On 28 January 2016, the Reinsurance Advisory Board of Insurance Europe released a report titled 'Internal models: a reinsurance perspective'. The report notes that, as differing risk measurement approaches are needed depending on the size/nature/complexity of a (re)insurer's risk, prescriptive approaches/formulae are generally unsuitable for large reinsurers.  As a result, Insurance Europe points out, internal models (which can measure risk factors more appropriately) remain the most accurate measure of risk for reinsurers.