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The process laid out in the 81 pages of CEIOPS guidance requires reams of information from insurers and lengthy dialogue with the supervisors, as Towers Watson explains.
It's not just group risk that can benefit from the use of replicating portfolios. Other areas of an insurance company such as liability product design, market risk monitoring and performance measurement in investment management will also find the approach valuable, as Rudi Damhuis, Nidal Shamroukh and Andrew Waters of Algorithmics explain.
The number of risk drivers and potential complexity of their joint distribution makes it natural to adopt a simulation approach to estimate the tail percentile of a balance sheet, explains Steven Morrison
This should be the aim of insurers in 2010, along with a more pragmatic approach to modelling and lobbying for simpler regulation. Industry experts outline these and other developments they'd like to see in ERM this year
Among them: increasing regulatory burdens, a talent shortage, investment dilemmas and looming inflation. Our panel of industry soothsayers spell out their concerns.
Fourteen experts pick the key lessons learned for risk professionals in 2009. Their views on what to expect in 2010 will be posted after the holidays.
Most economic losses have an operational component, yet insurers are still reluctant to commit resources to managing a risk where modelling techniques and management know-how are still in their early stages. Jessica Baylis reports
The directive will require a total balance-sheet approach to the business and encourage non-life insurers to take a more active approach to managing market risks, argues Peter McGloughlin
KPMG's Elliot Varnell analyses the key issues in the CEIOPS documents
CEIOPS' consultation paper sees big change from QIS4 on premium and reserve risk capital for non-life insurers, says Watson Wyatt