Over the last few years Solvency II has consumed a huge amount of the insurance sector’s time and resources, but has it been worth the effort?
Now that Solvency II is finally in force, we thought it was a good time to take the industry’s temperature and find out. We took the opportunity to ask about attitudes to Solvency II and the progress insurers have made implementing the various elements of the new regime.
- Views of Solvency II appear more negative since our 2014 survey
- Only one quarter of participants believed that Solvency II was the best way to run their business
- More than 90% of respondents believed that the principles of Solvency II are good, but almost 70% thought that those principles have been ruined by the implementation
- Only 17% of participants felt that Solvency II was worth the effort
- Less than 10% of respondents felt that the costs of Solvency II were reasonable.