As the Jan. 1, 2013 deadline for Solvency II compliance approaches, insurers are expressing unease in their ability to comply, according to a new study conducted by the Economist Intelligence Unit (EIU) on behalf of Deloitte.
The report, which assesses U.K. insurers’ readiness for Solvency II, found that the percentage of insurers confident or very confident about the prospects for industry compliance has dropped by 17 % to 46% in 2011, compared to 63% in 2010. However, insurers were more optimistic about their own chances of achieving compliance than of the industry as a whole, with 73% stating they were confident or very confident they will be ready for Solvency II.
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