Insurance by the Numbers
15%
With P&C premiums growing at about 15% per year, China will likely surpass Japan as the largest Asian market within two or three years.1
$1m
Realistic ESG solutions for a multi-national insurer will likely run well beyond the $1 million per annum mark.
67%
Based on the Moody’s Analytics Solvency II survey, 67% of insurance companies had to increase their staff by at least 10% to address the Solvency II requirements.2
70
There are more than 70 standard reports required for Solvency II.
100s
A large insurer may have hundreds of source systems and thousands of spreadsheets from which data is needed. Spreadsheets are coming under increasing regulatory focus for Solvency II.
70%
Around 70% of North American life insurers take a “stat approach” or “stat-like” (real-world runoff) approach to managing capital.
10,000
Completing QRTs requires approximately 10,000 cells of information to be pulled from a broad spectrum of sources.
30%
30% of the firms who currently use the Standard Formula plan to upgrade to a partial or full internal model within the next three years.
9
As of December 2013, nine insurers have been designated as systemically important.
€350m
Based on the Moody’s Analytics Solvency II survey, some Tier 1 insurance companies have already spent more than €350 million on Solvency II compliance.3
1-in-20
While regulatory compliance may require a focus on a 1-in-200-year event, a 1-in-20-year event may be more relevant for business planning purposes.
25%
Only 25% of the companies interviewed during the Moody’s Analytics Solvency II survey had their Solvency II process in place and solutions running.4
Sources
1 Moody’s Investors Service, Global Insurance Outlook for 2014.
2 Moody’s Analytics 2013 Solvency II Practitioner Survey, page 26.
3 Moody’s Analytics 2013 Solvency II Practitioner Survey, page 25.
4 Moody’s Analytics 2013 Solvency II Practitioner Survey, page 10.
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