How to Prepare for Solvency II through Disaster Modelling
he way that we model risk will change drastically in the next few years. Modelling platforms will provide access to research data from universities, offering a range of models to choose from, allowing stakeholders to create their own informed view of natural hazard risk.
Following record years of natural catastrophe losses, the urgent need for more choice and transparency is driving a revolution in the model distribution, where loss calculation platforms and open sorcery will play a central part. Solvency II is an EU legislative programme, introducing a new, harmonised EU-wide insurance regulatory regime, replacing 13 existing EU insurance directives.
Lloyds outlines the key objectives of Solvency II as:
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