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


"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


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


Quantifying the diversification benefit

The diversification benefit is a crucial factor in internal models, but how do you pin down dependencies in the absence of hard data? Justin Skinner and Russell Ward share their experiences


Monte Carlo Rendez-vous: Choppy waters on the voyage to El Dorado

At this year's gathering of the reinsurance industry in Monte Carlo, much of the conversation was about adapting to the tough market conditions and exploiting elusive growth opportunities. Asa Gibson and Helen Yates report


Opinion: Ultimate forward thinking?

Legislators should resist the pressure to alter the ultimate forward rate (UFR), a key element of the discount rate used for the valuation of all assets and liabilities in Solvency II, argues Igotz Aubin


Ivass's Alberto Corinti: "There is more to pillar II than checking boxes"

Italy's industry seems well-capitalised under Solvency II, but meeting the governance requirements is proving more challenging. Top insurance regulator Alberto Corinti tells Hugo Coelho about plans to examine boards' responsibilities and their view of risk


Late transposition hampers Solvency II applications

More than half of European countries have not yet written Solvency II into their national laws, prompting supervisors to set up voluntary processes to apply for internal models and adjustments. Hugo Coelho reports