This is the sixth edition of the survey, which has taken place every other year since 2002.

A record number of 809 risk and insurance managers from 20 European countries responded.

Two-thirds of the companies represented are stock exchange listed; 55% have a turnover of more than €2bn and 59% have more than 50,000 employees; 45% operate in at least 20 countries.

61% consider legal, regulatory and compliance as the main external factors triggering risk management.

Risk management is either fully embedded in board level decision making or considered at least once a year in 75% of companies.

93% of risk management functions report to top management.

28% of companies with advanced risk management practices reported a growth rate of more than 10% in earnings before interest, taxes, depreciation and amortisation (EBITDA) over five years, compared to 22% whose risk management was classed as mature, 15% for moderate and 16% for emerging.

57% of companies are investing more in loss prevention; 40% are looking for long term insurance agreements and 32% are selecting more robust insurers.

43% want improved claims processing from their insurers, 36% want more tailored wordings and 30% want innovative insurance coverage.

For full results, see at FERMA Benchmarking Survey