Tag Archives : European affairs

Knowledge Corner

FERMA’s selection of recently published useful reports for risk managers.

Airmic Guide to Members (English)
What comes next for insurers (English)

DLA Piper
Implications following the vote to leave (English)


Duty of Care
Reworking the duty of care – pan-European research (English)
ACE Chubb

UK Insurance Act BELRIM (English)

Risk maturity
Risk Maturity Models
Book by Domenic Antonucci (English),
Kogan Page
£49.99 less 20% discount for FERMA members
https://www.koganpage.com/product/risk-maturity-models-9780749477585 and use discount code FERMA20 at checkout.

Global Risk Dialogue (English, French, German)
AGCS Allianz

New Emerging Risk Insights
Swiss Re Sonar (English)

 Natural resources risk index 2016
WillisTowersWatson (English)

Airmic news
https://www.airmic.com/news (English)

Observatorio (Spanish)

Risk management news (Italian)

Die Versicherungspraxis (German)
Title theme: D&O

Brexit – continuing uncertainty


Image Source: The Castle Report

FERMA is closely monitoring developments at European level following the vote by the United Kingdom to leave the European Union so that we can keep our members informed.

FERMA President Jo Willaert said: “This is a major political event with considerable consequences for the UK and for the EU. UK’s decision opens up a period of uncertainty, which will impact companies until the negotiations of the exit terms are set. Risk managers have an important role to play to help companies navigate in this new environment and with their risk management expertise, support the implementation of appropriate measures until a new relationship between the UK and the EU is established.”

Airmic has published a guide to Brexit for members, which is available for free: https://www.airmic.com/news/brexit-%E2%80%93-airmic-issues-guidance-members

For additional comment on Brexit, see the Knowledge Corner.

“Solvency II Predictions” article featuring Jo Willaert, FERMA President

The article has been originally published  by Captives Review on 3 December 2015.

Captive review - solvency II predictions

Click above to read the full article


New FERMA president to set Certification, European influence and survey development as goals for his term

Jo Willaert, the next President of the Federation of European Risk Management Associations (FERMA), will set the achievement of FERMA’s professional Certification project, increased European influence for risk management and further development of FERMA’s biannual benchmarking survey as goals for his two year term.

Jo, Corporate Risk Manager for Agfa-Gevaert based in Antwerp, will take over as President of FERMA from Julia Graham at the close of the 2015 FERMA Risk Management Forum in Venice on 7 October. Continue reading

Solvency II and the treatment of third country jurisdictions

Because insurance is a global industry, the Solvency II regime (entering into force on 1 January 2016) includes some provisions regarding the recognition of third country jurisdictions as offering an equivalent level of supervision. For FERMA, an equivalence decision means an easier access to insurance capacities.

The process leading to the Solvency II equivalence of the insurance supervisory system of a third country jurisdiction is conducted by the European Commission in cooperation with EIOPA, the European insurance supervisor. Continue reading

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. Continue reading

Letter from Brussels

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. Continue reading

EU antitrust rules : a right to a compensation for citizens

Until now and for a majority of EU countries, cartel issues have been dealt with only through a public enforcement of European antitrust law by national competition authorities.

The new Directive on antitrust damages actions, which will be signed by the end of November 2014, acknowledges a right to compensation for anyone who has suffered harm caused by a cartel.
Continue reading

Insurance Mediation Directive 2/ IDD2 – the return of the professional customer in 2015 ?

The recast of the Insurance Mediation Directive (IMD 2) is coming to a conclusion with the adoption by the Council of the European Union of a new compromise on 28 October (the sixth since May 2014).

The Council has re-qualified the original proposal as the IDD 2, standing for Insurance Distribution Directive 2; one possible explanation for this wording change is to have a broader scope and to cover all channels of insurance distribution and not just intermediaries. Continue reading

(Re) Insurance pools to remain outside the scope of EU competition rules

FERMA has called for renewal of the Insurance Block Exemption Regulation (IBER) for (re)insurance pools in its response to the European Commission consultation exercise.

The Commission launched the consultation in August (see here) to begin its assessment whether the claimed benefits for the insurance market and customers of insurance pooling still justify the special treatment they receive from EU competition authorities. Thirty-six organisations have provided their responses (consultable here) and the Commission must provide a report to member states before 31 March 2016 with the objective of deciding on its renewal in 2017. Continue reading