Contact: Amy Aaldous (info@ermii.org)
Date: February 17, 2006

ERM Institute International Launches Research Project on Enterprise Risk Management for Property-Casualty Insurance Companies

Atlanta, GA, Feb. 2006–ERM Institute International, Ltd (ERM-II), the Casualty Actuarial Society and the Risk Management Section, are jointly launching a major research project – “ERM Analysis of Property-Casualty Insurance Companies”. “We are going to establish a new theoretical foundation for enterprise risk management, with practical guidance for ERM implementation,” said Dr. Shaun Wang, Executive Director of ERM Institute International, and the lead researcher for this project, “many people have been talking about ERM. We want to show the world what ERM entails in actionable terms for insurance executives, underwriters, actuaries, rating agencies and regulators”.

“Several highly regarded practitioners have volunteered to assist the research team” said John Kollar, Vice President of ERM of the Casualty Actuarial Society, “this undertaking represents a collaborative effort among scholars, professionals and industry executives, and will take us a level further than many preceding attempts, addressing big-picture, business risk issues for property-casualty companies.”

Fred Tavan, chairperson of the Research Team for the jointly sponsored Risk Management Section of the Society of Actuaries and Casualty Actuarial Society adds, "This research will help establish a multidisciplinary ERM framework wherein actuaries can work with other risk professionals and contribute to solving complex risk management issues for the insurance industry at large."

The CPCU Society, although not as an official sponsor, has expressed interest in assisting this research project through its members.

The project has officially started on February 10, 2006. The research team expects to complete an exposure draft by mid summer of 2006.