North American insurers ranked product pricing (51 percent versus 39 percent in 2010), risk strategy (48 percent versus 38 percent in 2010) and reinsurance strategy (44 percent versus 34 percent in 2010) as the areas of their business most impacted by their evolving enterprise risk management (ERM) programs, according to a new Towers Watson survey.

Towers Watson added that defining risk appetite and monitoring against it are the top short-term priorities (52 percent), following that, risk appetite definition (38 percent), risk limits and controls (37 percent) and economic capital calculation capabilities (36 percent) were top priorities among North American insurers.

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