Beyond compliance – Added value in a Solvency II implementation

Compliance and Risk Management Insurance News

Solvency II implementation costs may shave a few cents off earnings per share, but this cost should be balanced by the benefit of a far more transparent – consistently transparent – set of reporting requirements than before. This valuable information will lead to improved economic planning and insight, and the ability to embed early-warning mechanisms. Risks exposed The structure of data is critically important to any Solvency II solution. Hence, insurance companies should start early to design a data management framework that is flexible enough to support Solvency II and…

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Insurer’s move away from RMS hurricane model amidst controversy

Hurricane risk models were a popular subject for insurers this week during the annual meeting of the Property Casualty Insurers Association of America. Earlier in the year, risk modeling agency Risk Management Solutions (RMS) introduced revisions to its U.S. hurricane model. The changes generated some controversy when they were first announced, but have since become an all-encompassing issue for property insurers in coastal regions. These insurers expressed their discontent for the new model during the meeting, citing multiple factors that have made it more costly to do business in the…

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