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Risk Measurement and Management of Operational Risk in Insurance Companies from an Enterprise Perspective
Company: Journal of Risk and Insurance
Company Url: Click here to open
Year Of Publication: 2014
Month Of Publication: September
Resource Link: Click here to open
Pages: 683-708
Download Count: 0
View Count: 1368
Comment Num: 0
Language: English
Source: article
Who Can Read: Free
Date: 8-22-2014
Publisher: Administrator
Summary
Operational risk can substantially impact an insurer's risk situation and is now increasingly in the focus of insurance companies, especially due to new European risk?based regulatory framework Solvency II. The aim of this article is to model and examine the effects of operational risk on fair premiums and solvency capital requirements under Solvency II. In particular, three different approaches of deriving solvency capital requirements are analyzed: the Solvency II standard model, a partial internal model, and a full internal model. This analysis is not only of relevance for Solvency II, but also regarding an insurer's Own Risk and Solvency Assessment (ORSA) that is not only planned in Solvency II, but also by the NAIC in the United States. The analysis emphasizes that diversification plays a central role and that operational risk measurement and management is highly relevant for insurers and should be integrated in an enterprise risk management framework.
(volume 81, number 3)
Author(s)
Gatzert, Nadine Sign in to follow this author
Kolb, Andreas Sign in to follow this author
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