Solvency II Resources

This document, is designed to help our clients navigate the AIR website to locate already existing information and documentation that will assist them in addressing requirements relating to Solvency II.

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This document consolidates information on general assumptions that apply across models and on specific key assumptions incorporated in the hurricane, earthquake, severe thunderstorm, and winter storm models for the United States, as well as the European extratropical cyclone model and Japan typhoon and earthquake models. Also discussed are some of the areas for which new research and the availability of new data may result in changes to modeled losses in the future.

This collaborative effort, published in December 2011, was coordinated by the FSA and Association of British Insurers (ABI),and the authors include representatives from insurers, reinsurers,reinsurance brokers and commercial catastrophe model vendors-including AIR. The document is divided into three sections:General Principles, Operational Principles and Technical Principles. Covered topics range from documentation requirements under Solvency II, formal policies regarding outsourcing to third-party service providers, management of catastrophe model data, and understanding the options and settings used to obtain analysis results. AIR encourages anyone involved in catastrophe modeling―and specifically those involved in catastrophe risk management―to download (from the ABI website) this valuable addition to the growing library of documents pertaining to Solvency II compliance.

This follow up to the Industry Good Practice guide was also coordinated by the PRA (Prudential Regulatory Authority) and the Association of British Insures (ABI) and the authors include representatives from insurers, reinsurers, reinsurance brokers and commercial catastrophe model vendors-including AIR. The goal of the document, published in April 2014, is to provide 'industry good practice' for understanding non-modeled catastrophe risks. The document covers topics such as governance, identifying non-modeled risk, developing framework for quantification, extending catastrophe model use, and incorporating non-modeled risk in the capital model. For a full copy of the guide, visit the ABI website and download this addition to the growing library of documents pertaining to Solvency II compliance.