Solvency II Standard Formula SCR: Life Underwriting Risk Module – Catastrophe Risk Sub-module

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CEIOPS (2010) perceived life catastrophe risk as stemming from extreme or irregular events whose effects are not sufficiently captured in the other life underwriting risk sub-modules. It cited as examples a pandemic event or a nuclear explosion.

The test it proposed involved an absolute 1.5 per mille increase in mortality rates over the following 12 months. This is in effect the same test as was finally adopted in the Solvency II Delegated Act although it is worded slightly differently there.

Version dated 7 December 2015

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