The European Risk Management Seminar will take place in October under the theme “Corporate and Finance, Financing the ever growing universe of risk”. A hardening insurance market was already having multiple consequences for risk managers when the Covid-19 pandemic hit. Now as programmes come up for renewal, prices are expected to rise in many lines of business and capacity may be limited and expensive.
Covid-19 is for the globalized societies of today, a unprecedented event and therefor presumably not rightly reflected in existing quantification models. Is the situation now so uncertain? Should the risk managers go back to basics: ensuring a clear understanding of risk exposure and options for self-finance with the risk appetite?
Laurent Nihoul, chairman of the Seminar confirms: “Because it is the cornerstone of our job: we do not buy insurance but we finance the consequence of our risk”, and Dirk Wegener, president of FERMA adds: “With the Seminar, we aim to empower risk managers to have a meaningful dialog with their Finance colleagues and improve the risk quantification skills. Future risk managers will need to be agile, communicative and collaborative to conduct an effective conversation on future risks and risk management processes.”