Texts passed by the European Council and Parliament Adapted by Member States
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1 Introduction A few words about European Directives Texts passed by the European Council and Parliament Adapted by Member States Insurance law: What is going on? A draft directive under discussion = SOLVENCY 2 Solvency = capital needed to cover risks Today s presentation Objectives and principles of the text, common to all insurers Potential consequences on European Medical Professional Liability Insurance (MPLI) Market 1
2 Why Solvency 2? Standardization: the same solvency rules in all EU countries Current EU solvency rules in place since the 1970s, amended by the Solvency 1 Directive in 2002 Member States had introduced their own additional rules at national level: various regulatory requirements across EU Modernization: Fundamental review of the rules Supervision: global supervision framework for insurers/reinsurers across Europe 2
3 Timetable Draft directive Directive to be adopted Member states transpose into law Fully operational (oct 2012) Consultation : (Re)insurers Supervisors Regulators Consultation papers Quantitative Impact Studies Implementing measures 3
4 Solvency 2 Objectives To promote better regulation and supervision To deepen insurance/reinsurance market integration To increase international competitiveness of EU insurers But also To standardize insurance regulation with banking rules To enhance consumer protection? 4
5 The Three Pillars Approach Pillar 1 Quantitative capital requirement Market consistent valuation of liabilities and assets Solvency capital requirement (SCR) Pillar 2 Qualitative supervisory review Supervision review process Supervisory intervention (including capital add-on) Internal control & risk management Own risk and solvency assessment (ORSA) Pillar 3 Market discipline Supervisory reporting and public disclosure Disclosures Transparency Information to be provided for supervisory purposes To establish a solvency framework that better matches the real risks faced by an insurance company. 5
6 Solvency 2 Principles (1) To face risks within one year at a 99.5% confidence level: Market risk Issue for long-tail insurers: equities highly penalized Underwriting risk (reserve risk + premium risk) High level of capital required for third party liability Non proportional reinsurance not really taken into account Operational risk Counterparty default risk 6
7 Solvency 2 Principles (2) To promote internal risk management and supervision To encourage diversification: to penalize specialist companies focusing on one line of business 7
8 Diversification reduces capital requirement Capital requirement 276 Premiums 100 Company 1 Company 1 Company 1 : specialized in MedMal and experienced 8
9 Diversification reduces capital requirement Capital requirement 276 Premiums X 20% = Other class 55 MedMal Company 1 Company 2 Company 1 Company 2 Company 1 : specialized in MedMal and experienced Company 2 : diversified (share of MedMal in the income = 10%) 9
10 Additional business requires less capital Capital requirement 276 Premiums 100 Company 1 Company 1 Company 1 : specialized in MedMal and experienced 10
11 Additional business requires less capital Premiums 1000 Capital requirement X 10 Other Class X MedMal Company 1 Company 2 Company 1 Company 2 Company 1 : specialized in MedMal and experienced Company 2 : diversified (share of MedMal in the income = 10%) 11
12 Diversification, a Solution to Reduce Capital Requirement Company 1: specialized and experienced Capital requirement = 276% of premiums Company 2: diversified additional capital requirement = 30% of additional premiums (*) (*) ( ) / ( ) 12
13 Focus on the MPLI Market Experience of specialists = stability factor of the market Good financial results High prices Innocent capacities enter Prices fall Financial results get worse Balance Specialists market share decreases Prices increase Time Financial results improve Specialists market share increases Poor financial results Low prices Innocent capacity leave Without specialists, won t the market disappear? 13
14 Solvency 2: An Emerging Risk for the MPLI Market Will specialist (long-tail) business survive? Intense lobbying is paramount for the defense of specialist companies 14
15 Solvency 2: an emerging risk for the Medmal Market Imagine the nightmare in the US USA Specialist Companies Multiline Companies Number of MPLI Insurers MPLI as a Percentage (%) of Total Written Premium 98.5% (% is an average of the 183 specialist companies) 1.3% (% is an average of the 45 multiline companies) MPLI Market Share (including hospitals) 77% 23% PIAA Members 57 0 Source: Conning Research & Consulting; data is as of 12/31/06 15
16 16 Specialist insurance Cies S II
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