Source: http://sustainability.munichre.com/en/group/focus/solvency_II/knowledge_series/default.aspx
Timestamp: 2013-05-18 10:31:25
Document Index: 600120142

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Solvency II Consulting Knowledge Series | Munich Re
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The Knowledge Series provides up-to-the-minute information on the status of the Solvency II discussion. It offers insights into consulting services and reflects on the work of the committees, tasks forces and authorities involved at European level.
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Cost of capital under Solvency II. Reinsurance and capital market instruments
This paper compares reinsurance and capital market instruments as ways of increasing a solvency ratio, focusing on a quantitative comparison of the costs of the two alternatives and qualitative aspects.
» English (318 KB)
Preparations can start
With the introduction of Solvency II, insurance companies must perform their own risk and solvency assessment (ORSA), which will become a significant component of their risk management system. EIOPA published 21 guidelines that companies can use as a basis for their preparations.
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Calculation of risk capital using “undertaking-specific parameters” under Solvency II
Are there alternatives to an internal model?
According to the current state of the debate on the implementing measures, for many lines of businesses it will only be possible to take account of non-proportional reinsurance treaties by using correction factors in the calculation of USPs. Companies should therefore consider the use of USPs.
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Solvency II: Where will the long road to the standard formula lead us?
The insurance industry awaits the European Commission’s implementing measures
The standard formula has changed considerably since 2006. It reflects the risk more closely, but has become more complex. To be prepared for the introduction of Solvency II, it is important to be aware of the implementing measures in good time.
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Will Solvency II give full recognition to third-country supervisory systems?
The ability to set up branches and freedom of services are important principles for the European single market. Recognition makes it clear how insurance contracts with insurance companies from third countries are to be treated.
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Process risks for life insurers under Solvency II
In the context of Solvency II implementation, the regulatory requirements are focusing on the main processes, one of which is the underwriting process, a core component of new business in life.
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Treatment of technical provisions under Solvency II. Quantitative methods, qualitative requirements and disclosure obligations
Experience gained in QIS5 has demonstrated that the calculation of technical provisions is still causing problems for the insurance industry.
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Positions of European insurers on Solvency II
Discussions on the form the implementing measures should take are in full swing. The European Commission asked various interest groups about the expected impact of these measures. You can learn about the key findings here.
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Solvency II and catastrophe risks: Measurement approaches for property casualty Insurers – country-specific requirements or standard formula?
The QIS5 results indicate that European non-life insurers need to allocate around a quarter of their entire risk capital to catastrophe risks. The standard formula offers two different methodologies for calculation of risk capital needs.
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EIOPA publishes the results of the fifth quantitative impact study (QIS5). More adjustments to standard formula needed
QIS5 was probably the insurance industry’s last opportunity to test the total balance sheet approach and its implications, though it is likely that there will be further tests for individual valuation modules.
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Will omnibus II give insurers more room for manoeuvre?
The European Commission has provided for transition periods to be laid down, their purpose being to avoid market turbulence and ensure a smooth transition from Solvency I to Solvency II.
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Impact of reinsurance on risk capital
A practical example based on QIS5
Solvency II obliges companies to take a risk-based view of their operations as a whole. Sample calculations for a specimen company show that reinsurance remains the simplest and most flexible way for an insurer to manage its business on an economic basis.
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Solvency II and reinsurer ratings
The fifth quantitative impact study (QIS5) is likely to be the last official test of the current design and calibration of the standard formula across the whole of Europe. From an insurer’s perspective Solvency II may not lose sight of the real objective.
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Health Catastrophe Scenarios under Solvency II. A new and important risk is appearing in QIS 5
This paper provides a description of the methodology employed in the health module and sheds light on the inherent structure of catastrophe scenarios from an actuarial perspective.
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QIS5: European Commission publishes final technical specifications
QIS5 is expected to be the last study officially carried out by the Commission with the support of CEIOPS that insurers can use to determine their future solvency requirements on a test basis before the new supervisory system finally comes into effect. Insurers should expect higher capital requirements than under QIS4.
