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ERGO Hestia is the first insurer in Poland with an internal model

ERGO Hestia is the first insurer in Poland with an internal model

Dodano: 2022-01-10
Publikator: press release

ERGO Hestia is the first insurer in Poland to apply an internal model. It is used for detailed modelling of the risks to which the company is exposed.

The insurer received the consent of the financial supervision agency to use the full internal model for calculating the capital requirements in the Solvency II regime from 31 December this year. ERGO Hestia started the first work on the economic approach to risk modelling 10 years ago. At that time, an advanced mathematical model was implemented to forecast the consequences of various business scenarios in the future.

As ERGO Hestia informs, obtaining the consent to use the internal model is a result of the company’s high level of involvement in risk management, as well as maturity in the field of mathematical modelling.

The internal model is related to the solvency capital requirement which determines the number of funds the insurer should have in order to be able to cover unforeseen losses. It will allow the insurance company to determine the capital requirement on an individual basis and to adjust the risk pricing profile accordingly.

„The internal model is distinguished by the fact that it is closely matched to the risk profile of a specific company – in this case, ERGO Hestia. Its accuracy goes far beyond that provided by the standard formula. It uses, for example, historical data of the company or individual analyses of each business line. This allows for a more accurate reflection of reality. Developing mathematical assumptions, calibration methods, programming algorithms, and finally proving the model’s correctness, adequacy and usefulness requires high competence and is a long-term process,” emphasizes Marcin Pachałko, Director of ERGO Hestia Risk Management.

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