EANS-News: UNIQA Insurance Group AG UNIQA applies partial internal model in
property and casualty insurance for Solvency II
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Company Information
Vienna / Austria - UNIQA applies partial internal model in property and casualty
insurance for Solvency II
* Actuarial risks in property and casualty insurance mapped more accurately by
partial internal model
* Model approved by FMA
* SCR ratio up from 215 per cent to 259 per cent
UNIQA Insurance Group is now using a partial internal model (PIM) instead of the
standard approach under Solvency II to determine its quantitative capital
requirement in property and casualty insurance. The PIM enables UNIQA to map its
actuarial risks more accurately in line with the individual structure of the
company. For instance, compared with the European insurance industry as a whole,
UNIQA has considerably lower fluctuations in property and casualty insurance, a
fact that the PIM takes into account, unlike the standard model. The model is
applied at the UNIQA Group companies in Austria, the Czech Republic, Slovakia,
Hungary and Romania. The Austrian Financial Market Authority (FMA) has already
approved and certified UNIQA's PIM. As at 30 September 2017, use of this
individual model has further boosted UNIQA's regulatory capital requirement
ratio according to Solvency II - or the SCR ratio - to 259 per cent from 215 per
cent, which was already a very healthy figure at international level.
Kurt Svoboda, UNIQA CFO/CRO: "Although developing the model meant a lot of extra
work for us, it has definitely been worth it, as we now have a clearer overview
than the standard model under Solvency II allows. Under the standard model, the
same assumptions are made for all insurance companies in Europe. It clearly
overlooks the individual situation and the different business models of the
individual companies - there is a broad-brush approach to everything, so it is
also imprecise to a certain extent. With the PIM, we can now map our individual
risk profile much more precisely than before and also determine our risk capital
requirement much more accurately. Consequently, value-oriented corporate
management is also improved, and we can make the best possible use of our
capital."
UNIQA
The UNIQA Group is one of the leading insurance groups in its core markets of
Austria and Central and Eastern Europe (CEE). Around 20,000 employees and
exclusive sales partners serve over 9.6 million customers in 18 countries. UNIQA
is the second-largest insurance group in Austria with a market share of more
than 21 per cent. UNIQA operates in 15 markets in the CEE growth region:
Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary,
Kosovo, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and
Ukraine. The UNIQA Group also includes insurance companies in Switzerland and
Liechtenstein.
Further inquiry note:
UNIQA Group Communication
Untere Donaustraße 21
A-1029 Vienna, Austria
Phone: (+43 1) 211 75-3414
Fax: (+43 1) 211 75-3619
E-Mail: presse@uniqa.at
end of announcement euro adhoc
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issuer: UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien
phone: 01/211 75-0
FAX:
mail: investor.relations@uniqa.at
WWW: http://www.uniqagroup.com
ISIN: AT0000821103
indexes: ATX, WBI
stockmarkets: Wien
language: English