The eighth edition of the FERMA European Risk and Insurance Report, of which Marsh is official partner, was released on 4th October 2016 during the FERMA Seminar taking place in Malta. The survey explored three main areas: the profile of Europe’s risk managers, European insights on risk management, and observations on Insurance management.
The survey involved more than 600 participants across 21 countries and shows rising concern among risk managers about economic conditions and business continuity disruption. Together with political and country instability, these are regarded as the three top risks to businesses.
Digital risks – cyber attack/data privacy and IT systems and data centers – are, not surprisingly, sources of apprehension and risk managers are looking for a greater partnership with insurers on loss prevention and incident management. The purchase of standalone cyber risk coverage has grown since 2014.
“The top 10 risks demonstrate and confirm how much the risk landscape is evolving – and the speed at which it is doing so. This ranges from digital risks right down to increasing worries over business continuity which, in turn, is being impacted by a rise in the frequency of extreme weather events, political risk and also by aforementioned digital disruption,” commented Giampaolo Scarso, Head of Client Advisory Services at Marsh Continental Europe and Africa.
The full European Risk and Insurance Report and supporting documents are available on the FERMA website.