FERMA Calls for Insurance Reform, AI Clarity at 2026 Forum

The Federation of European Risk Management Associations (FERMA) called for longer-term relationships between businesses and insurers and greater clarity on artificial intelligence (AI) risks during its 2026 forum in Rotterdam, which concluded with a call for continued industry dialogue and the announcement of Milan as the host city for the 2028 event.

Philippe Cotelle, president of FERMA, told more than 3,000 risk management professionals attending the forum that the insurance industry's annual renewal process is misaligned with the 3-to-5-year planning cycles commonly used by businesses.

"We must challenge the status quo of the insurance cycle," Mr. Cotelle said. "For centuries, there has been a mismatch at the heart of the relationship between insured and insurer. The insurance cycle is annual, yet corporate operational planning operates on 3-to-5-year cycles. You cannot build a factory or develop a product for a single year."

Mr. Cotelle called for longer-term commitments between businesses and insurers that can withstand changing market and exposure conditions.

"A partnership that only lasts when 'everything is going well' is not a partnership; it is merely a transaction," he said.

"This is in our common interest—a genuine, durable partnership where volatility can be absorbed, shared, or managed over time and where true alignment of purpose is achieved. That is the foundation of economic resilience," Mr. Cotelle said.

Mr. Cotelle also raised concerns about what he described as the "AI paradox": Artificial intelligence is becoming increasingly integrated into business operations while references to AI remain "almost nonexistent" in insurance policy wordings.

"This lack of clarity around AI in insurance contracts is unsustainable for corporates," Mr. Cotelle said, "and creates clear uncertainty about the role of the insurance industry in the digital journey. Insurance has a critical role to play in supporting this transition and we need to secure the foundations of that role now."

He proposed that FERMA lead a multistakeholder dialogue to examine how businesses, insurers and other stakeholders can address AI risks in the near and longer term.

Mr. Cotelle also outlined several FERMA initiatives, including additional administrative support for national associations and the Next Generation European Risk Council, designed to nurture emerging talent. FERMA is developing the European Knowledge-Sharing platform, an AI-powered hub intended to facilitate the exchange of risk insights among members.

He also cited FERMA's Open Sesame initiative with the World Business Council for Sustainable Development, which focuses on investment in resilience measures in response to increasing climate risk.

At the forum's conclusion, Mr. Cotelle returned to the need for collaboration on risk management, prevention and resilience.

"The FERMA Forum 2026 is not an end," Mr. Cotelle said. "It is the starting point for continued, constructive dialogue with all stakeholders on the systemic risks that affect our global society."

Mr. Cotelle also announced that Milan will host the FERMA Forum in 2028.

Gabriella Fraire, board member of FERMA and president of ANRA, described Milan as an economic center and major hub for industry, innovation, fashion, and design.

"The city provides an inspirational setting for discussions about the challenges and opportunities facing our profession," Ms. Fraire said. "We look forward to bringing people together at the FERMA Forum 2028 to share ideas, experiences and knowledge, strengthen our partnerships, and support the continued advancement of risk management across Europe and beyond."