The first findings from the 2014 Risk Management Benchmarking Survey, conducted by FERMA, have been released including the continent’s attitude towards captive insurance.
The FERMA survey drew a record 850 responses from across 21 European countries.
Thirty-nine per cent of respondents currently own or use a captive. Of those, almost three quarters said they would expand their captive – 39% through non-traditional lines of insurance and 33% through traditional lines.
Examining the attitude towards the captive solutions among all risk managers – owners and non-owners – the survey found 30% were considering implementation or further use of a captive.
Michel Dennery, FERMA vice president and a member of the survey committee, said: “In a flat economic environment, the risk management profession and those that it calls upon for support, including FERMA and our industry partners, must help to raise the level of innovation in the solutions available for managing risk, insurance and other means of risk financing.”
Asking all respondents what were the most important issues facing them, 38% said Solvency II and captive treatment. This concern was matched in importance by Annual reporting and transparency and The possibility of mandatory EU-wide financial security.
Data protection regulation came out top with 45%.