E&Y survey finds 69% of insurers will struggle to meet new data management standards
About 43% of European insurers are unlikely to be ready for Solvency II if it comes into effect as scheduled on 1 January 2014, a new report has revealed.
The European Solvency II survey by Ernst & Young (E&Y) has revealed that more than twice that number of firms - 90% - would be prepared if the new directive was implemented a year later in 2015.
It also found that 69% of insurers would struggle to meet the new data management requirements under Solvency II.
The poll of 160 large insurance companies found that UK and Dutch insurers were the best prepared for the new capital requirement regime, while German and Italian firms were the least prepared.
E&Y financial services partner Jan Leiding said: “Making the data landscape work requires firms to integrate multiple complex IT systems and is a massive challenge.
“The survey shows that progress in implementing appropriate ownership, governance and controls is particularly slow.
“The shifting Eiopa deadlines have offered excuses, but these will be viewed as fundamental failings and now require prompt attention.”
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