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The Actuary The magazine of the Institute & Faculty of Actuaries
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France and Germany lagging behind on Solvency II

Speaking at Fitch's Insurance Roadshow in London, Clara Hughes, a director in Fitch's insurance department, said most UK insurers are ready for Solvency II and would like to have their internal models approved and start using this system instead of the current regulation.

However, French and German insurers want more time to prepare and are lobbying to delay implementation beyond the current start date, she said.

Ms Hughes also suggested that the impact of the new measures is being overestimated: "Solvency II could be like the millennium bug, we expect a big impact but not much happens. It will take time, but given time insurers can adjust all their products."

Source: Insurance Insight