Captive Report on QIS5. 19 th May 2011
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1 Solvency II 19 th May 2011
2 Captives by country Ins RI Both Total Denmark Gibraltar 4 4 Ireland Luxembourg Malta Netherlands Sweden UK 2 2 Germany 1 1 Total For total number of captives worldwide, please see page 20 2
3 Sample Size (132 captives) Total Surplus Available capital in
4 Distribution of SCR coverage More than 400% 7,6% Between 350% and 400% Between 300% and 350% 2,3% 3,0% Between 250% and 300% Between 200% and 250% 7,6% 7,6% Between 150% and 200% Between 120% and 150% 15,2% 16,7% Between 100% and 120% Between 75% and 100% 9,8% 10,6% Less than 75% 19,7% Key message: 30% are below 100% SCR 4
5 Distribution ib ti of SCR coverage by country Total 132 captives 1 Germany (1) 1 1 UK (2) 4 Denmark (4) Sweden (11) Netherlands (9) Luxembourg (58) Ireland (39) Malta (4) Gibraltar (4) Less than 75% 75 to 120% 120% to 200% More than 200% Key message: most issues for Ireland, Malta and Gibraltar (20% of 132 captives below 75% SCR). Please, consider pages 5 9 together 5
6 Distribution of SCR coverage - Reinsurance Total 78 captives Germany (18.582) UK (17.205) Sweden ( ) Denmark (3.583) Malta (36.750) Ireland ( ) Netherlands (84.832) Luxembourg g( ( ) Less than 75% 75 to 120% 120% to 200% More than 200% Please, consider pages 5 9 together 6
7 Distribution of SCR coverage - Reinsurance Country Less than 75% 75 to 120% 120% to 200% More than 200% Luxembourg ( ) Netherlands (84.832) 832) Ireland ( ) Malta (36.750) Denmark (3.583) Sweden ( ) UK (17.205) Germany (18.582) Total in Please, consider pages 5 9 together 7
8 in Distribution of SCR coverage - Insurance Total 54 captives Netherlands (12.247) Malta (82.764) Denmark (13.901) Gibraltar (23.967) Sweden ( ) Luxembourg (70.897) Ireland ( ) Less than 75% 75 to 120% 120% to 200% More than 200% Key Message: Direct writing captives are in a worse position than reinsurance captives. Please, consider pages 5 9 together 8
9 Distribution of SCR coverage - Insurance Country Less than 75% 75 to 120% 120% to 200% More than 200% Ireland ( ) Luxembourg (70.897) Sweden ( ) Gibraltar (23.967) Denmark (13.901) Malta (82.764) Netherlands (12.247) Total in Please, consider pages 5 9 together 9
10 Distribution of SCR coverage - Reinsurance Germany (18.582) UK (17.205) Total 78 captives Sweden ( ) Total 54 captives Distribution of SCR coverage - Insurance Netherlands (12.247) Malta (82.764) Denmark (13.901) Gibraltar (23.967) Sweden ( ) Luxembourg (70.897) Ireland ( ) Less than 75% 75 to 120% 120% to 200% More than 200% Denmark (3.583) Malta (36.750) Ireland ( ) Netherlands (84.832) Luxembourg ( ) Results mainly driven by direct writing captives 10
11 Distribution of SCR coverage Distribution of MCR coverage More than 400% Between 350% and 400% Between 300% and 350% Between 250% and 300% Between 200% and 250% 2,3% 3,0% 7,6% 7,6% 7,6% 6,8% 7,6% 6,8% 17,4% 48,5% Between 150% and 200% 16,7% 5,3% Between 120% and 150% 15,2% 0,0% Between 100% and 120% 9,8% 4,5% Between 75% and 100% 10,6% 1,5% Less than 75% 19,7% 1,5% 30% are below 100% SCR (double of 3% are below 100% MCR CALIBRATION & TRANSITION 11
12 Non Life Risk 12,70% 43,7% Market Risk 34,2% 61,80% Default Risk Health Risk Op Risk 5,20% 2,80% 2,4% 5,10% 2,2% 17,3% Life Risk Intangible Risk 0,2% 0,20% 0,0% 11,30% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% EIOPA ECIROA CatRiskistoocomplexandover-estimated too and over estimated (1) Re-calibration task force (2) Proper aggregation with Premium Risk Source: EIOPA Report on QIS5 12
