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Considering the business impacts of Solvency II

Considering the business impacts of Solvency II

 


“This is the biggest change in prudential regulation in my lifetime, maybe ever. There is bound to be business impact.”

Jim Webber, Chief Risk Officer, Aviva.

Background

April 22 2009 will prove to be a decisive day in the development of the European insurance industry. Following protracted negotiations between policymakers, member states and industry representatives, the European Parliament voted to adopt the Solvency II framework directive. We know that this will comprise a wide-ranging overhaul of capital requirements, company structures and product lines for the industry, and will mandate insurers to set their capital requirements more in line with their risks. 

Attention is now turning to the challenges of implementation that lie ahead, and the potential competitive advantage that could be gained from the swift and thorough adoption of the rules. With much being made of the considerable practical requirements of the regulation, it is important not to lose sight of the important strategic role Solvency II may play for your business and the shape of the industry overall.

Key findings

Deloitte has commissioned a detailed study, undertaken by the Economist Intelligence Unit, into the likely business impacts of Solvency II on all elements of the insurance industry.  The report draws on interviews with the ABI and an MEP, as well as senior Finance and Risk practitioners from:

  • Amlin
  • Aviva
  • AXA
  • Brit Insurance
  • Legal & General
  • RSA

Together, they provide a comprehensive and often provocative insight into what a post-Solvency II world will really look like and who the likely winners and losers will be.  We are very grateful to each participant for their contributions.

For further information, please download Considering the business impacts of Solvency II (PDF, 1,503 KB).

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