Global financial consultants, Watson Wyatt, claim that only a third of British insurers will be participating in the fourth Quantitative Impact Study (QIS4) .
QIS4 is part of the procedure of assessing the impact of Solvency ll proposals on insurance groups and companies. It will enable firms to assess the potential impact the latest proposals could have on the capital requirements.
Watson Wyatt feel that not preparing adequately for Solvency ll could prove to be a costly mistake for insurers as they might not give themselves enough time to react if components of their business generate excessive capital requirements under the standardised approach.
Mark Chaplin, global head of risk and value management services at Watson Wyatt, said that significant changes could be required and firms without a clear plan of what will and will not need to be done were taking unnecessary risks. He added: "Delaying key preparation work runs the real risk of nasty surprises later in the process and may put companies at a competitive disadvantage to those taking earlier action."
Insurers poorly prepared for Solvency II proposals
Financial Services > Income lnsurance > News
Insurers poorly prepared for Solvency II proposals
Fri, 23 May 2008
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