Insight Report: Solvency II - Beyond Implementation
Description-
Synopsis
Timetrics
'Insight Report: Solvency II Beyond
Implementation'
analyzes the developments in the insurance industry following the
implementation of Solvency II on January 1, 2016.
Most
insurers in Europe region have found taht their risk management and
governance strategies have improved as a result of Solvency II.
Moreover, the regime prepares the ground for a single insurance
market across Europe, enabling insurers and reinsurers to operate
under the same set of regulations.
It
will increase the competitiveness of insurers and reinsurers, and
provide the same level of consumer protection throughout the European
insurance industry.
To
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The
report also discusses in detail Solvency II's impact on insurers
operations and investment activities. The new risk-based regulatory
regime impacts day-to-day operations such as product development,
pricing, investment and strategy. The impact will vary in each
country depending on insurers business lines, reserves and investment
policies.
Summary
Timetrics
Insight Report: Solvency II Beyond Implementation conducts a detailed
analysis about the current state of Solvency II. It provides:
An
overview of the Solvency II Directive, and discusses important
features in terms of capital adequacy, supervision and disclosure.
Fundamental
analysis of risk-based regulatory approach in insurance industry, and
an understanding the significance of Solvency II to stakeholders in
the insurance industry.
Analysis
of market opportunities and challenges faced by insurers and
reinsurers following the implementation of Solvency II.
An
understanding of Solvency II's impact on insurers' business models,
including product lines, pricing, investments and strategy.
Scope
The
report discusses in detail the intricacies related to the high
capital requirements under Solvency II, and also explains how
elements of volatility adjustment, matching adjustment and ultimate
forward rate can influence the solvency capital requirement.
It
analyzes the impact of Solvency II on insurers investments, including
the effect of capital charges on insurers' capital.
It
discusses the cost and complexity of Solvency II. It also describes
challenges with respect to data requirements to meet the objectives
of all three pillars of Solvency II.
It
builds understanding of the decision process, and types of Solvency
II equivalence.
Reasons
To Buy
Gain
an understanding of transitional measures that can be used to reduce
the impact of Solvency II in the short term.
Understand
opportunities and challenges to optimize investment returns under the
Solvency II regime.
Develop
an insight into the impact of Solvency II on life insurance, non-life
insurance, and reinsurance.
Understand
the global impact of Solvency II on European insurance and
reinsurance groups operating outside Europe, and Non-European
insurance and reinsurance groups operating in Europe.
Key
Highlights
The
capital requirement to cover insurance liabilities has increased
substantially under the risk-based capital regime of Solvency II.
Most of the increase in solvency capital requirement is due to market
risk. It alerted insurers to rethink their business models,
particularly small insurers, monoline insurers and annuity providers.
Solvency
II has extensive data requirements for insurers and reinsurers to
meet the objectives of all three pillars: capital adequacy,
supervision and disclosure. A vast amount of data needs to be
processed, filtered and presented in a particular format when
calculating solvency capital requirements. The documentation of the
disclosure process, using SFCR, RFR and QRTs, is also proving to be
cumbersome.
The
impact of Solvency II will not only be limited to the EU, but also
have a global reach. Insurers headquartered in the EU and with a
global presence will have to either comply with the Solvency II
provisions or adopt them. Responsibility lies with insurance
regulator of the third country to transpose delegated acts into their
regulated regime.
Solvency
II challenges the ability of an insurer to construe an investment
strategy which can optimize the rate of return on investments.
Capital charges can act as a defining factor in insurers' investment
operations. Assets such as equities, real estate, structured products
and corporate bonds, which are perceived to be riskier, will attract
higher capital charges.
Table
of Contents
1
Executive Summary
2
Solvency II at Glance
3
The Need for a New Regulatory Regime Solvency II
4
Solvency II Directive An Overview
4.1
Pillar I: Capital Adequacy
4.2
Pillar II: Supervision
4.3
Pillar III: Disclosure
5
Transitional Measures
6
Solvency II Equivalence
7
The Impact on Business Operations
7.1
Life Insurance
7.2
Reinsurance
7.3
Non-Life Insurance
8
The Impact on Investment Operations
9
Brexit and Solvency II
10
Conclusion
11
Appendix
11.1
Methodology
11.2
Contact Timetric
11.3
About Timetric
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