A review of the risk margin – Solvency II and beyond

A review of the risk margin – Solvency II and beyond


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Speaker: Paul Fulcher (Milliman)
Recording from 29 January 2020

A review of the Risk Margin – Solvency II and beyond (Discussion of report from the IFoA Risk Margin Working Party)

The risk margin has proven a controversial element of the Solvency II balance sheet, particularly for long-tailed business such as annuities, and has contributed to insurers transferring large volumes of longevity risk outside of the EU regulatory system.

The IFoA working party on the risk margin was formed to take a step-back and to report on:

  • The origins of the risk margin
  • The characteristics of a desirable risk margin and how the Solvency II approach measures up
  • Reforms that could be made within the forthcoming Solvency II review and their pros and cons
  • The potential for more fundamental reform, drawing on approaches from International Capital Standards, IFRS and non-EU regimes

The working party’s final report was presented in 2019, and this meeting will summarise the key findings.


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