Most P&C CFOs See Strategic Value in ORSA
With Own Risk and Solvency Assessment regulatory requirements approaching, P&C insurers believe the process will improve the link between their companys enterprise risk management efforts and capital and strategic planning, according to a new Towers Watson survey.
January 22, 2013
Own Risk and Solvency Assessment (ORSA), part of NAIC’s solvency modernization initiative to help harmonize U.S. solvency requirements with those pending in the European Union, has been the source of much debate over the past couple years. The internal evaluation to determine its ability to remain solvent under various scenarios has received harsh criticism. However, results of a new Towers Watson study show that as insurers begin to implement ORSA processes in advance of the requirements that will become effective in 2015, they’re seeing value.
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