Historically, insurers have focused on understanding and managing investment and underwriting risk. However, recent developments in operational risk management, guidelines by the rating agencies and the forthcoming Solvency II regime increase insurers’ focus on operational risk, Insurers consequently have to decide on their approach to managing operational risk.
Grinsven, van. Jürgen H. M., Bloemkolk, Remco., Solvency II Dealing With Operational Risk. In FSI Magazine. Edition 5, April 2009, pp. 56-59.