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Second day at GIRO

Local flavours of Solvency II, my programme picks

The risk of standardization

A few of us stood together and discussed whether QIS5 is suitable for local flavours. I am not talking about the issue of whether big and small companies can be appropriately represented in QIS5. The issue is whether some regions simply have different risks factors. The general opinion was that this is not the case. Then someone from the Czech Republic stepped forward and asked whether we consider flood a risk factor. Everybody nodded and he added: “It is not one for us.“ In the Czech Republic floods are not a risk factor, they are a fact. They are regular occurrences, and hence it is not the usual treatment of low frequency - high severity. It is high frequency (at least for a nat cat event) and hopefully not as high severity, as people are aware that floods just happen. 

 

Here are our picks from today's programme:

  • Reinsurance credit risk - parameterization, modelling and dependencies
  • Solvency II and technical provisions - what you will you be doing differently
  • A link between the one year and the ultimate perspective on insurance risk
  • Stress testing in times of models

 

Markus M and Markus St

 

 

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