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Titel hier. presented by. John Doe. Date here. SOUTH AFRICAN INSURANCE ASSOCIATION. The potential impact of SAM on niche and small insurers. presented by. Nico Esterhuizen Programme Manager: SAM nico@saia.co.za . The Insurance Conference 2012. Discussion Points.

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titel hier
Titel hier

presented by

John Doe

Date here

SOUTH AFRICAN INSURANCE ASSOCIATION

the potential impact of sam on niche and small insurers
The potential impact of SAM on niche and small insurers

presented by

Nico Esterhuizen

Programme Manager: SAM

nico@saia.co.za

The Insurance Conference 2012

discussion points
Discussion Points
  • Understanding small and niche insurers
  • Impact of SAM
  • Drivers and challenges
  • Unknowns
potential impact of sam
(Potential) impact of SAM
  • Merger and acquisitions
  • Move to cell-captive environment
  • Insurers further de-risk their asset allocations
  • Reduced competition in higher risk insurance products
  • Increase in absolute MCR: R15m
  • Increase in fixed operating expenses
potential impact of sam1
(Potential) impact of SAM
  • Higher reserves
  • Higher capital adequacy requirement
  • Change in authorisation classes
  • Policyholders will ultimately bear the costs
  • Improved risk management, transparency, capital adequacy.
pillar 1 drivers and challenges
Pillar 1 drivers and challenges
  • IFRS vs. MCVB
  • Non-life underwriting risk calibration for SA only at QIS3
  • Current data quality and availability
  • Reinsurers data challenges with SAM
  • Participation in SA-QISs and quality of results
  • Ring-fenced funds
  • Segmentation
  • Group SCR
  • Documentation
  • Credit Ratings
  • Contract boundaries
  • Loss absorbency
  • Trade credit insurers
pillar 2 drivers and challenges
Pillar 2 drivers and challenges
  • Independent Non-Executive Chairperson
  • Appointed Actuary
  • Board and the Internal Model
  • ORSA
  • Use Test
  • Fit and proper
  • Control functions
  • Governance and risk systems
pillar 3 drivers and challenges
Pillar 3 drivers and challenges
  • Competitive information disclosed publically
  • Significant increase in auditing-fees because of SAM auditing requirements
  • Time and cost of reporting vs. value
  • Materiality
unknown
Unknown
  • Defining proportionality
  • Nature, size and complexity
  • EIOPA: “The principle of proportionality is intended to support the consistent application of the principles-based … requirements to all insurers.”
    • Less disclosures and reporting for small insurers?
    • Less onerous governance requirements?
unknown1
Unknown:
  • Principle of Solvency II: “Actuarial and statistical methodologies applied are proportionate to the nature, scale and complexity of the underlying risks”
  • Aim not to make the calculation requirements on less complex companies too onerous….
  • Simplifications to SCR standard formula allowed…Further guidance still to be issued under SAM….
unknown2
Unknown
  • Reserve Bank and supervisory style
  • Results of the Economic Impact Study
  • Transitional Arrangements
  • Rand Bands
titel hier1
Titel hier

presented by

John Doe

Date here

Thank you!

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