Survey of Hong Kong life and general insurers: Embedding RBC, Target Capital and ERM
Two key components of the modernisation of the regulatory regime being carried out by the Hong Kong Insurance Authority (IA) are the introduction of a risk-based capital (RBC) solvency framework and greater focus on enterprise risk management (ERM).
In March 2023, Milliman conducted a survey of 15 life and 10 general Hong Kong insurers to assess how insurers are implementing these two key components. This e-Alert presents a summary of our findings, divided into the following themes:
- Target capital
- RBC stress testing
- RBC production
- Embedding RBC
- Embedding ERM
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Survey of Hong Kong life and general insurers: Embedding RBC, Target Capital and ERM
While Hong Kong’s life and general insurers will be required by 2024 to have a risk-based capital solvency framework, we find different levels of implementation.