68% of insurers have reduced their Solvency II implementation programme, accordingly to PwC (formerly Price Waterhouse Coopers).
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, according to a PwC survey of insurers.
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.
Jim Bichard, partner, PwC said: "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."
"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."
Tim Edwards, director, PwC added: "It is likely that some Solvency II activities are likely to be tested ahead of implementation.
"Therefore insurers should treat any delay in implementation, as an opportunity to embed Solvency II principles into their business as usual now, to prevent any unwanted surprises in 2016".
