The recent wide development and changes in insurance markets highlighted the necessity to map out the solvency analysis … profile of an insurance business, taking into account the actual European directives about solvency assessment. The aim of the … provisions related to a portfolio of insurance policies …

that insurance companies hold. Until very recently and within the scope of Solvency II, liquidity risk was only considered … under Pillar II, i.e. the proposal was that insurance companies should perform a mere qualitative evaluation of it. Nowadays … Portuguese insurance sector, using actual portfolio holdings. The main empirical findings confirm liquidity risk is an important …

of insurance groups. Some jurisdictions are taking steps toward models with a focus on the groups' consolidated balance … regulation and risk management for insurance groups, we support our line of reasoning by using a generalized model of Gatzert and …

and hence a reduced risk exposure. However, planned Solvency III may cause the EPEF of highly capitalized insurance …