http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx 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. en http://munichre.com/app_resources/images/logo.gif http://munichre.com/en http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2012-02-02T16:00:00 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. Thu, 02 Feb 2012 16:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-09-05T12:00:00 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. Mon, 05 Sep 2011 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-08-31T12:00:00 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. Wed, 31 Aug 2011 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-08-05T12:00:00 Experience gained in QIS5 has demonstrated that the calculation of technical provisions is still causing problems for the insurance industry. Fri, 05 Aug 2011 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-07-05T16:00:00 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. Tue, 05 Jul 2011 16:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-05-31T12:00:00 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. Tue, 31 May 2011 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-04-27T12:00:00 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. Wed, 27 Apr 2011 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-03-31T18:00:00 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. Thu, 31 Mar 2011 18:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2011-02-24T16:00:00 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. Thu, 24 Feb 2011 16:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-11-18T16:00:00 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. Thu, 18 Nov 2010 16:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-08-25T11:00:00 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. Wed, 25 Aug 2010 11:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-08-10T11:00:00 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. Tue, 10 Aug 2010 11:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-08-02T11:00:00 The European Commission expects CEIOPS to submit its first proposed implementing measures by the end of August 2010. Mon, 02 Aug 2010 11:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-07-22T12:00:00 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. Thu, 22 Jul 2010 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-06-30T18:00:00 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. Wed, 30 Jun 2010 18:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-04-23T14:00:00 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. Fri, 23 Apr 2010 14:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2010-04-22T17:00:00 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. Thu, 22 Apr 2010 17:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-10-31T15:30:00 This paper discusses qualitative aspects of reinsurance in the context of Solvency II’s Pillar 2 regime. Sat, 31 Oct 2009 15:30:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-07-20T16:00:00 Standard formula or own model? Companies should not just wait to receive guidelines. Mon, 20 Jul 2009 16:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-06-18T15:11:00 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. Thu, 18 Jun 2009 15:11:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-03-04T15:15:00 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. Wed, 04 Mar 2009 15:15:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-02-28T10:45:00 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. Sat, 28 Feb 2009 10:45:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-02-28T14:30:00 Munich Re has successfully concluded this joint project with a number of European insurance companies and presented the concept at market events. In all cases, the partial model has had an impact, the economic risk capital calculated for the underwriting risk in life being lower than if the standard formula had been used. Sat, 28 Feb 2009 14:30:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2009-01-25T12:00:00 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. Sun, 25 Jan 2009 12:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-12-23T12:00:00 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. Tue, 23 Dec 2008 12:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-12-23T12:00:00 This article presents the fundamental principles of the total balance sheet approach and the implications of Solvency II for a property-casualty insurer. Tue, 23 Dec 2008 12:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-12-23T12:00:00 This report is a follow-up to our articles on the reducing effect of reinsurance on the solvency capital requirement. Tue, 23 Dec 2008 12:00:00 +0100 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-09-19T12:00:00 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. Fri, 19 Sep 2008 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-07-31T12:00:00 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. Thu, 31 Jul 2008 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-06-27T12:00:00 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. Fri, 27 Jun 2008 12:00:00 +0200 http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx http://munichre.com/en/group/focus/solvency_ii/knowledge_series/default.aspx?2008-04-24T12:00:00 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. Thu, 24 Apr 2008 12:00:00 +0200