Solvency II is progressing toward implementation on 1 January 2016 though, in general, insurers are more realistic about their current position. While a significant amount of work is needed between now and then to address preparedness across the three pillars, nearly 80% of respondants expect to reach compliance in advance of the deadline. Our findings reveal a consistently high state of readiness in implementing the Pillar 1 balance sheet and fulfilling most of Pillar 2, with the major challenge being presented by the Pillar 3 reporting requirements.
On Wednesday 14 May, James Maher hosted an update on Solvency II, where we were joined by over 40 delegates from the insurance industry. The slide deck for the day, which expands upon the findings of the survey, can be found below.