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News Focus - Half of insurers ready for Solvency II.
(From Reinsurance)
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 (EU) directive, according to the results of a survey by Accenture.
Solvency II calls for the harmonisation of national solvency regulations for insurers based in Europe and the enactment of new rules regarding the levels of capital that EU insurers must set aside to cover their combined risks and liabilities.
The stated goal of the directive is to protect policyholders and shareholders by establishing a common solvency system in Europe that is more closely matched to the true risks assumed by insurers.
According to the Accenture survey, nearly four-fifths (78%) of European insurers said that Solvency II will improve transparency and controls in managing risk and capital, and more than three-fifths (62%) anticipated improvements in their organisations' allocation of regulatory capital, which is the capital ...
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