Most European insurers will be ready for Solvency II by 1 January 2016

European insurers are optimistic about their level of preparation for Solvency II which will come into effect on 1 January 2016. According to a study conducted in the fall of 2013 by the auditing and consulting firm EY (Ernst & Young) with 170 insurers spread over 20 European countries and published in April, 79% of them will be in conformity with the requirements of the new standards at the set deadline.

Image provided to Microsoft by iStockphoto. Used with permission from Microsoft Office (modified picture) The best prepared companies are in Northern Europe, Great Britain and Italy. All insurers generally feel well prepared with regard to pillar 1 pertaining to quantitative requirements. Regarding the second pillar, related to governance and ORSA (Own Risk and Solvency Assessment), 80% of the companies claim they can make progress.
More than 30 % of insurers have no tool for the assessment of their risk management quality. Only 20 % claim to be fully prepared. Finally, more than two thirds of those polled have admitted their inability to meet the requirements of pillar 3 (reporting).

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