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Actuarial Post – Inner Workings: Solvency II and the insurance industry

Actuarial Post – Inner Workings: Solvency II and the insurance industry

By Tom Murray, Head of Product Strategy, Exaxe.

When most actuaries join a life and pension’s firm they imagine their work will be mainly around the development of new products and providing the calculations that will decide what the pricing should be for a particular risk. However, these days an increasing amount of time is being spent in ensuring that regulations are being adhered to. Of all the regulations that have been foisted upon the industry, Solvency II is the most extensive and is causing the biggest problems for actuaries across the country.

Solvency II is designed to increase the security of consumers by proving a consistent method of assessing the solvency of insurance firms across the EU and therefore increasing consumer confidence in the ability of the firms to pay claims. The standardised approach to measuring solvency would ensure that regulators were better able to compare companies and to intervene at an earlier stage if companies were increasing their risk levels too high....

Read the full article in the Actuarial Post: Actuarial Post - Edition 19

Actuarial Post is an online publication offering actuaries insight into the market, an extensive library, news and the latest job listings. With a dedicated comment section; the most talked about topics in the actuarial market are discussed by actuaries dealing with the issues on a daily basis. Articles focus on the latest trends changes in regulation and the  areas of pensions, investment, life and insurance.

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