The Federation of European Risk Management Associations (FERMA) has published the results of its European Risk Management Benchmarking Survey 2012. The survey comprised 41 questions relating to risk governance, risk management and insurance management; and 809 companies across a wide range of industries (including insurance) participated. A notable indication in the survey responses was that a considerable number of captives may be ill-prepared for Solvency II. 46% of survey respondents owned a captive. Of these, 67%, 56% and 49%, respectively, confirmed that the captives were compliant with the quantitative (Pillar 1), qualitative (Pillar 2) and disclosure and transparency (Pillar 3) requirements of Solvency II. Areas highlighted for potential improvement by insurers (to assist in the risk management processes of other entities) included (a) more efficient claims settlement processes and (b) tailored (rather than generic) policy wording and the creation of new types of insurance coverage.