Solvency II, European insurers will not be ready by 2013

According to a survey carried out by the consulting firm PricewaterhouseCoopers (PwC), 40% of the European insurers will not be ready, in 2013, for the transfer to the new Solvency II regulations.
Conducted with 106 European insurers scattered around 22 countries, the survey has also revealed that 26 months before the deadline, one company out of two has not yet started to prepare for Solvency II.
Most of the insurers asked are said to be optimist as to their ability to face this deadline, though, and believe that they are already in compliance with the Solvency II requirements. The survey reports, however, that the transfer to these new standards requires a budget of 8 million EUR (11 million USD) per company.