Solvency II Financial and Capital Structure of Insurance Industry Opportunities

The Solvency II Directive can be considered the ‘gold standard’ in insurance regulation, as it requires insurers to address all the foreseeable risks that may affect their business structure. It is also being looked upon as a global benchmark in insurance regulation due to its comprehensive scope and structure. The predominant objective of this new regime is to stonewall the interests of policyholders and ultimate devisees, by adopting risk management at the core of insurance business processes. It also aims to harmonize insurance regulations and consolidate the European insurance market.

The short-term impact of this on life and general insurance business is likely to be negative. Significant capital charges for risky and volatile assets with high yields are expected to drive changes in investment policies. Sovereign bonds will gain more exposure and replace high capital charge assets, rendering some of the products obsolete and unviable. The impact is expected to be more severe for non-life insurance, due to higher levels of indulgence and riskier assets.

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Continuous delays and uncertainties over the final framework and guidelines have created doubts over the credibility of the new regulation. Some market experts have even called the project overambitious in nature. Furthermore, most European countries are not prepared to adopt it fully and the current deadline of 1 January 2014 is expected to be breached again. Several surveys have indicated that firms have made a fair amount of progress in terms of the Pillar I requirement but are lagging behind in terms of Pillar II norms. The readiness level is even worse for Pillar III, and regulators are uncertain about efficient implementation of the project in the given timeframe.

Major countries in the American and Asia-Pacific regions are also going through structural changes in their regulations and are observing developments in Europe carefully. Most of the companies operating in these regions will be directly or indirectly affected by the regulation changes in Europe. Although none of the countries have indicated full adoption of the Solvency II regime, most Asia-Pacific countries are moving in the same direction with norms similar to Solvency II already in place or proposals to do so. Meanwhile, the US is also working on reforming its own regulations, which are similar in nature as far as Pillar I and Pillar II of Solvency II is concerned. However, there are key differences and regulatory bodies are trying to reach a common ground to avoid conflict.

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Scope

- This report provides comprehensive analysis of Solvency II regulations which will impact the financial and capital structure of the insurance industry

- It studies the proposed Solvency II directives by key pillars and explains their objectives

- It provides detailed analysis of the challenges and overall impact that Solvency II will have on the financial services industry

- It provides comparative study of Solvency II regulations with Solvency I and Basel II norms

- It provides analysis of the opportunities for insurance firms under the new regulations

Reasons To Buy

- Make strategic business decisions using this detailed assessment of the key challenges and opportunities

- Understand directives of the new regulations and necessary changes required in the current business structure of a firm, in order to be prepared for smooth implementation

- Assess the adoption of Solvency II in different countries

- Find out how the key segments of the insurance industry will be impacted in the short run and the long run

- Understand the impact on key asset classes due to the change in regulations

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Table of Content

1 Executive Summary

2 Solvency II Framework: Assessment of Key Pillars and Timelines
2.1 Pillar I: Capital Adequacy
2.2 Pillar II: Supervision
2.3 Pillar III: Disclosure
2.4 Regulatory Evolution
2.4.1 Solvency I vs. Solvency II
2.4.2 Basel II vs. Solvency II

3 Analysis of Business and Operational Implications
3.1 Impact on Key Functional and Operational Elements
3.1.1 Impact on insurance product
3.2 Impact on Insurance Segments
3.2.1 Impact on life insurance segment
3.2.2 Impact on general or non-life insurance segment
3.3 Impact on Reinsurance

4 Solvency II Risk Assessment and Challenges
4.1 Analysis by Asset Class
4.1.1 Equities
4.1.2 Property
4.1.3 Derivatives
4.1.4 Bonds
4.1.5 Alternative assets
4.2 Analysis by Solvency II Pillars
4.2.1 Pillar I – capital adequacy
4.2.2 Pillar II – systems of governance
4.2.3 Pillar III – supervisory reporting and public disclosure
4.3 Analysis of Banks

5 Analysis of Opportunities and Recommendations
5.1 Market Opportunities
5.1.1 Operational and functional opportunities
5.1.2 Mergers and acquisitions
5.2 Recommended Actions

6 Europe: Assessment of Solvency II Readiness and Risks
6.1 Overview
6.2 Country Readiness Status by Functional and Operational Elements
6.3 Company Benchmarking by Solvency Capital Margin
6.4 Regional Risk and Challenges

7 Regional Analysis: Assessment of Solvency II Readiness and Impact on Business
7.1 Americas
7.1.1 Current status of solvency regulations
7.1.2 Country readiness status by functional and operational elements
7.2 Asia-Pacific
7.2.1 Current status of solvency regulations in Asia
7.2.2 Country readiness status by functional and operational elements

8 Appendix
8.1 Methodology
8.2 Definitions
8.3 Contact Us
8.4 About Timetric
8.4.1 Our approach
8.5 Services
8.6 Disclaimer

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