Using external data to calibrate Solvency II internal models

External solutions

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Solvency II has sparked a shift in the insurance industry's views and use of data in modelling operational risk. As most insurers have not collected sufficient internal loss history to rely on their own data to produce a reliable model, there is increasing recognition of external data as an essential component in the successful implementation of Solvency II.

For example, the European Insurance and Occupational Pensions Authority - the successor to Ceiops - has said "it may be necessary to

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