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Daily Insurance Industry News
Friday 25th of May 2018
May 17, 2010

Risk survey reveals concern over Solvency II

by Richard Kilner

Story link: Risk survey reveals concern over Solvency II

Clear Path Analysis has conducted a four week survey with 21 insurance risk and operation managers and 22 pension scheme managers and directors to assess their views regarding risk management.

The results will be used in the Risk Technology for Pension Schemes and Insurers report, to be released on 13 September.

The foremost concerns for those surveyed were the preparations for Solvency II and the new rules from the Pension Regulators, closely followed by cleaning legacy data for optimum accuracy.

This finding is backed up by an earlier study by Deloitte, which showed that 36% of UK insurers did not believe the British insurance industry as a whole would be ready for Solvency II when it came into effect by the 2012 deadline.

Risk management and monitoring was highlighted as a serious concern/challenge by just over half (56%) of those surveyed.

When it came to risk management technology, the biggest challenge posed was felt to be rationalising and justifying the need for the new technology.

Barely a third of pension scheme managers (35%) felt it was important for them to comprehend the applications of risk technology within their scheme, with 47% indicating it was the duty of the actuary or consultant to understand the technology and provide proper advice on the subject.

More than a fifth (21%) said that developing an understanding of risk technology was a top three priority for the risk division, with 61% stating it was a top three priority for the overall scheme.

 

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