London — More than three-quarters of large European insurers expect to spend less than €25 million through 2012 on Solvency II compliance, with more than half of those expecting to spend less than €5 million, according to results of an Accenture survey. Specifically, one-third of the insurers surveyed said they expect to spend between €5 million and €25 million on such compliance, with an even greater amount (43%) expecting to spend less than €5 million.
These costs are likely to come from process and technology enhancements. Less than 20% of the insurers surveyed said they consider themselves well prepared for the start of Solvency II. Processes, IT systems and risk quantification and modeling capabilities are the areas where they see the most significant need for improvement.
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