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German Proposal for a Standard Approach for Solvency II

Author

Listed:
  • Thomas Schubert

    (Business Administration Institute, German Insurance Association (GDV), Friedrichstrasse 191, 10117 Berlin, Germany.)

  • Gundula Grießmann

    (Business Administration Institute, German Insurance Association (GDV), Friedrichstrasse 191, 10117 Berlin, Germany.)

Abstract

The German insurance industry has dealt intensely with the creation of a new supervisory model for European insurance companies since 1997 and released the so-called GDV-model in 2002. At the end of 2005, a completely redesigned proposal for a Solvency II compatible standard approach was published. For this new release, the GDV worked together with the German supervisory authority (BaFin) and the Association of the German actuaries (DAV). The objective of this paper is to show the progress of the work aimed at developing this standard model. Market risk, credit risk, underwriting risk life and non-life and operational risk are included in the approach as CEIOPS proposed. The main focus is on modelling the market risk, especially the interest-rate risk. The paper wants to show how the ALM risk, which is quite important for the insurance industry, could be modulated in a simple but meaningful way with the help of a duration approach. The Geneva Papers (2007) 32, 133–150. doi:10.1057/palgrave.gpp.2510116

Suggested Citation

  • Thomas Schubert & Gundula Grießmann, 2007. "German Proposal for a Standard Approach for Solvency II," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 32(1), pages 133-150, January.
    • Handle: RePEc:pal:gpprii:v:32:y:2007:i:1:p:133-150
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    Citations

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    Cited by:

    1. Cristea, Mirela, 2008. "Can Insurance Companies Control their financial stability? Practical Solutions," MPRA Paper 10067, University Library of Munich, Germany.
    2. Eling, Martin & Gatzert, Nadine & Schmeiser, Hato, 2009. "Minimum standards for investment performance: A new perspective on non-life insurer solvency," Insurance: Mathematics and Economics, Elsevier, vol. 45(1), pages 113-122, August.

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