Release of ERM Committee Report: Risk Management Report 2025
The New Zealand Society of Actuaries (NZSA) is pleased to release the latest thought leadership report from its ERM Committee – the Risk Management Report 2025
This report follows the inaugural 2022 survey (published in 2023) and provides an updated view of how the risk landscape and risk management practices across the New Zealand insurance industry have evolved.
The 2025 survey highlights several key developments, including:
- A shift in the most significant risks facing insurers, with artificial intelligence and affordability emerging as leading concerns, replacing COVID-19 as a dominant risk.
- Continued progress in risk maturity, including stronger Board and senior leadership ownership, improved embedding of ERM frameworks, and advances in risk culture.
- Ongoing challenges in the effective use of data analytics to support risk management.
- Opportunities for improvement in areas such as the development of forward-looking Key Risk Indicators, deeper integration of ERM into day-to-day operations, scaling ERM practices to evolving risk profiles, and management capacity and organisational structure.
- An evolving and complementary relationship between actuaries and Chief Risk Officers, highlighting the need for broader actuarial skillsets and continued collaboration.
This report has been prepared by the NZSA ERM Committee and published in the public interest as part of NZSA’s Thought Leadership programme.
We hope this report contributes to informed discussion and continued improvement in risk management practice across the New Zealand insurance industry.
Members will be invited to a sessional to discuss the findings in coming months.
Kind regards,
Herwig Raubal
NZSA Enterprise Risk Management Committee
