|15th – 17th October 2009 | Dublin / Ireland|
Solvency II aims to improve the management and regulation of insurance undertakings by the use of risk based management on assets and liabilities. This is an interdisciplinary task for Board and Management of every insurance undertaking, which can not be solved only with classical actuarial knowledge.
Actuaries are experts in insurance risks and contingent risk theories; they are able to apply actuarial theories to other relevant risks as e.g. financial risks, market risks, credit risks, enterprise risk and operational risk theory. Their contribution to interdisciplinary risk based solvency management of insurance undertakings is important, especially for creating risk based insurance and business models and for financial reporting.
The actuary’s understanding of risk processes in Life, non-Life and Reinsurance Insurance and their contributions to efficient modelling of supervision and accounting regulation require-ments are of paramount importance.
The implementation of risk based management and controlling in an insurance undertaking is complex, expensive and in itself of uncertain outcome. Entity specific internal models - as alternative to standard models defined by law or supervisors - may improve the measurement of the financial position and the risk profile of every insurance undertaking, and its risk management governance.
The use of internal models may also improve the stability of the insurance markets (e.g. by avoiding systemic risk) and foster the transparency for users of financial information.
Therefore, the use of internal models (for parts of the Solvency II process or for the mapping of the complete risk management process) is an important decision in the governance of an insurance company. The interdisciplinary use of actuarial knowledge and methods, combined with the understanding of enterprise risk management, governance and reporting is a new and ambitious task for actuaries.
The target of our seminar is to provide theoretical and practical knowledge concerning theory, use and implementation of Internal Models in Solvency II.