New York - While to date there exists no standard economic capital methodology in the U.S., it is becoming increasingly clear that the insurance industry needs to move in this direction. This is the conclusion of the 2006 Industry Outlook report issued by the Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP, New York. The report, released this week, addresses key life and property/casualty sector issues, including economic capital, catastrophe modeling and risk recalibration, and mergers and acquisition (M&A) activity.
The report notes European regulations, and their establishment of more common standards, as driving global insurers toward economic capital. Another key driver is competitive regulatory and rating agency developments in the U.S., including S&P's new enterprise risk management criteria.
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