Solvency 2 Benchmark : Observed practices for Standard formula over Europe

Solvency 2 Benchmark : Observed practices for Standard formula over Europe

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AAE Insurance committee, based on a study provided by the Institut des actuaires, provides an overall picture of the practices observed across Europe in the implementation of the Solvency II Standard Formula (pillar 1). We focus on key topics such as contract boundaries, defered tax and recoverability, use of surplus funds to calculate the solvency ratio, expenses projected in the solvency 2 calculation, strategic equity, use of stochastic valuation of options and guarantees for life insurance, model valuation methods for life insurance, volatility adjustment. We explain them and present the real practices in 12 European countries. The benchmark is based on expert judgment of generally observed practices on the following representative panel of countries : Belgium, Ireland, Czech Republic, Italy, Denmark, Luxembourg, France, Netherlands, Germany, Poland, -Greece and Spain. We provide an summary of the practices observed followed by a more detailed comparison per topic. We order the countries lists from “most conservative” to the “less conservative” in the implementation of the Standard Formula. We visualise the reality that there are as many solvency 2 applications as many countries.

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