While risk is clearly at the heart of insurance business, growing compliance and competitive pressures are creating fresh headaches for the insurance industry. The number one banana skin in this survey, as with banking, is concern about over-regulation. Such misgivings can only increase over the next few years as insurers face a number of new demands, not least the coming overhaul of financial reporting and capital controls in many parts of the world. The key challenge going forward is how to develop effective enterprise-wide risk management systems capable of providing both a sound platform for complex and multifaceted compliance and an enhanced basis for decision-making and strategic execution.