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Discounting [51]

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Bullet points include: Risk Measure Shareholder Policyholder Regulator (and equivalent stakeholders) VaR (ignores LGD) Tail VaR (includes LGD) (includes LGD) Capital adequacy is (should be?) policyholder/regulator focused So VaR mindset is arguably wrong for it Despite being the approach mandated by Solvency II Use of TVaR would address lack of focus on LGD within VaR Some suggestion that Basel Committee agrees

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