Britain's risk management community will be decimated if the FSA decides to regulate them, according to a survey of Airmic members.
The survey revealed that one in eight risk managers would leave Britain if the FSA directly regulates their profession.
Airmic has lobbied Treasury to try and stop compulsory regulation of risk managers. "We've been waiting for an answer 'at the end of the week' for eight or nine weeks now," said on risk manager.
Airmic chairman Nick Chown reckoned that FSA regulation is inevitable.
"Unless we hear at the eleventh hour from the FSA that risk managers have exemption, we are in danger of scoring an own goal," he said.
He said Airmic members spend £3bn on insurance every year. A significant fraction of this spend would move overseas if FSA regulation comes in.
The survey of 106 risk managers revealed that just over half said that FSA regulation of risk managers would have a negative impact on their ability to do their job.
A boom in self insurance is on the cards too. Almost 70% of the risk managers surveyed said that they would use more self insurance in the next five years.
The risk managers were asked about how premium rates will move in the next year. Just under 50% reckoned that employer's liability rates will rise, while a similar number said that property rates would fall.
A suprise slow down in directors' and officers' rates could be on the horizon. Just under 40% of risk managers said that D&O prices would be higher next year, just over 30% said that prices would be the same and over 20% said that prices would fall.
On public liability, 80% said that prices would be the same or higher, but for business interruption almost 80% said that prices would be the same or lower next year.
A similar number said that motor rates would be the same or lower in 12 months, and for professional indemnity, over 80% reckoned that prices would be the same or higher.
