Abstract
In this paper we review changes in the insurance industry due to new risk-based regulations such as Solvency 2 and SST. The move from corporate management based on cash-flow to risk-based management is described and discussed through its consequences on capital management, economic valuation and the internal model. We discuss the limits and difficulties of Enterprise Risk Management and its effect on the organisation of companies and the role of actuaries in insurance. The risk/return relation is becoming a central element of the company's management slowly supplanting the traditional accounting view.
Dacorogna, Michel