Tail risk is hard to understand and very difficult to mitigate. But the effects can be seen, disastrously, in the banking industry. Jessica Baylis talks to those looking for answers
Value-at-Risk (VaR) is appropriate and effective for its proper purpose "" but it addresses only one of the two key challenges of financial risk management, argues David Rowe
Graham Fulcher reviews the Solvency II test criteria for internal models and offers practical advice on dealing with them in advance of further guidance from CEIOPS in June.
Higher and more volatile weather risks could make increasing numbers of people and properties uninsurable. But there are ways to address this, says Celine Herweijer
The Dutch group's risk management system seemed one of the best, until the government had to rescue ING last year. What went wrong? Jessica Baylis reports.
In this interview, leading risk consultant James Lam argues for much more effective risk management and a radical expansion of the ERM concept
As fourth-quarter results reveal depleted balance sheets for many insurers, exiting unprofitable lines of business could become more popular for managing capital. Helen Yates reports.
The range of options for bolstering capital has decreased as the credit crunch has intensified. Risk retention vehicles may have a role to play, argue Adrian Richardson and John Reed
While some European firms are still reeling from investments in "toxic" paper, concern is mounting about potential losses in more mainstream holdings, as Sarfraz Thind reports
The MaRisk VA circular raises the country's preparations for 2012 to a new level. One result: risk management will become more of a board concern. Report by Jessica Baylis
The results beat other methods and the forecasts are getting closer to reality, say Philip Klotzbach and William Gray
Meetings have started in Brussels to thrash out Solvency II sticking points, especially the big one, group support. Can they prevent the directive being delayed? Jessica Baylis reports.
Producing a risk appetite statement is not easy; cascading it into a comprehensive limit structure even harder. But the rewards for achieving this are significant, explains Karl Chappell
The standard model in Solvency II is totally inadequate for operational risk. Many in the industry know this. But nothing is likely to change before 2012. By Jessica Baylis
The financial crisis hasn't dented re/insurers' capital too badly. Sources of capital remain to be tapped. But pray for a light hurricane season, says Helen Yates.
It's based on industry feedback from QIS4 and it suggests a lot of work is still to be done to get the Solvency II directive into final shape.
Bermuda Monetary Authority CEO Matthew Elderfield is pressing ahead with regulatory reform, eager to gain mutual recognition with Europe and the US. Interview by Peter Field
The fall-out from the banking crisis could ensnare the insurance industry this year -- unless it rises to the challenges highlighted by the experts below. Jessica Baylis reports.
The global financial crisis has raised serious questions about the reliability of credit ratings. Helen Yates asks what this means for European insurers and for ratings under Solvency II.
Basel is fundamentally faulty. Why extend the model to insurance? asks Kevin Dowd