London - Eighty percent of major European insurance companies have begun their Solvency II implementation program, and, two-thirds (61%) see it as a means to improve all aspects of their risk management across the whole business, according to London-based Ernst & Young Global Ltd. However, while the benefits are welcomed, there is still much work to be done."The 2006 Solvency II Readiness Survey: Readiness and Beyond," published by Ernst & Young's Global Insurance Center, interviewed senior managers with responsibility for Solvency II in 54 of Europe's largest insurers, spread across 16 countries, with an average asset size of 110 billion Euros.
"Solvency II pressure on insurers is mounting and the timetable is becoming critical. While the industry is embracing the benefits, there are practical issues around readiness which must be overcome," says Lex van Overmeire, who leads the Ernst & Young Solvency II Taskforce. "Insurers are facing the challenge of developing internal models, the adequacy of information systems, the complexity of data requirements and the skills levels within their organizations."
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