Solvency II Survey 2011
Insurers’ responses to evolving rules
Solvency II is a mandatory regulation that will affect all insurers and reinsurers in the EU when it comes into effect at the end of 2012. Organisations are responding to the requirements of the Directive in a variety of ways.
Our fourth annual Deloitte Solvency II Survey has been conducted on our behalf by the Economist Intelligent Unit (EIU), and focuses on these insurers' preparations for and current attitudes towards Solvency II.
During February 2011, the EIU surveyed 60 insurers operating in the UK to examine their preparedness and current attitudes towards Solvency II. Our Deloitte specialists comment on the findings of the survey and provide their insight on the issues facing the market.
Findings suggest that industry confidence in meeting the 1 January 2013 compliance deadline is waning, while far reaching consequences identified include the number of companies looking at restructuring or relocating and an implementation resource shortfall.
Areas covered in this survey are:
- Awareness and preparedness
- Cost and resource
- Business Impact
- Implementing Solvency II
- Internal model
- Aligning Solvency II with other initiatives
To view the results of this survey, please download the Solvency II Survey 2011 (PDF).