The infrastructure challenge

Market-consistent valuation of assets and liabilities is demanding a deep reaching cultural change at European insurers, but it also requires major infrastructure development. Clive Davidson reports

Trieste-based insurance multinational Generali typifies the new breed of European insurer. It has taken a risk-based approach to capital management since 2001 when it made its first risk-based disclosures. "We want to drive our business by value creation, which means the return on the capital invested by us, over the cost of that capital," says Paul Caprez, chief risk officer at Generali. The cost of capital can be observed in the market place, while return on capital requires understanding

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