11/12 Jun 2015 in Milan
How to Set Up an Effective ORSA Process? – A Case Study for the Standard Formula
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Istituto Italiano degli Attuari.
Capital and Risk management has always been a key activity for both Life/Health and Property & Casualty (i.e. non-life) Insurance companies and Groups. The new risk based regulations under Solvency II lead to new and more formal challenges in this area: This includes a much more formal risk management approach and the need for conducting an “Own Risk & Solvency Assessment” or the so called FLAOR. This seminar is an advanced seminar and is set up as a case study for companies who plan to fulfil the Solvency II Pillar 2 requirements with a standard formula. A good understanding of the standard formula approach and the basics of ORSA are required (e.g. achieved via participating on the EAA basic seminar on “Own Risk and Solvency Assessment” or participating in ORSA projects).
The seminar is open to all interested persons, such as actuaries, risk and capital managers, controllers from all types of insurance companies or consultants or supervisors. Participants should have a good understanding of the standard formula and a basic understanding of the ORSA.
During this seminar, you will not need a laptop.
Purpose and Nature
The aim of this seminar/case study is for participants to learn based on a practical example how to solve key issues related to the ORSA and Enterprise Risk Management using a standard formula approach. The case study is set up in a way that two solo companies (Non Life, Life & Health business) of an insurance group are considered. For each of these companies an ORSA process needs to be set up (as part of a larger group).
The seminar will only focus on presentations in a limited way, but its core will be a practical case studies and interactive group discussions. The seminar will be of interest for participants who work for an insurance group or a subsidiary of a group company (it will not matter if the mother Company is a big international group or just a local insurance group itself).
Key focus will be given on how to assess the suitability of the standard formula and how to arrive to an overall solvency need (using combined quantitative and qualitative methods), but also how this overall solvency need can be used for setting up the risk strategy, defining risk appetite and limits and how the link to the business and strategy planning process can be practically achieved. The case study is based on the standard formula.
Dr Nader RazoukNader Razouk, project manager at Allianz Deutschland AG. In his role he works on the implementation of Solvency II requirements in the actuarial department of non-life, life and health insurers. Prior to his current position Nader Razouk was a Manager at Ernst & Young in the actuarial service practice. The majority of his projects were in the area of Solvency II in particular around Pillar 1 (Standard - and Internal Models), Pillar 2 (e.g. Actuarial Function and ORSA implementation) and in particular the IMAP implementation. He supported a major international insurance group in its implementation of the Actuarial Function and Internal Model Approval Process (IMAP). Since 2010, Nader regularly lectures on seminars of the German and European Actuarial Academy (DAA / EAA).
Andreas SchlöglAndreas Schloegl is the Head of Group Non-Life UW Risk Management at Generali Group working out of Milan. In this role he is responsible for all the Group Non-Life Capital Models, Catastrophe Risk Management and Business Support. Prior he used to work for a global consulting company and a large reinsurance company having a different set of responsibilities in Enterprise Risk Management methodology and processes. He holds a diploma in business mathematics from the University of Augsburg, is member of the DAV and holds the title as CERA. He acted as a lecture for DAA and EAA in various trainings for ORSA and Internal Models.
Lorenzo FattibeneLorenzo is a Senior Manager in the Financial Services practice of Ernst & Young (“EY”) specializing in Risk Management. In this role he is supporting Companies in implementing efficient Enterprise Risk Management Frameworks - including ORSA, managing Insurance and Financial Risks to balance risk and commercial decisions and enhance bottom line performance. Prior to joining Ernst & Young in 2014, throughout his 20+ year career, Lorenzo has worked in different managerial roles for top multinational Insurers and a top actuarial consulting firm in UK and in Italy. Particularly, he led the production of effective ORSA (UK) and activated Risk Management solutions during financial crisis. He is a Fellow of the Italian Institute of Actuaries and an Affiliate of the English Institute of Actuaries.
Venue & Accommodation
The seminar will take place at the
DoubleTree by Hilton Hotel MilanVia Ludovico di Breme 77, 20156 Milan, Italy Tel.: +39 02 928831 Fax: +39 02 92883883Hotel website
We have arranged special prices for accommodation: A single room costs € 135.00 per night incl. breakfast and VAT (excl. € 5.00 city tax per person and night). This price is valid for bookings out of our allotment “EAA Seminar” until 26 May 2015. Please book your accommodation directly with the hotel. Kindly book early, as our allotment includes a limited number of rooms, and note the hotel’s cancellation policy.