Risk Management and Solvency II in European Insurance

Risk Management and Solvency II in European Insurance

Introduction
 
European insurers are in the midst of intense regulatory challenges, with the IFRS Phase 1 due in 2005 & looking ahead, capital adequacy requirements from Solvency 2. With challenges from optimal capitalization still remaining, Solvency II will have a considerable impact on the industry. How should insurers prepare for impending change? What can they learn from current Basel II initiatives?
 

 
Scope
 
Highlights similarities and differences between Solvency II with its cousin banking regulation Basel II on capital adequecy
 
Decribes an architecture framework for Solvency II
 
Provides actionable recommendations for insurers related to Solvency II preparation from business, technology & investment perspectives
 
Highlights
 
Data and data management processes are foundational issues that need to be addressed early. Find out how to tease issues out early in your preparation efforts.
 

 
Beware of Basel II solution vendors making the leap into Solvency II select ones that have the right industry track record and risk competencies. What are the key questions to ask?
 

 
Reasons to Purchase
 
Position yourself for the 'next wave' of compliance initiatives similar to the scale of Basel II for banks
 
Understand questions that you should ask about your IT functions, architecture, applications & data in order to prepare effectively for Solvency II
 
Enhance planning of Solvency II compliance initiatives
 

TABLE OF CONTENTS
 
ABOUT DATAMONITOR 2
 
Executive Summary 4
 
The insurance industry 5
 
Solvency 2 – Overview 7
 
How different is Solvency 2 from Basel II? 8
 
Action points – What insurers should do now 10
 
CONCLUSIONS 14
 
APPENDIX 15
 
Definitions 15
 
Relevant readings 16
 
SPP writing team 16