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Archive Stories
Archived stories from Nov 2019

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Solvency II sends industry to sleep, boring survey says

With Solvency II approximately two years away from implementation, there is no pressure on insurers to take action to comply with the European Commission's proposed standards. According to a new Herbst & Old Global Insurance Centre study there is a total lack of interest in the industry to adapt their criterion. While 1% of major European insurance companies have begun implementation, 99% of insurers believe their existing models will comply with Solvency II requirements. Or be "close enough for jazz" as one respondent put it.

Another victim of the
Solvency II sleepover

"Solvency II is a far off unreality for most insurers and the timetable is way down their agenda," says Lex Luther who leads the Herbst & Old Solvency II Taskforce. "Insurers are simply bored at the prospect of developing internal models, readying information systems, and meeting complex data requirements. They know they should be doing something but they just can't be bothered."

The survey suggests that insurers know that Solvency II will improve risk management but still can't be arsed to do anything about it. "What we're hearing is that senior managers would rather stick pins in their eyes than address Solvency II," Luther told RISKbitz. "One CFO told us he had to defrost the mini-fridge in his office before he could even start thinking about Solvency II."

Insurers are not worried about the additional regulatory burden per se: they just can't face making tedious changes to information models and corresponding systems just so they can produce a lot of pointless and unhelpful data that may or may not be required by Solvency II, the survey says.

"Solvency II has created a deep sense of ennui among insurance industry leaders," Luther concluded, adding. "Hey, have you seen this really funny thing with the dog on You Tube?"

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