Our readiness survey was conducted in the autumn of 2013 and is an update of EY’s 2012 Pan-European survey. Research spans 20 countries, including Europe’s largest insurance markets. It includes participants from over 170 insurance companies.
Overall, the insurance industry is on track to implement Solvency II by 1 January 2016; however, a significant amount of work is needed between now and then to address preparedness across all three pillars. That said, nearly 80% of European insurers expect to meet Solvency II requirements before the deadline. Dutch, UK and Nordic insurers are the best prepared, while French, German, Greek and East European (CEE) insurers are less confident.
The findings reveal a consistently high state of readiness to implement the Pillar 1 balance sheet and fulfil most of Pillar 2, but Pillar 3, the reporting requirements, still presents a major challenge.
Other key findings include: