Article 119 - Non-life catastrophe risk sub-module

1.The non-life catastrophe risk sub-module shall consist of all of the following sub-modules:

(a)the natural catastrophe risk sub-module;

(b)the sub-module for catastrophe risk of non-proportional property reinsurance;

(c)the man-made catastrophe risk sub-module;

(d)the sub-module for other non-life catastrophe risk.

2.The capital requirement for the non-life catastrophe underwriting risk module shall be equal to the following:

$$\mathrm{SCR}_{\mathrm{nlCAT}}$$\mathrm{SCR}_{nl\mathrm{CAT}} = \sqrt{(\mathrm{SCR}_{\mathrm{natCAT}}\sqrt{(\mathrm{SCR}_{nat\mathrm{CAT}} + \mathrm{SCR}_{\mathrm{npproperty}})^2\mathrm{SCR}_{nproperty})^2 + \mathrm{SCR}_{\mathrm{mmCAT}}^2\mathrm{SCR}_{mm\mathrm{CAT}}^2 + \mathrm{SCR}_{\mathrm{CATother}}^2}$$\mathrm{SCR}_{\mathrm{CAT}other}^2}$$

where:

(a)SCR_natCAT denotes the capital requirement for natural catastrophe risk;

(b)SCR_npproperty denotes the capital requirement for the catastrophe risk of non-proportional property reinsurance;

(c)SCR_mmCAT denotes the capital requirement for man-made catastrophe risk;

(d)SCR_CATother denotes the capital requirement for other non-life catastrophe risk.