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Solvency 2 Insights
- 2. What is Solvency 2?
“only when the tide goes out do you
discover who’s been swimming naked”.
Warren Buffett
© stelios ioannides 2012
- 3. High Level Impact of Solvency 2
• It is believed Solvency 2 will have far-reaching and
big-impacting strategic implications for the
European and Global insurance industry.
• The focus has been on capital adequacy, the new
rules are regarded as a catalyst for profound
strategic change.
• It is expected that reinsurers will be the relative
winners, and small insurers including many mutuals
the relative losers.
© stelios ioannides 2012
- 8. Adopt a Modular Approach
• Use Test;
• Statistical Quality Standards;
• Calibration Standards;
• Profit & Loss Attribution;
• Validation Standards;
• Documentation Standards;
• External Models & Data.
© stelios ioannides 2012
- 9. The Famous Three Pillars
See the forest for the trees
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- 10. 10 Steps - Implementation
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- 16. The focus should be on:
• Managing data and information adequately.
• Scaling architecture efficiently.
• Having the right mentality.
• Adopting the correct attitude.
• Integrating seamlessly the proper
components.
• Committing the right human resources.
• Building robust calculation engines.
© stelios ioannides 2012
- 19. A Quote:
“You see, in this world there's two kinds of
people, my friend: Those with loaded guns
and those who dig. You dig. ”.
Blondie
in “The Good the Bad and the Ungly”
© stelios ioannides 2012
- 20. Questions
For the full presentation please contact me:
stelios ioannides
stelios dot ioannides dot risk at gmail dot com
© stelios ioannides 2012