The Towers Watson’s European Actuarial Directors survey found that 58 percent see the next two-to-three years as extremely difficult, citing challenges such as the rising cost of capital and the advent of Solvency II.

“A sharp rise in the cost of accessing capital has been driven by escalating scarcity and a greater focus on risk. Underperforming areas of business should be fixed or removed allowing the additional capital to be more effectively utilized to exploit strengths and deliver better results,” said Michael Murphy, continental Europe director of Towers Watson’s Risk Consulting and Software business.

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