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This paper analyzes whether the degree of Enterprise Risk Management (ERM) implementation affects the performance obtained by insurance companies in the context of Solvency II. We have constructed a composite ERM index of 76 variables based on the responses from the chief risk officers (CROs) of 44 insurance entities in one of the EU’s largest insurance markets, namely, Spain. The results show that the higher the degree and quality of ERM implementation there is, the better the return on equity (ROE) and risk-adjusted return on assets (ROAadj) there is. We find that risk governance makes performance standards higher and more stable. Finally, our results suggest that models that run on Solvency II penalize small companies, meaning that improvements in management can offset the costs involved in its implementation.

The impact of ERM on insurer performance under the Solvency II regulatory framework