Del 46 - Wiley and SAS Business Series

Executive's Guide to Solvency II

Inbunden, Engelska, 2010

Av David Buckham, Jason Wahl, Stuart Rose

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A straightforward guide to the evolution, benefits, and implementation of Solvency II Providing a guide to the evolution, practice, benefits, and implementation of Solvency II, Executive′s Guide to Solvency II deftly covers this major European regulation which ensures that insurers can meet their risk–based liabilities over a one–year period to a 99.5% certainty. Part of the Wiley and SAS Business series, this book will guide you through Solvency II, especially if you need to understand the subtleties of Solvency II and risk–based capital in basic business language. Among the topics covered in this essential book are: Background to Solvency IILearning from the Basel ApproachThe Economic Balance SheetInternal ModelsPeople, Process, and TechnologyBusiness Benefits of Solvency IIExecutive′s Guide to Solvency II has as its aim an explanation for executives, practitioners, consultants, and others interested in the Solvency II process and the implications thereof, to understand how and why the directive originated, what its goals are, and what some of the complexities are. There is an emphasis on what in practice should be leveraged upon to achieve implementation, specifically data, processes, and systems, as well as recognition of the close alignment demanded between actuaries, the risk department, IT, and the business itself.

Produktinformation

Utgivningsdatum2010-11-09
Mått160 x 236 x 20 mm
Vikt390 g
FormatInbunden
SpråkEngelska
SerieWiley and SAS Business Series
Antal sidor208
FörlagJohn Wiley & Sons Inc
ISBN9780470545720

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Finansiering inom Ekonomi och ledarskap

DAVID BUCKHAM is the founder and president of Monocle Solutions, an international risk assessment and optimization company that provides various products and consulting services by way of intellectual property. JASON WAHL is head of research at Monocle Solutions. His areas of interest include regulation of financial institutions and financial stability. STUART ROSE is Global Insurance Marketing Manager at SAS Institute, a market-leading business intelligence and analytics software vendor. He has worked for a variety of software vendors where he was responsible for marketing, product management, and application development.

Preface ixChapter 1 The Evolution of Insurance 1Origins of Risk 1Early Risk Instruments 2Role of Insurance in Economic Growth and Prosperity 6Conclusion 8Chapter 2 Insurers’ Risks 11Insurable and Uninsurable Events 11Risk Taxonomy 12Underwriting Risk 13Market Risk 22Credit Risk 25Operational Risk 27Liquidity Risk 28Risk Transfer and Mitigation 30Conclusion 32Chapter 3 Solvency II Chronology 33Need for Insurance Regulations 33Why Do Insurers Fail? 34Causes of Failure 36Initial Solvency Directives 38Process of the Solvency II Project 44Conclusion 52Chapter 4 Learning from the Basel Approach 53Regulation in the Context of the Credit Crisis 53Evolution of Banking Regulation 57Application to Solvency II: Regulation 60Application to Solvency II: Business Logic 61Lessons from the Credit Crisis 67Conclusion 70Chapter 5 The Solvency II Directive in Brief 71What Is Solvency II? 71Solvency II Is Principles-Based 73Partial and Internal Models 74Economic Capital 75The Economic Balance Sheet 76Structure of the Directive 77Conclusion 85Chapter 6 The Economic Balance Sheet 87Total Balance Sheet Approach 87Quantitative Stipulations of the Level 1 Text 95The Standard Formula 100Non-Life Underwriting Risk Module 104Market Risk Module 105Default Risk Module 107Conclusion 108Chapter 7 Internal Models 111Complexity of Implementation 111Definition and Scope of Internal Models 113Internal Models Application 114Tests and Standards 119Conclusion 128Chapter 8 People, Process, and Technology 131Key to a Successful Solvency II Project 131People 132Process 135Technology 137Conclusion 143Chapter 9 Business Benefits 145Regulation Past and Present 145Benefits of an Enterprise Data Management Framework 148Benefits of an Economic Balance Sheet 150Benefits in Perspective 152Benefits beyond Solvency II 153Conclusion 154Notes 157Glossary 171Selected References 181About the Authors 185Index 187