Filipovic, Damir2013-08-122013-08-122013-08-122009https://infoscience.epfl.ch/handle/20.500.14299/94056In this paper we compare the current Solvency II standard and a genuine bottom-up approach to risk aggregation. This is understood to be essential for developing a deeper insight into the possible differences between the diversification assumptions between the standard approach and internal models.text::journal::journal article::research article