Insurers struggling with last-minute Solvency II changes

European insurers are concerned about last-minute changes to Solvency II requirements, according to a survey by Insurance Europe.

In a statement, Insurance Europe said that many survey respondents were worried by the final version of the quantitative reporting templates.

This final version, which insurers need to comply with the third pillar of Solvency II, will only be adopted by the European Commission in September this year, just four months ahead of when the new regime comes into force.

But the trade body said that most insurers were handling the first and second pillars of Solvency II well.

The survey also revealed that the majority of insurers feel that risk management and governance have already been improved as a result of the introduction of the new regime.

Insurance Europe head of prudential regulation Igotz Aubin said: “It is extremely encouraging to see that Europe’s insurers have made such substantial progress in their journey towards implementing Solvency II, especially given that this task has been completed during a particularly challenging time for the industry.

”However, this survey has also revealed a number of serious issues that need to be acknowledged.”