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Solvency II positioning and potential impact reviewed.
(From InsuranceNewslink.com)
The majority of European insurers believe that Solvency II will improve their companies' risk and capital management functions, and half have already enacted formal programmes to address the proposed European Union directive, according to results of a survey released today by Accenture.
According to the Accenture survey, nearly four-fifths (78%) of European insurers believe that Solvency II will improve transparency and controls in managing risk and capital, and more than three-fifths (62 %) anticipate improvements in their organizations' allocation of regulatory capital.
"The Solvency II directive has clearly captured the focus and attention of the European insurance industry," said Stephen Christie, senior executive in Accenture's insurance practice. "Our research suggests that European insurers may be warming to the directive as they identify potentially significant strategic benefits beyond pure compliance." Two-fifths (41%) of respondents expect to realize competitive advantages as a result of Solvency II, and nearly one-quarter (24%) anticipate ...
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