Insurers expect to be ready for Solvency II

The vast majority of European insurers expect to be fully prepared for the introduction of Solvency II regime in two years’ time, according to a survey by Accenture

Eighty-two per cent of European insurers told the consultancy group that they expect to meet the deadline by the end of 2012 when the directive is due to come into force. And it shows that 53% of respondents said they definitely would.

Sixty one per cent of general insurers and 57% of composites expect their capital requirements to increase, according to the survey. About one in eight non-life insurers expect their capital requirements to shrink.

All companies said they expected benefits in terms of capital efficiency and management.

Eva Dewor of Accenture told the FT that while the costs of hitting the deadline may be increasing, no one should be surprised by Solvency II.

She said: “The time to prepare has not been short. There could be scope for a longer transition period, but there have been no signals for that yet.”