There are still many UK insurers that believe they have work to do to get their Solvency II internal models up to par in order to validate and document risk measures, according to a report issued by Towers Watson.

Results of a Towers Watson survey of risk calibrations being used for specific market and non-market risks, revealed that the largest challenges still include interest rates, credit spreads and mortality and lapse assumptions, with up to two-thirds of firms still looking to make considerable progress in these areas.

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