Barnett Waddingham - SMEs under QIS5

Was happy to have this flagged by our friends at Insurance ERM - a UK based SMEs survey on QIS5, which is full of fascinating gear, for example;

• Some participants are hoping for the calibrations to change - as a response to missing the SCR! (PS I checked, and it wasn't published on 1st April)
• Data collection processes feature high on most participants agendas, which is great news
• ORSA and Documentation highest on the "next steps" agenda - good boys!
• The implementation of an ERM framework also features on the priority list - not a surprise in that the larger organisation will have early adopter benefits in this field.
• Relatively small number of internal model applicants
• Over half needed external help with QIS5 - around 40% found this a beneficial experience in some way
• Similar problems with data suitability as reported at aggregated level in UK and Ireland (risk margin, counterparty default and health underwriting risk all scoring low)
• Op Risk SCR calculation rated highest in meeting technical specifications (my impression was that it was too simple)

Great insight, and I have added them to my RSS, so look forward to more!