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
Realistic ESG solutions for a multi-national insurer will likely run well beyond the $1 million per annum mark.
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
There are more than 70 standard reports required for Solvency II.
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.
Around 70% of North American life insurers take a “stat approach” or “stat-like” (real-world runoff) approach to managing capital.
Completing QRTs requires approximately 10,000 cells of information to be pulled from a broad spectrum of sources.
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.
As of December 2013, nine insurers have been designated as systemically important.
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
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.
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
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.
Addresses the challenges and opportunities in the global insurance sector, and how they impact the risk management practices of insurers.