Supervisor will conduct assessment of risks to financial stability
Towers Watson expects changes for year-end 2015
Aims to speed up modelling and reporting while improving governance
Administrative error reduces total payout
Falling rates driving up the size of Solvency II technical provisions
Acquisition reduces exposure to P&C pricing cycle
Aims to set standards for best practice
Guy Carpenter commissions multi-peril model
Integrating emerging risk into risk management frameworks and capital models is challenging for insurance companies. Buu Truong and Gemma Gregson investigate whether analysing cause, rather than effect, can help overcome some of the difficulties
The road to Solvency II reporting has not been easy. For Lloyd’s syndicates, complying with the additional challenges of the Lloyd’s market regulations, things are perhaps even tougher. Managing agency Asta explains to Sarfraz Thind how it is preparing for lift-off next year.
The own risk and solvency assessment (ORSA) is intended to be at the heart of Solvency II and while some insurers have sown the seeds of a good ORSA and are seeing it blossom, others have issues that need weeding out. Catherine Drummond and Rob Murray consider five tips for making the ORSA a success.
Plans to introduce a global standard for insurance capital have altered, with the International Association of Insurance Supervisors opening the door to differentiated implementation at the national level. Hugo Coelho reports
Before the end of the year, large US insurers will submit an ORSA report to supervisors. This represents a step change for the industry, but is likely to be just the beginning of a broader process of transformation, Hugo Coelho reports
Insurers can no longer blindly trust credit ratings, but must have frameworks to assess the suitability of both internal and external ratings. Sarah Wall explains what is required
In the second part of this InsuranceERM and Milliman roundtable on systems transformation, industry experts discuss how they define and manage a major systems refresh, how they deal with software vendors and the ‘waterfall’ and ‘agile’ approaches to development
Towers Watson’s eighth global ERM survey has revealed startling progress in attitudes towards risk management and in the frameworks that insurers have implemented. But as Mike Wilkinson explains, there is still work to do
getting the best performances out of hard drives, both when reading and writing files, is crucial so that actuaries get their results within an acceptable timeframe.
This paper presents a concrete solution to optimize input creation process for risk modeling while improving quality and thoroughness of model results by dealing with clustering on dataset liability.
The first round of mandatory reporting under Solvency II will soon begin. For some insurers that might be the last wake-up call to advance...