‐life insurance risk in internal risk models. Strategic management in an insurance company requires a multi‐year time horizon for … economic decision making, for example, in the context of internal risk models. In the literature to date, only the ultimate …). Practical implications – The usefulness of the new multi‐year horizon is illustrated in the context of internal risk models by …

, especially when data are scarce and a multi‐year projection horizon is considered. Internal risk models often integrate both …