After much deliberation, the prestigious winners of InsuranceERM's UK & Europe 2023 awards can now be revealed.
The Association of British Insurers (ABI) won the risk team of the year for providing a significant Brexit dividend for the UK insurance industry and ensuring that Solvency II reform was appropriately tailored to reflect UK market specifics.
Tom Hughes, group chief risk officer (CRO) at UK-headquartered Domestic & General, won the CRO of the year for his progressive approach to leadership, driving multiple sustainability initiatives and providing a thematic review of macroeconomic headwinds and his approach to risk management.
David Otudeko, assistant director and head of prudential regulation at the ABI, won the judges' award in a year when he led the UK insurance industry's response to some crucial and high-profile agendas, notably Solvency II reform, and the endorsement of the accounting standard IFRS 17. He is also a passionate diversity, equity and inclusion (DE&I) advocate.
Climate risk management solution of the year went to Previsico for its work in providing real-time surface flood forecasts.
Staying on the topic of flood risk, Finnish natural catastrophe data provider, ICEYE, picked up the insurtech innovation of the year award by providing insurers with perspective on flood events as they happen using high-resolution hazard data.
It was treble celebrations for Moody's Analytics in this year's awards, winning ERM end-to-end solution of the year; Economic Scenario Generator software of the year; and Solvency II solution of the year.
Crowe also knows what it takes to be successful – as highlighted by this being the fourth consecutive year it has won the risk consultancy title in the InsuranceERM UK & Europe awards.
WTW also deserves recognition for clinching the best use of cloud technology award and IFRS 17 solution of the year.
InsuranceERM's deputy editor and commercial editor, Ronan McCaughey, thanked the judges for their time, effort and expertise in deciding the winners, as well as everyone who submitted entries.
McCaughey said: "Winning an InsuranceERM award is the highest accolade an insurance player can achieve because it means an independent panel of risk experts has pored over the entries, deliberated, cogitated and decided you are the best in your field."
He added: "The past few years have hurled several challenges at insurers, whether it has been Covid, the Ukraine war or the impact from natural catastrophes. Bigger threats lie ahead as the effects of climate change and biodiversity loss become more acute. But the winners of the InsuranceERM awards show there are enough passionate and innovative teams and individuals in the insurance industry, to show the sector can rise to the challenge."
InsuranceERM thanks Arthur, a specialist insurance and financial markets recruitment consultancy, for sponsoring this year's awards.
The 2023 winners are below:
- Risk team of the year: Association of British Insurers
- Actuarial team of the year: LCP
- ALM team of the year: Hymans Robertson
- Cat risk team of the year: PCS, a Verisk business
- Re/Insurer of the year: Pacific Life Re
- ESG initiative of the year: NN Group
- Risk transfer innovation of the year: PCS, a Verisk business
- Diversity and inclusion excellence: NN Group
- Insurance asset manager of the year: Conning
- Risk consultancy of the year: Crowe
- IFRS 17 consultancy of the year: PwC
- Insurtech innovation of the year: ICEYE
- Chief risk officer of the year: Tom Hughes, Domestic and General
- Judges' award for contribution to the industry: David Otudeko, Association of British Insurers
- Young actuarial and risk professional of the year: Lara Palmer, LCP
- Actuarial modelling solution of the year: Milliman
- Analytics solution of the year: LCP
- Best use of cloud technology: WTW
- Catastrophe risk modelling solution of the year: Oasis Loss Modelling Framework
- Climate risk management solution of the year: Previsico
- Cyber risk solution of the year: CyberCube
- Data solution of the year: Aon, Impact Forecasting
- End-user computing risk management solution of the year: Apparity
- ERM end-to-end solution of the year: Moody's Analytics
- Economic Scenario Generator software of the year: Moody's Analytics
- IFRS 17 solution of the year: WTW
- Operational risk solution of the year: Decision Focus
- Regulatory reporting software of the year: Milliman
- Reserving solution of the year: Dynamo Analytics
- Solvency II solution of the year: Moody's Analytics
- Stress scenarios software of the year: CyberCube
- Third-party risk solutions provider of the year: Conning
How the awards were judged
Judges reviewed the entry material submitted and then voted in a secret ballot. The votes were counted and verified by InsuranceERM's team.
The panel of judges are senior risk, insurance and actuarial industry experts from Europe and the UK, each chosen for their knowledge and objectivity.
The judges' decision is final and neither InsuranceERM nor the judging panel will enter into any correspondence regarding individual entries and/or the award winners.