Introduction: Starting the Solvency II Journey
Solvency II: The journey so far
Internal Models and Solvency II
Review of the Capital Adequacy Framework in Singapore
Insurance Liabilities Under IFRS 4 Phase II and Solvency II: Almost the Same Thing?
Solvency II and Mutual Insurance Companies
The Journey Towards an Approved Internal Model
The Road to Solvency II for a Life Insurance Company
Managing Model Risk
Solvency II and Reinsurance
ORSA: A Forward-looking Approach to Risk and Capital Management
Risk Governance: A Framework to Support Better Decision-making and a Journey Towards Continuous Improvement
Operational Risk and Solvency II: A Practitioner Perspective
Reporting Challenges under Solvency II: The Allianz Experience
The Audit of Solvency II Information
The Holistic Balance Sheet: A Different European Approach for Pension Funds?
Capital for Operational Risk: Some Fundamental Flaws
Reputational Risk: Success is Trust-dependent
The use of internal models is a key new element of the Solvency II framework. However, developing and implementing an internal model is by no means a simple task. This chapter takes the reader through the path that Interamerican has travelled since the decision to develop an internal model – from the starting point and basic considerations to building an internal model, via its various components, the model governance and data challenges to the ultimate destination of regulatory approval matters. We will end the chapter by placing our journey in the context of the specific Greek market.
PANEL 6.1: INTERAMERICAN
Interamerican was founded in 1969 and has been leading the Greek insurance market since then. Despite holding second place in terms of market share, Interamerican is usually the first driver in the market in terms of reputation and recognition by Greek consumers. It is also the largest privately owned insurance company in Greece.
The company operates in all areas of insurance (life, health, property & casualty (P&C), assistance and health services) and serves over 1,000,000 clients per annum, both private and commercial. The Interamerican Group in total consists of three