Insurance executives were feeling very confident about their ability to manage risks and opportunities at the onset of the credit crisis, mirroring their counterparts in other industries, according to a new global study conducted by Towers Perrin in conjunction with the Economist Intelligence Unit. In fact, insurance executives were among the most confident, which is not surprising, given that they are in the business of risk.
Interestingly however, leaders of companies having “Excellent” enterprise risk management (ERM) ratings from Standard & Poor's tend to be significantly less overconfident in their overall ability to manage risks and opportunities, compared with industry peers with lesser ERM ratings.
