The study illustrates mainly the role of insurance market data and considers broadly the interconnection of this issue with the Level 1 text and the future work on Level 3.
The Report does not set out any recommendations or positions on the use of insurance market data in the valuation of technical provisions. Rather, it provides an overview on the status of the use of insurance market data in the valuation of technical provisions in the quantitative impact studies conducted so far for any further technical work on this issue in the Solvency II process.
This report focuses on the valuation of technical provisions in non-life insurance.
However, it is noted that some of the issues considered in this report may also be relevant in the fields of life and health insurance.
The Co-ordination Group was established mid 2007 by CEIOPS and the Groupe Consultatif Actuariel Européen with the aim to bring together the work of national expert groups on issues related to the calculation of the best estimate in non-life insurance. These national groups were formed as “mixed” groups, comprising supervisors, actuaries and representatives of the insurance industry.
Due to work prioritisation, CEIOPS and the Groupe Consultatif Actuariel Européen agreed to dissolve the group in Autumn 2009.
© CEIOPS
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