Title: Risk management in the UK insurance industry: the changing state of practice

Authors: Kevin Dowd, David L. Bartlett, Mark Chaplin, Patrick Kelliher, Chris O'Brien

Addresses: Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, UK. ' Resolution Plc, Edward Pavilion, Albert Dock, Liverpool, L3 4SL, UK. ' Watson Wyatt Ltd, Watson House, London Road, Reigate, RH2 9PQ, UK. ' Scottish Widows plc, 69 Morrison Street, Edinburgh, EH3 8YF, Scotland, UK. ' Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, UK

Abstract: This paper reviews a number of recent surveys relevant to risk management by UK insurers. These include the results of four surveys specifically on UK insurers. Our findings suggest that the risk management practices of UK insurers are variable, generally behind best practices in adjacent sectors, and in some cases are a cause of concern. However, we also find that they have been improving significantly.

Keywords: best practice; credit risk; financial services authority; UK insurance industry; market risk; risk management; Strachan letter; United Kingdom.

DOI: 10.1504/IJFSM.2008.016696

International Journal of Financial Services Management, 2008 Vol.3 No.1, pp.5 - 23

Published online: 16 Jan 2008 *

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