Measuring and managing risks are two hot topics in the present moment. The financial crisis of 2008 made clear that adequate risk management and monitoring is the key to survival in hard times. However, simply resorting to high standards of risk management does not guarantee a smooth future.
The identification and quantification of risks that most insurance companies face is relatively simple. This is partly due to recent developments in supervision, such as Solvency II in the EU, individual capital assessment standards (ICAS) used in the UK, the standards in use in the US (C3 Phase II) and the Swiss Solvency Test (SST), the main. The problems associated with the aggregation of risks and the subsequent allocation of resulting solvency capital are the next area of focus in the practices of modeling economic capital of insurance companies.
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