QIS4 – Konzeption des europäischen Standardansatzes und Kapitalausstattung für Schaden-Unfallversicherer – Analyse und Beurteilung

The paper examines the updated requirements for risk based capital evaluation within the framework of the European Solvency??II project. The early results for the quantitative impact study QIS4 will be shown and feasible effects on the insurance industry will be derived. In contrast to the previous system, Solvency??II is based on a market value approach which gives incentives to insurance companies to improve their internal risk management and assessment procedures through the enforcement of riskadequate illustration of the overall risk position. Here probability distributions are calculated for each risk categories in the standard approach. For this reason a quantitative term is derived to assess the overall risk position of an insurer which arises from the aggregation of each single risk considering the diversification effect. The extent of uncertainty is predetermined by the legislator. For the acceptance of future arrangements it will be important to answer the question whether these approaches are manageable and adequate.