Solvency 2 : impacts for the insurance sector

Challenges, evolutions and applications

Course objectives

  • Understand the way insurance works
  • Increase awareness of asset allocation specific stakes
  • Deepen audience's knowledge about Solvency II
  • Understand how it is implemented in Insurance companies
  • Identify changes on each and everyone's tasks and responsibilities
  • Glance through the risk calculation methodology with a numerical example

The Insurance market : Size, type and outlook

  • AUM by insurance activities and type of insurer
  • Key figures and market analysis of main European countries
  • Life insurance market dynamic
  • Average portfolio allocation
  • Consequences of the economic and financial downturn

Insurance business model and regulatory environnement

  • Life insurance balance sheet : Asset and liabilities
  • Regulatory and accounting current frameworks

Asset Management for insurance clients : Main peculiarities

  • Objectives and constraints for the asset allocation
  • Reporting stakes within Solvency I

Objectives and development stage of Solvency II

  • Principles and 3-pillar structure
  • Omnibus Directive and new calendar

From Solvency I to Solvency II : a new paradigm

Case Study:

- Comparison of two portfolios with different risk profiles

- Solvency I calculation formula explanation

- Risk capital calculation for portfolio 1 and 2

- Results explanation and conclusion on Solvency II value added

Pillar I : Quantitative requirement and risk processes

  • Pillar I requirements
  • Example : SCR processes at a life insurer
  • Brainstorm session on likely impacts / Pillar I

Pillar II : Governance, control and organisational impacts

  • Pillar II requirements
  • Example : Risk functions organisation model
  • Brainstorm session on likely impacts / Pillar II

Pillar III : Reporting and data availability

  • Pillar III requirements
  • Example : Data flow cartography / Quantitative Reporting Template (QRT)
  • Brainstorm session on likely impacts / Pillar III

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