European Solvency II survey
57% of European insurers expect to be Solvency II-compliant by January 2014.
The European Solvency II survey is one of the largest and most comprehensive in the industry.
Our research spans 19 countries, with 160 participants from over 100 insurance companies (the bulk with premium income of more than €100m). Respondents provide a self-assessment of their views on implementation readiness for Solvency II. While 57% of European insurers are on track to comply by January 2014, rising to nearly 90% by January 2015, readiness varies dramatically country by country. Pillar 3 presents the largest compliance challenge; 80% of insurers have yet to meet these requirements.
More key findings:
- Of the companies surveyed, 43% do not expect to fully meet Solvency II requirements until 2014 or later.
- Almost 90% of companies believe they will be able to meet the new 1 January 2015 deadline recently proposed by the European Commission.
- Insurers in the UK and the Netherlands are the best prepared (self-assessed); Germany and Italy are among the least prepared.
- A high state of readiness for Pillar 1 is fairly consistent across Europe; Pillar 2 is more divided; and 80% of insurers have yet to meet Pillar 3 requirements.
- Only 17% of companies have formally assessed their risk management systems.
- Integrating data and IT systems will be a major challenge, as 69% of companies have met only some data quality management requirements.
- Half of insurers are developing (partial) internal models, reflecting significant dissatisfaction with the standard formula; only 52% of these internal model users are targeting “day 1” approval – reflecting major differences in their level of readiness.
- Most companies expect to focus on capital optimization strategies in 2013.
Get all the details from our European Solvency II survey:
- General implementation status
- Pillar 1, 2, 3 readiness
- Data and IT readiness
- Internal models
- Value-based management
- Managing capital