Participation key to UK Insurance Market gaining from Solvency II
Complacency amongst UK insurers about the impact of Solvency II, and a failure to take part in the Quantitative Impact Studies (QIS) taking place, risk the UK losing its established advantage as a leading insurance market in Europe, according to Deloitte, the business advisory firm.
Yesterday, CEIOPS launched QIS 4, the fourth in a series of detailed technical studies investigating the structure and calibration of the Solvency Capital Requirement calculations under Solvency II regulations. In previous studies, participation by UK insurers has been lower than hoped, with many insurers believing that the effort required was too high.
Commenting on the latest consultation phase, Rick Lester, insurance partner at Deloitte said: “QIS 4 provides probably a last chance for those
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