Event organized in collaboration with

Public Lecture organized in partnership with Centre de recherches mathématiques in the framework of the thematic semester "Risk and Complex Systems"

In this presentation, Michel M. Dacorogna (DEAR-Consulting, Switzerland) reviewed changes in the insurance industry due to new risk-based regulations such as Solvency 2 and SST and pressure of the shareholders. The move from corporate management based on cash-flow to risk-based management was described and discussed through its consequences on capital management, economic valuation and the internal model. He also discussed the limits and difficulties of Enterprise Risk Management and its effect on the organization of companies. Moreover, he emphasized the changing role of actuaries in insurance. The risk/return relationship is becoming a central element of the company's management, slowly supplanting the traditional accounting view.