Fitch issues preliminary PRISM results
Fitch Ratings has issued preliminary results for the UK non-life sector from PRISM, a next-generation stochastic capital model for the insurance industry. Fitch believes PRISM will change the way insurance risks are viewed by investors and industry observers.
PRISM provides a platform to compare insurers' capital positions on a true economic basis. It allows all the risks in a business to be modelled simultaneously, along with their interactions with one another. Until now, factor models have looked at risks in isolation. The model will form an integral part of Fitch's insurance rating analysis, beginning with reviews of year-end 2006 financial information.
"The PRISM model represents a significant step forward in the modelling and understanding of
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