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Will Solvency II give full recognition to non-EU supervision systems?
The European Commission expects CEIOPS to submit its first proposed implementing measures by the end of August 2010.
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From business strategy to limit system (part 2)
A case study of a property-casualty insurer
Following on from Part 1 of “From business strategy to limit system”, Part 2 uses a case study of an average European property/casualty insurer, LIMIT, to provide an illustration of the theory.
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From business strategy to limit system (part 1)
Limit systems will play an important role under Solvency II. Therefore we introduce the following paper: Part 1 covers the generally abstract terminology and explains clearly how risk strategy, risk tolerance and limit system interact. Part 2, which will be released shortly, illustrates this interaction using a fictitious property insurer as an example.
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Internal Models: European supervisors working on the approval process
Under Solvency II, insurers will be able to capture their portfolios more precisely using their own measurement tools and models, and this will generally lead to lower capital requirements. However, the hurdles to be cleared by an internal model to obtain approval are high.
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State Covers under Solvency II
Even if insurance solutions involving state covers (pool arrangements) restrict competition in the insurance
market, an insurance market without such covers has now become inconceivable. The future supervisory regulations are therefore intended to ensure that all market solutions in the EU satisfy the basic principles of risk management.
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Reinsurance's qualitative contribution to value added within the framework of Pillar 2 of Solvency II
This paper discusses qualitative aspects of reinsurance in the context of Solvency II’s Pillar 2 regime.
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Standard formula or (partial) internal model? Analysis based on the results of the CRO Forum QIS4 benchmark study
Standard formula or own model? Companies should not just wait to receive guidelines.
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Full speed ahead for Solvency II
Now that the Directive has been adopted, CEIOPS can at last concentrate on the implementing measures. CEIOPS in fact published several consultation papers in March of this year.
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PillarOne Dynamic Reinsurance Analysis: The easy way
PODRA (PillarOne Dynamic Reinsurance Analysis) is a service developed by Munich Re to describe and measure underwriting risk in property and casualty insurance.
The method is based on the PillarOne.RiskAnalytics software platform, an open-source software project initiated and sponsored by Munich Re.
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Reinsurance in the era of Solvency II
The timeframe for implementation of Solvency II is still the subject of lively political discussion. But there will be a profound shift in the way insurers evaluate and handle their entire range of risks.
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CEIOPS plans first implementing measures for Solvency II
The adoption of the Framework Directive at EU level is awaited with anticipation, as the most important principles will be laid down in it. For as soon as it has been adopted, implementing measures will need to be established. CEIOPS is already drafting initial proposals.
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CEIOPS carried out the fourth Quantitative Impact Study (QIS4) from April to July this year. The insurance companies were asked to prepare the Solvency II balance sheet at marketvalues and to test future capital requirements using a European standard formula.
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Solvency II for property-casualty insurers (II)
This article presents the fundamental principles of the total balance sheet approach and the implications of Solvency II for a property-casualty insurer.
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This report is a follow-up to our articles on the reducing effect of reinsurance on the solvency capital requirement.
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Impact of reinsurance on risk capital - A practical example
Solvency II obliges companies to take a risk-adequate view of their operations as a whole. Sample calculations for a specimen company using the standard model and a partial model show that reinsurance remains one of the simplest and most fl exible ways for an insurer to manage its balance sheet.
Discussions on the Framework Directive proposal for Solvency II and global developments
The European Council and European Parliament are continuing their discussions on the Framework Directive proposal for the future supervisory system. The co-decision procedure means that both sides have to agree for the proposal to be accepted.
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PillarOne - Risk management tools
The insurance industry is currently operating in a liberal market characterised by pressure on capital and high business volumes. Developments in data analysis and processing have provided us with a better understanding of risk structure and dimension.
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Best estimate for Solvency II
Realistic assumptions and appropriate actuarial techniques are essential for calculations of company-specific best estimates for claims. This paper focuses on how bestestimate technical provisions can be derived for propertycasualty insurance and outlines important factors relevant for deriving best estimate mortality and morbidity rates in life insurance.
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» Focus Topic Solvency II
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