Lloyd’s slams Solvency II standard model
Lloyd's finance director Luke Savage led an impassioned attack on the proposed Solvency II standard model, which would lead to major capital shortfalls and doesn't sufficiently reward large, diversified insurers.
Speaking at The Insurance Insider's London Market Conference last month, he said (re)insurers had no choice but to seek regulatory approval for their own Solvency II models because the default option offers little incentive to model risk and overcooks capital requirements for large writers.
"Having your head in the oven...
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