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Risk Management Outlook

Sampo Group continuously develops its risk management framework and systems. Hence, as in 2010, also in 2011 the Group's and the subsidiaries´ economic capital framework, additional stress tests and scenario analysis methods will be further developed.

During 2010 If P&C has developed and started to use both a new internal model for the calculation of economic capital as well as a supplementary model to generate economic scenarios for the internal model. During 2011 and 2012 the model will be further developed with the goal of having the internal model approved for calculating the capital requirement under Solvency II. Early in 2011, If P&C entered the internal model pre-application process. Also Mandatum Life further develops its corresponding models.

During 2010 If P&C and Mandatum Life have made extensive efforts in monitoring, evaluating the effects and commenting to the authorities and industry interest groups on the draft Solvency II implementing measures. The work will continue during 2011.

Technical preparedness for Solvency II has been built in the Group during the last few years and the anticipated Solvency II requirements for risk management practices have been taken into account in the risk management development activities of Group companies. These actions have been initiated to secure full compliance with Solvency II by the end of 2012.

If P&C and Mandatum Life participated in the fifth Quantitative Impact Study (QIS5). The results of both companies were in line with the expectations.

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