Enterprise Risk Management for Property/Casualty Insurers is a challenging and rewarding area of actuarial practice, with many potential approaches to the problem.

Concentration on technical details can sometimes lead to overlooking the primary strategic goals and the economic benefits of such analysis. In this presentation, Chris Gross will offer his personal opinions regarding good and bad ERM approaches, at a strategic level. Some of these ideas may seem out of step with common practice, or even downright heretical, such as:

• tail risk measures are inferior
• constrained optimization is sub-optimal

 but the rationale for them will be provided.