Ferma chief: risk managers must continuously adapt insurance strategies

Risk managers are having to continuously adapt their insurance strategies as complexities within the risk transfer market grow, according to the chief executive of the Federation of European Risk Management Associations (Ferma).

In an interview with The Insurer TV during the Ferma Forum 2024 in Madrid, Typhaine Beauperin discussed the results of Ferma’s 2024 global risk manager survey report.

The report, which surveyed 1,041 risk managers across 77 countries, said insurance conditions had remained tough over the previous 12 months in due to broader economic trends, regulatory changes and evolving risk landscapes.

“We've seen that there were rising premiums, shrinking capacities, a lot of exclusions being done, and it pushes risk managers to shift the focus on loss prevention – but also, they are changing their purchasing patterns,” Beauperin said.

The report noted that in addition to changing market conditions, new emerging solutions also require risk managers’ attention.

Charlotte Hedemark Hancke, president of Ferma, added that risk managers are facing “a need to adapt their insurance strategies in response to the growing complexity of the risk transfer market”.

Watch the full interview to hear more about: