from the OECD and European Union. 

 

In order to dispel "substantial misperceptions" about captives, FERMA has published a position paper on captive insurance companies, which it has submitted to the OECD ahead of discussion about the implementation of its Base Erosion and Profit Shifting (BEPS) measures.

Says FERMA President Jo Willaert, "Captives serve an important enterprise risk management role for European business and other organisations. We believe it is important that EU tax authorities preserve these risk financing capacities. This is not about tax, but a fear that the administrative costs of owning a captive will become uneconomic."

 

 

Cyber awareness challenge

  

How cyber aware are you? Here are some questions that will provide food for thought. The answers are a mixture of fact and judgement.

 

- When will the EU Data Protection Regulation start to apply?

- How quickly do you need to notify a data protection breach to your supervisory authority under the EU Data Protection Regulation?

 

                                                                                              Read more in the Newsletter

 

Talking about risk management in Germany

FERMA President Jo Willaert joined Germany's GVNW Chairman Alexander Mahnke and Vice Chairman Hans Jörg Schill to talk about the merger which created this new risk management association and its priorities for the future. 

                                                                                        Read more in the Newsletter

 

Expert view

Non-financial reporting

The Thomson Reuters Foundation describes the issue of modern slavery for business and lists questions for risk managers to ask.

                                                                                              Read more in the Newsletter 

 

Knowledge Corner

FERMA's list of useful and interesting reports on risk topics

 

Data protection

EU General Data Protection Regulation 2016 (English)

Allen & Overy


here

Sanctions

International sanctions - EU and US

Japan P&I Club, Norton Rose Fulbright (English) 


here

Discover more reports in the Newsletter

 

 

FEDERATION OF EUROPEAN RISK MANAGEMENT ASSOCIATIONS - FERMA a.i.s.b.l. 

 

© Copyright 2016 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 Typhaine Beaupérin at FERMA on +32 2 761 94 31 - email: typhaine.beauperin@ferma.eu  

 


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