EMEA Capital Management in Insurance Survey 2015
The transition to Solvency II on 1 January 2016 is the most significant regulatory change the European insurance industry has experienced in decades. In the second half of 2015, Deloitte carried out a Capital Management Survey which covered 50 insurance firms across 10 European countries.
This report focuses on capital management challenges for insurers. It is based on a survey which covered 50 firms across 10 European countries and focused on Capital Management governance, changes in the Capital Management landscape, metrics and modelling and strategic decision process.
- Fewer than half of EU insurers have a coordinated approach to capital management. Even where insurers have such a department, many depend on separate functions such as the risk, actuarial and investment departments.
- Solvency II requires a technical skillset, and there is heavy reliance on these areas. Without a joined-up view across all of these areas, there is a significant risk insurers could miss the whole picture.
- Strong and appropriate governance is needed to support a holistic view of capital management activities.
- Capital management will be a focus over the next five years for 90% of EU insurers, with an emphasis on how capital is sourced, used and maximized.
This report will be of particular interest to CEOs, CFOs, CROs, Chief Actuaries and Heads of Capital Management. Please do get in touch if you have any questions about the report.