An industry expert has warned that 2015 would be the make or break year for European insures as the industry works on implementation of the Solvency II regulatory regime.

Simon Gallagher, head of the insurance industry group at international accountancy firm Moore Stephens, said 2014 had been a difficult year for the insurance industry.
He said there would be 'no let up' in the coming year, with the industry also facing a challenge to maintain profits in a tough environment while also being seen to be treating customers fairly in an invasive regulatory environment.
'Insurance firms must face up to the challenge by demonstrating at all levels of their business cultural change that puts clients first,' he said.
'The re-energising of Solvency II will see insurance firms weighing the expense against the benefits of compliance in the lead-up to 2016 implementation. 2015 will be the make or break year for all EU insurers and evidence strongly suggests that the industry still has much to do to ensure that individual capital models are roadworthy for the Solvency II journey.'
Gallagher's remarks echoed warnings from the European Insurance and Occupational Pensions Authority chair Gabriel Bernardino on Tuesday.
Bernardino warned that European insurers risked a severe 'double hit' from combined widespread asset price corrections and a decline in risk free interest rates.