2025 Insurance Sector – Risk Appetite Statements and Key Risk Indicators

Paper - October 2025

In response to growing interest in operational risk oversight across the insurance sector, ORX has examined current practices and future plans for Risk Appetite Statements (RAS) and Key Risk Indicators (KRIs).

This work draws on survey results, member conversations, and discussions from the April Insurance Sector Governing Committee and European Insurance Forum. The paper provides a snapshot of how insurers are defining, implementing, and governing RAS and KRIs—key tools in managing operational and non-financial risks (ONFR). It explores the types of risks covered, ownership and approval processes, monitoring methods, and responses to breaches.

This paper is available to all ORX member firms who are in our insurance community.