13 Non Life Risk 12,70% 43,7% Market Risk 34,2% 61,80% Default Risk Health Risk Op Risk 5,20% 2,80% 2,4% 5,10% 2,2% 17,3% Life Risk 0,2% 11,30% Intangible Risk 0,20% 0,0% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% Source: EIOPA Report on QIS5 EIOPA ECIROA Concentration Risk is not appropriate for Captives and over-sized for small cpies (1) Re-calibration of thresholds (2) Re-calibrate loading for unrated (3) Differentiated approach external investments vs group deposits/loans 13
14 Main Risks by Insurance/Ri in Non-Life Risk Market Risk Default Risk Health Risk Op.Risk Reinsurance Insurance Life Risk Intangible Risk Key message: Default risk issue for insurance captives 14
15 Main risks by country Germany UK Sweden Netherlands Malta Luxembourg Ireland Gibraltar Non-Life Risk Market_Risk Default_Risk Health_Risk Op.Risk Life_Risk Intangible_Risk Denmark In Key message: Market risk is an issue for Luxembourg & Sweden; Default risk is an issue for Ireland and Malta 15
16 Main Risk by Risk Type Country Intangible-Risk Life-Risk Op-Risk Health-Risk Default-Risk Market-Risk Non Life-Risk Denmark Gibraltar Ireland Luxembourg Malta Netherlands Sweden UK Germany Total in
17 SCR < 100% by Risk Type in Sweden Netherlands Malta Luxembourg Ireland Gibraltar Denmark Intangible-Risk Life-Risk Op-Risk Health-Risk Default-Risk Market-Risk Non Life-Risk Key message: Key drivers are Market risk for Sweden & Luxembourg; Default risk for Ireland & Malta Please, consider page together 17
18 SCR < 100% by Risk Type Country Intangible-Risk Life-Risk Op-Risk Health-Risk Default-Risk Market-Risk Non Life-Risk Denmark Gibraltar Ireland Luxembourg Malta Netherlands Sweden Total in Please, consider page together 18
19 Non Life Risk 12,70% 43,7% Default Risk is over-estimated Market Risk 34,2% 61,80% (1) Re-calibrate Cat Risk Default Risk Health Risk Op Risk Life Risk Intangible Risk 5,20% 17,3% 2,80% 2,4% 5,10% 2,2% 11,30% 0,2% 0,20% 0,0% (2) Re-calibrate loading for unrated (3) Differentiated approach external vs group reinsurance including unrated captives and non EEA captives 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% EIOPA ECIROA 19
20 Snapshot worldwide Total Captives worldwide Domiciles by captive numbers Bermuda 845 Sweden 50 Cayman Islands 738 Switzerland 35 Vermont 576 Gibraltar 17 Guernsey 333 Malta 11 Anguilla 252 Norway 11 Luxembourg 249 Denmark 8 Isle of Man 143 Finland 8 Ireland 82 other countries 2,259 Total 5,617 Source: Captive Review, March 2011 Key message: This is a global issue due to (a) equivalence; (b) ability of captives to move domiciles 20
21 Snapshot worldwide Total Captives worldwide Domiciles by premium ($bn) Vermont 73,800 Bermuda 19,642 Luxembourg 11,510 Cayman Islands 8,664 Guernsey 5,477 South Carolina 3,751 Isle of Man 2,560 Ireland 2,200 : : 125 bn $ worldwide Source: Captive Review, March
22 Snapshot worldwide Total Captives worldwide Domiciles by assets under management ($bn) Vermont 134,400 Bermuda 118,000 Luxembourg 67,891 Cayman Islands 57,983 Guernsey 37,271 Isle of Man 9,000 Ireland 7,500 Hawaii 7,273 : : ~ bn $ worldwide Source: Captive Review, March
23 Thank you! org 23
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