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31 January 2013

リスクネット:ソルベンシー2の遅延が内部モデルの開発を遅らせるとの懸念


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Reticence among certain insurers to quantify operational risk is also to blame for lack of progress in model development. Delays in Solvency II are leading to the stunted growth of internal models for the insurance sector, Axa's global head of operational risk has warned.


Under Pillar I of Solvency II, insurance companies are expected to calculate their operational risk capital number. But with the continued delays in the regulation, this part of Solvency II is moving more slowly than some in the industry had hoped.

"I still think the number of players who have developed an internal model are quite limited", says Fabien Chabanon, head of group operational risk management at Axa. "It might come with the development of Solvency II, but one of the reasons for this is because of the delay in Solvency II."

This is not the only reason for the lack of movement in internal model development – the slowdown could also be the result of a lack of enthusiasm from certain insurance players for quantifying operational risk, Chabanon says. "There is this traditional issue that people do not necessarily feel comfortable about the quantification of this risk", he explains. "The expertise on pure operational risk modelling in the insurance industry remains limited, even though we are dealing with it every day in our business processes."

He also points out that there are other topics that need to be addressed first within the Solvency II framework – such as insurance risk and market risk calibration – but this should not lead some players to underestimate the benefits of having a robust internal model for operational risk.

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