Author Archives: adminactuelia

Introduction of the A4India Project

A4India is a social project supported by Actuelia, an actuarial consulting firm in Paris. It aims at bringing technical and volunteer help to an Indian micro-insurance organization, called Annapurna.

A4India, what does it mean?

  • A for Actuelia, the consulting firm sponsoring this project,
  • A for Actuarial sciences, because we are actuaries, and our skills are actuarial sciences,
  • A for Annapurna, the micro-insurance organization in which the project will happen,
  • A for Alizée, the French actuary, who takes part in this project, staying in India for 6 months.
  • The goal of this missionThe four main objectives we would like to reach are as follows:
  • Create and update a pricing process, in order to obtain fair-priced products.
  • Assess the risks supported by the micro-insurance and set up some risk management indicators to follow and insure the durability of the activities.
  • Inform the managers of Annapurna about the necessity of creating own funds, essential to support risks.
  • Introduce a risk management process, which could ensure the autonomy of the micro-insurance.

Brief introduction of Alizée

My name is Alizée, and I very recently graduated the French Actuary Diploma and has become an actuarial consultant. To pass this diploma, the ultimate step was to write an actuarial paper, on a chosen topic. In this respect, my work was about Annapurna, and the system of micro-pension they just settled a few years ago. At the end of the paper, I wanted to carry on with the organization, involved in the improvement of the poorest people social welfare. This explains why, I am now living in India for 6 months !

Brief introduction of Actuelia

Actuelia is a consulting firm, specialised in actuarial sciences, based in Paris. Through this social project, Actuelia overtakes its border, starting a mission in India. This mission deals with insurance problematics, which are our daily work, but with a lot of differences due to the context.

This project is clearly connected with the values of the firm in sharing knowledge and supporting people in the success of their project. With a united and enthusiastic team, Actuelia is bringing voluntarily technical support to the micro-insurance Annapurna, by involving each consultant of the firm.

Brief introduction of Annapurna

Annapurna is an Indian micro-insurance created in 1993 by Medha Samant, current director of the association. This NGO is particularly founded to support poor women living in the slums. The main products proposed are micro-finance (loans and fixed deposits) and micro-insurance products (health insurance and life insurance during a loan duration).

If you want to know more about this outstanding history, you can watch the following video, presented by Medha Samant, during a Ted Talk.

Alizée Graf, Consultante Actuaire, Actuelia 

EIOPA: Solvency II: Solvency and Financial Condition Report

This statement outlines the outcome of the analysis of the European Insurance and
Occupational Pensions Authority (EIOPA) of the first supervisory experiences
regarding the application of the Solvency II rules on the Solvency and Financial
Condition Report (SFCR) by insurance and reinsurance undertakings and insurance
groups

https://eiopa.europa.eu/Publications/Supervisory%20Statements/EIOPA-BoS-17-310-SFCR%20Supervisory%20Statement.pdf

 

​​​​​​​​​​​EIOPA’s Project on the Review of the Solvency Capital Requirement Standard Formula Under Solvency II​​

EIOPA supports a sound process of post-evaluation of the new insurance supervisory regime. One of EIOPA’s key objectives is to ensure a rigorous, evidence-based and transparent review of Solvency II.

As part of this process, EIOPA has launched the project dedicated to the review of the Solvency Capital Requirement (SCR) standard formula. This project will address the three  priorities of the two calls for technical advice from the European Commission:

  • First, on simplifications and proportionate application of the SCR requirements.
  • Second, on removal of technical inconsistencies, i.e. recalibration of certain risks and other technical issues; and
  • Third, on removal of unjustified constraints to financing.
The timeline reflects the reliance on the use of data arising from annual reporting. A first set of advice for which no annual reporting data is required contains the following items: simplified calculations, look-through approach for investment related vehicles, reducing reliance on external credit ratings, treatment of guarantees and exposures to regional governments and local authorities, risk-mitigation techniques, undertaking specific parameters and information on loss-absorbing capacity of deferred taxes. The second set includes advice for which annual reporting data is needed and includes all other items arising from the calls for technical advice: risk margin, simplifying the look-through approach, policy options on loss-absorbing capacity of deferred taxes, premium and reserve risks, catastrophe risks, mortality and longevity risks, counterparty default risk, currency risk at group level, interest rate risk, own funds, unrated bonds and loans, unlisted equity and strategic participations.
https://eiopa.europa.eu/regulation-supervision/insurance/scr-standard-formula-review

The ACPR publishes a document on Solvency 2 reports

The General Secretariat of the ACPR publishes a document in order to assist undertakings with the preparation of the different Solvency 2 reports. This note recalls the contents, the practicalities of implementation during the preparatory stage and the year 2016, the deadlines for submitting and all possible requests fot authorisations.

To download it : click here (the document is in French)