Solvency II

KPMG has called on insurers to scrutinise draft Solvency II guidelines published by the European Insurance and Occupational Pensions Authority yesterday as they are broader in scope than the first technical standards released.

The European Union has agreed the final measures of the Solvency II framework and given a January 2016 start date.

Europe's insurers spent as much as €9bn keeping pace with a barrage of regulatory changes imposed on the industry in the years following the financial crisis, according to a report by Deloitte.

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Insurance brokers have reported business volumes falls and disappointing expectations of continued growth in the industry,according to the PwC / CBI quarterly Financial Services Survey on Insurance.

68% of insurers have reduced their Solvency II implementation programme, accordingly to PwC (formerly Price Waterhouse Coopers).

Some 43% of European insurers are unlikely to be prepared for Solvency II by 2014, research by Ernst & Young has revealed.

The Financial Services Authority (FSA) has criticised insurance firms for inadequate planning in the run up to Solvency II in a letter distributed to firms yesterday.

The European Parliament's two biggest parties have tentatively agreed to include measures related to Solvency II legislation that could save the industry billions and avoid a long delay to the rules' implementation, according to reports.