Insurance regulators have made the Own Risk and Solvency Assessment (ORSA) into one of the global Insurance Core Principles that need to be adopted in all countries.
By Dave Ingram
Several countries have already adopted an ORSA requirement and in all cases, there is a need for a report to share with the regulator that documents the ORSA process.
The ORSA report itself is an example of risk management disclosure. A company that has no history of disclosure of risk management information may struggle