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Daily Insurance Industry News
Wednesday 23rd of May 2018
June 27, 2011

European insurers back Solvency II delay

by Richard Kilner

Story link: European insurers back Solvency II delay

European insurers back Solvency II delay

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has found that over half (60%) of European insurers who attended its Analytics conference believe that 2014 would be a better starting date for Solvency II.

The present start date is 1 January 2013, and 31% of those asked preferred no delay and were working towards this date, with 9% ambivalent regarding any possible delay.

There may be delays to Omnibus II, which alters the original directive of Solvency II, which needs to be passed into law.

Insurers are also concerned about regulator awareness of the new rules, with 61% of European insurers believing their local regulator is not up to speed regarding internal models and 54% thinking their local regulator lacks knowledge regarding underwriting risks (especially catastrophe).

The Financial Services Authority (FSA) has said that it intends to publish its first consultation on Solvency II later this year.

 

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