Solvency II could impact personal lines, survey says
A survey of 170 interim executives working in financial services has found that 90% of respondents expect the costs of Solvency II to force smaller firms to quit personal lines insurance due to being unable to make a profit.
The survey by Interim Partners, reported by sister magazine Post, also revealed that 73% of the interim managers were predicting a wave of consolidation in the insurance market as a result of Solvency II.
Andrew McIntee, director of financial services at the recruitment consultancy, said: "There is a concern in the insurance industry that some insurers, particularly smaller ones, will no longer be able to operate as profitably under Solvency II and will have to find a trade buyer."
The survey
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