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If the target function is taken with respect to the physical measure, one has to use the local risk minimisation introduced by \\textit{M. Schweizer} [Stochastic Processes Appl. 37, No. 2, 339--363 (1991; Zbl 0735.90028)]. This approach has the advantage that one often does not know the pricing measure, but can easily estimate the physical measure. Under the pricing measure, \\textit{H. F\u00f6llmer} and \\textit{D. Sondermann} [in: Contributions to mathematical economics, Hon. G. Debreu, 206--223 (1986; Zbl 0663.90006)] introduced the quadratic hedging by minimising the expected square of the costs of a hedging strategy.   In this paper, the F\u00f6llmer and Sondermann case is treated. It is shown that the problem can be considered as in credibility theory as an orthogonal projection. The setup is extended to solvency control. It is assumed that the surplus has to exceed an externally given minimal solvency process. 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