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Most European companies have begun their preparations for Solvency II, the risk-related solvency regime for insurers within the European Union that is expected to come into force around 2010, according to a survey.
According to consultancy firm Ernst & Young's Global Insurance Center, 80% of insurance companies in Europe have begun their Solvency II implementation program, but only 20% believe that their current capital models will comply with the forthcoming regime. In addition, just over half, 53%, say their internal models will need significant enhancement.
Almost two-thirds, 64%, of insurers say they need to upgrade the skills of their actuaries and risk managers to deal with the challenges of Solvency II, and 15% of those say they may need to hire new staff to cope with the regime's demands.
E&Y surveyed senior managers responsible for Solvency II at 54 European insurance companies in 16 countries.