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Introduction to ORSA OIC Risk Management Seminar 30 June 2016 - PowerPoint PPT Presentation

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Introduction to ORSA OIC Risk Management Seminar 30 June 2016 William Song Part 1 ORSA BACKGROUND This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every

  1. Introduction to ORSA OIC Risk Management Seminar 30 June 2016 William Song

  2. Part 1 ORSA BACKGROUND This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 2 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  3. Own Risk and Solvency Assessment  Aims to assess in a continuous and prospective way, the overall solvency needs of an insurance company.  A set of processes constituting a tool for decision- making. This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 3 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  4. ORSA - Background “ The concept of ORSA was developed through the introduction of Solvency II in Europe. The concept was then adopted by the International Association of Insurer Supervisors(IAIS) in their Insurance Core Principle (ICP) 16 ” – KPMG “ The supervisor establishes ERM requirements for solvency purposes that require insurers to address all relevant and material risk ” – ICP 16 “ The supervisor requires the insurer to perform its ORSA regularly to assess the adequacy of its risk management and current, and likely future, solvency position ” – ICP 16.11 This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 4 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  5. Regional trend in ORSA/ICAAP in Asia-Pacific Malaysia: ICAAP Australia: ICAAP Singapore: ORSA This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 5 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  6. Part 2 RISKS IN NON-LIFE INSURANCE This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 6 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

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  8. This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 8 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  9. Relevant Risks Risk Library This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 9 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  10. This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 10 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  11. Part 3 SIMPLIFIED ORSA This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 11 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  12. Various ERM Initiatives This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 12 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  13. Key Elements of ORSA Monitoring and Reporting Capital Comprehensive Management Risk Assessment Plan Stress Testing Board & Senior Independent Management Review Oversight This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 13 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

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  15. ORSA Report Structure Introduction Overall Risk Assessment • Underwriting Risk • Reserving Risk • Market Risk • Credit Risk • Liquidity Risk • Operational Risk Prospective Assessment • Solvency Projection • Stress Testing • Conclusion This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 15 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  16. ORSA Report Structure – Risk Assessment Underwriting Risk • The risk associated with volatilities in the timing, frequency and severity of insurance events, relative to the expectations of the insurer at the time of underwriting, resulting in insufficient premium. • Gap between actual loss ratios and projected loss ratios This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 16 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  17. Underwriting Risk This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 17 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  18. ORSA Report Structure – Risk Assessment Reserving Risk • The risk associated with fluctuations from unpaid insurance loss estimates from prior accident periods, resulting in insufficient reserve. This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 18 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  19. Reserving Risk This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 19 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  20. ORSA Report Structure – Risk Assessment Market Risk • Risk arising from fluctuations in interest rates, foreign exchange rates, share prices and other relevant market prices This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 20 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  21. Market Risk Market Risk Index Illustration 2.50% 2.00% Market Risk Index 1.50% 1.00% 0.50% 0.00% 2009 2010 2011 2012 2013 2014 2015 Financial Year Market Risk Index This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 21 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  22. ORSA Report Structure – Risk Assessment Credit Risk • The risk of financial loss as a result of failure by another party to meet its contractual obligations or failure to perform them in a timely fashion This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 22 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

  23. ORSA Report Structure – Risk Assessment Liquidity Risk • The risk that the insurance company may be unable to meet short term financial demands (i.e. pay claims). This presentation is intended solely for information purpose only. It does not constitute legal or other professional advice. Whilst every effort is taken to 23 avoid errors, MSIG/presenter cannot accept responsibility for the accuracy of any statement, extract or information contained within this presentation.

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