68% of insurers scale back Solvency II implementation
by Gill Montia
New research from PricewaterhouseCoopers claims that the majority of insurers now expect Solvency II to fully come into force in 2016.
Furthermore, 68% of insurers surveyed have scaled back their implementation programme with this in mind.
Certainly, a delay in Solvency II 2014 reporting would be welcomed given that 58% of respondents won’t be ready to submit their first Solvency II quarterly return by 2014.
Tim Edwards, director, PwC comments: “It is likely that some Solvency II activities are likely to be tested ahead of implementation.
“Therefore insurers should treat any delay in implementation, as an opportunity to embed Solvency II principles into their business as usual now, to prevent any unwanted surprises in 2016″.