Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 17th of July 2018
February 24, 2010

Insurers urged to prepare for Solvency II now

by Richard Kilner

Story link: Insurers urged to prepare for Solvency II now

The vice president of Insurance at Capgemini, Andy McQuade, has commented upon the incoming new regulations of the Solvency II framework.

McQuade has said that the new focus on risk will means insurers within the EU will have to study the detail of data at a more in-depth level than ever before.

He went on say that insurers and reinsurers have a huge task on their hands to meet the necessary regulatory requirements in time for the new regime, which commences in 2012.

McQuade has urged those in the business to make their plans now in order to be properly prepared, and has emphasised the importance of integrity and efficient management of data.

Earlier this month EMB published findings suggesting that the UK insurance sector would face a hike of £13bn in capital requirements when Solvency II comes into effect.


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