The twists and turns of Solvency II negotiations

A behind the scenes account of the drawn-out political negotiations, the private letters and corridor discussions, the unforeseen u-turns and the fiery arguments, the lengthy road trips and the snappy tweets, by Hugo Coelho


ESRB's Mazzaferro: "We want to counter the narrative that insurers are not systemic"

ESRB's head of secretariat makes the case for a countercyclical capital requirement and a liquidity requirement for insurers. Hugo Coelho reports


Living up to the promise of internal models

Supervisory approval is not the end of the Solvency II internal model process. From 1 January, models are for insurers to leverage and for insurers to lose. Hugo Coelho and Christopher Cundy report


Preserving the diversity

Designing Solvency II to fit the spectrum of EU insurers has not been entirely successful and national supervisors should be mindful of its threats to the business model of mutual firms, says Amice's Silvia Herms


Life insurers stuck with the riddle of the risk margin

Of all the innovations of Solvency II, the risk margin threatens to be the most painful for UK life insurers. The transitional benefit will provide relief against it on 1 January, but in the long run it may do more harm than good. Hugo Coelho reports


Are the numbers up for operational risk modelling?

The internal model application process and developments in the banking world have posed more questions about the merits of modelling operational risk under Solvency II. Asa Gibson reports


Solvency II fuels risk of model convergence

The demands of regulatory approval are creating a lack of diversity in insurance models and driving an increase in systemic risk, according to a joint industry and academic study. Sarfraz Thind reports


How a 100% SCR stopped being sufficient capital

Insurers are holding capital buffers larger than the minimum required under Solvency II, but is it the fault of the rules, the regulators or the market? Hugo Coelho reports


AM Best shifts cat risk assessment in BCAR update

Interest rate risk and dependence on reinsurance are the other key changes to calculation of insurer credit ratings. Asa Gibson reports


Not so much the 'own' risk and solvency assessment

From the size of the stresses to the maximum number of pages of the report, European regulators are becoming prescriptive about how insurers should go about developing ORSAs in preparation for Solvency II. Hugo Coelho reports


Avoiding the Solvency II hangover

Risk and capital management activity has boomed thanks to Solvency II, but has the spend created business value? Justin Elks suggests ways to recover from the unpleasant after-effects


InsuranceERM/Towers Watson Risk Technology Report

Senior risk and capital executives share their thoughts on risk technology, the pressures the industry faces, downsides of adopting new technology and the future shape of the industry.


Spanish life insurers heavily reliant on matching adjustment

Top regulator warns about challenge of reporting and governance requirements, but admits industry is well-capitalised. Hugo Coelho reports


Technology vendors prepare for a new chapter

Christopher Cundy charts the trends in risk and capital management software as the Solvency II implementation date nears


AIG's Emmanuel Brulé: bridging the cultures

AIG's CRO for Europe, the Middle East and Africa, Emmanuel Brulé, is on a mission to close the gap between risk and the rest of the business. He talks to Christopher Cundy


"The HLA creates more instability than it subtracts" – Axa's Thimann

Christian Thimann, head of public of affairs at France's largest insurance group, is critical of regulators' plans to tackle systemic risk in the insurance sector. He talks to Hugo Coelho


Blip, trend or poor model? Insurers respond to shift in mortality projections

Recent mortality projections for England and Wales have led some observers to question whether this marks the start of a new trend – or the need to build a new model. Asa Gibson reports


Speed becomes vital in cyber attack responses

In part 2 of this feature on cyber attack and the EU's data breach law, Asa Gibson reports on how insurers are responding to the threat


EU divided over Solvency II's dynamic volatility adjustment

Whether internal model firms can assume changes in the value of the volatility adjustment under stress depends on where they are based and Eiopa's attempts to issue guidance are fraught by disagreements. Hugo Coelho reports


EU data breach law puts risk managers on edge

The EU is debating laws that would force companies to report data breaches within 72 hours of detection. Asa Gibson asks what this means for insurers