The Swiss insurance industry operates within an increasingly dynamic regulatory environment. This trend was recently reinforced by FINMA’s December 2015 circular titled “Own Risk and Solvency Assessment” (ORSA), which is an important step towards convergence in insurance supervision between the Swiss and EU regulatory regimes.
The immediate market response has been polarised: some companies view it purely as compliance exercise, whilst others recognise the insight and value that could be obtained from having a successful and well-embedded ORSA. Given that reporting deadlines are fast approaching and Swiss-based insurance companies already review their approach to developing their ORSA policy, processes and report. Some organisations have already made some progress largely due to their ability to leverage existing processes from group companies with EU presence and other will have to catch-up. Through this survey, we aim to assess the relative maturity of the Swiss insurance industry against the new ORSA requirements and form a view on the key priorities for risk functions.
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