European insurers expect modest cost for Solvency II compliance
More than three-quarters of large European insurers expect to spend less than £18m through 2012 on Solvency II compliance, with more than half of those expecting to spend less than £3m, according to results of a survey released today by Accenture. Specifically, one-third of the insurers surveyed said they expect to spend between £3m and £18m on such compliance, with an even greater amount – 43% – saying they expect to spend less than £3m.
The European Union’s Solvency II directive calls for a common set of solvency regulations for insurers across Europe by 2012, including the enactment of new rules regarding the levels of capital that EU insurers must set aside to cover their combined risks and liabilities.
Considering Solvency II in the larger context of strengthening their enterprise, three-quarters (75%) of respondents said they believe that their compliance investment will support their business needs. More specifically, 94%
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