PwC: Insurers have reduced their Solvency II implementation programme

By Rob Starr, Content Manager, Big4.com

“Full Solvency II reporting demands a huge step up in data, systems, processes and governance – these results show that insurers should not put off their preparations,” says Jim Bichard, partner, PwC . “Preparing Solvency II disclosures based on 2012 results, will give insurers enough time to reconcile Solvency II requirements with financial reporting and start identifying any divergence.”

His comments come after the latest PwC survey of insurers which shows that the majority of insurers surveyed now expect Solvency II to fully come into force in 2016 and 68% have scaled back their implementation programme as a result.

A delay in Solvency II 2014 reporting would be welcomed by the majority of insurers in any event, as 58% of those surveyed said they would not be ready to submit their first Solvency II quarterly return by 2014.