FERMA presentation at the Workshop on ELD Fund. Florence Bindelle Executive Manager Brussels November 7, 2012

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1 FERMA presentation at the Workshop on ELD Fund Florence Bindelle Executive Manager Brussels November 7, 2012

2 What is FERMA?

3 Some facts and figures National Associations of Insurance and Risk Management appeared in Europe in the early 70 s In 1974, six of them decided to create a European Federation called AEAI In 1986, AEAI became FERMA with 10 associations Today FERMA gathers 22 Associations in 20 countries and is still growing Countries (20) Members (22) Belgium BELRIM Czech Republic ASPAR CZ Denmark DARIM Finland FinnRima France AMRAE Germany BfV & DVS Italy ANRA Luxembourg PRIM Malta MARM Norway NORIMA The Netherlands NARIM Poland POLRISK Portugal APOGERIS Russia RUSRISK Slovenia SI.RISK Spain AGERS & IGREA Sweden SWERMA Switzerland SIRM Turkey ERMA UK AIRMIC

4 Ferma representation Over 4800 risk and insurance managers More than 2000 European companies Cross Sectors (80% Private and 20% Public) 55% of companies have a turnover above 2 billion 59% have more than 5000 employees Therefore FERMA members are representing the Large risks sector of the European industry.

5 FERMA Structure Jorge Luzzi President Alessandro de Felice Vice President Michel Dennery Vice President Florence Bindelle Executive Manager Pierre Sonigo Secretary General Fernand De Winter Treasurer

6 Our Mission & Objectives (1) Coordinate, promote and support the development and use of risk management, insurance and risk financing in Europe Set and promote professional practices and standards Organize conference, seminars, forums Maintain a two way communication with national associations on development and application of risk management Set up surveys and benchmarks to identify and share current practices Facilitate the development of new associations in European countries

7 Our Mission & Objectives (2) Be a significant stakeholder in the decision making process at the European level on Risk Management, Insurance and Risk financing issues Monitor new regulations and standards Detect early issues that can impact our profession Propose and co-ordinate positions with member associations on relevant issues Issue guidance and position papers Maintain interest representation with the European institutions Establish technical alliances and ad hoc coalitions with other stakeholders

8 The EU regularly hits the risk management headlines Source: Commercial Risk Europe 8

9 Recent activities with European Institutions Position papers, technical papers and responses to consultations e.g. Solvency II, collective redress, business insurance inquiry Attendance and speaking slots at public hearings e.g. Review of Insurance Mediation Directive Meetings with EU officials and Members of European Parliament (MEPs) FERMA/BIPAR Protocol on the transparency of intermediation in business insurance FERMA Guidance on 8th Company Law Directive and Roundtable on risk management in response to the European Commission's Green Paper on Corporate Governance 9

10 Ferma Risk Management Benchmarking Survey 2012

11 Structure of the Survey: 3 Sections Risk Governance This section is dedicated to look how Risk Management is governed internally, the objectives pursued by Risk Management in the company and the risk disclosures Risk Management Practices This section analyses the internal organisation structure and how Risk Management is involved and coordinated with other activities. It also focused on the way risk management is perceived Insurance Management This section is analyses the insurance market perception and the new expectations related to insurance solutions

12 Recent activities on ELD FERMA has been active on this subject since the early stages of the Directive. FERMA has been a member of Insurance Europe Working Group on ELD representing the point of view of large insurance buyers FERMA has been in regular contact with Insurance companies to develop an adequate insurance scheme for its members The subject of ELD has been discussed regularly in workshops at FERMA European Forum and Seminars and in National associations events. Articles on ELD written by FERMA representatives have been published in the European professional press 12

13 FERMA preliminary position The view of FERMA members when asked about environmental issues is that good standards of safety are established in their companies, adequate insurance is purchased and the regulators are diligent in enforcement of legislation. FERMA is not in favor of the establishment of a fund and we are strictly opposed to any mandatory coverage either through a fund, a pool or any other insurance scheme. As far as we can see it by now, the insurance sector is able to provide adequate coverage both for claims for traditional damage as well as for costs of remediating pollution and other environmental damage. In our point of view solutions provided by the insurance industry are always preferable to any fund scheme. Fund schemes tend to become very expensive, e.g. when it comes to the transaction costs and do not take into account the prevention efforts made by the insured. FERMA understand however that special solutions may be needed for SMEs or particular types of operations (offshore, nuclear ) 13

14 Thank you for your attention! FERMA aisbl. Avenue Louis Gribaumont 1 / B.4 B-1150 Brussels, Belgium Phone: florence.bindelle@ferma.eu