18 posts categorised "Solvency II"

17 May 2018

Where are all the specialists needed to implement IFRS 17?

As I continue conversations about IFRS 17 implementation plans with companies across the globe, I can’t help but notice I am being asked the same question over and over: where are all the specialists needed to implement IFRS 17?

03 October 2017

How can you use your investment in Solvency II to implement IFRS 17?

By Anthony Coughlan Blog snapshot Insurance companies can use some models, systems and processes developed for Solvency II for IFRS 17. It is important to understand the differences between Solvency II and IFRS 17, not only so you know the scope of developments required, but also so you can manage...

19 May 2017

Did insurers miss an open goal to resolve IT issues on Solvency II ahead of IFRS 17?

By Alwin Swales Blog snapshot: Insurance companies missed an opportunity to modernise their legacy IT systems estate during Solvency II Biggest impact on systems will be the speed of reporting required Keep an eye out for my series of blogs over the coming months Insurance companies had the chance of...

30 November 2016

Solvency II narrative reporting: The Story of Goldilocks and the Fire Drill

Pillar 3 often feels like the forgotten Pillar of Solvency II. The stark realisation of how the size, complexity and speed of reporting will impact companies and how quickly the first external public disclosure is coming around.

05 August 2016

Trusting the numbers: A pragmatic approach to data confidence

If you don’t have faith in the data, why should anyone else trust your numbers or your calculations? Now that we are into a live Solvency II environment, let’s talk about what that means.

13 July 2016

Like all disruptors, Brexit is an opportunity for insurers

By Jonathan Howe What an extraordinary two weeks it’s been. Insurers’ share values have begun to stabilise following the initial slides in the wake of the referendum result. But boards are faced with more questions than answers as they look to steer through the uncharted waters ahead – the near...

12 May 2016

A step in the dark: When Solvency II reporting becomes hit and hope

However pressed for time you are, it’s always good to be able to really understand what you’re disclosing and have the time and ability to change it if necessary. For those of you who are about to make this big step in the dark that is live Solvency II reporting – good luck! And if it all looks unbearably stressful, we’re here to help.

20 April 2016

The right fit for small insurers: making Solvency II manageable

By Jim Bichard My recent blogs have talked a lot about issues affecting big listed companies such as solvency ratio announcements and IMAP. But this is only a small piece of the Solvency II puzzle. What if you’re one of the almost 400 small UK insurers or mutuals? The way...

18 March 2016

Solvency II quarterly reporting: Are we up a creek – and do we have any paddles?

By Andy Moore As I was preparing for a presentation I recently gave to the Investment and Life Assurance Group (ILAG) on Solvency II reporting and disclosure, I looked back through my Solvency II archives to look for inspiration from previous briefings (aka slides to re-use…). Amongst classic slideshows such...

04 March 2016

Does your solvency ratio stand up to scrutiny?

By Jim Bichard Under the reporting season spotlight Just as we’ve got past the go-live date and Solvency II is up and running, the reporting season is suddenly upon us. You just have to talk to people in the industry about capital strength, or read the analyst and investor reaction...

15 January 2016

Getting into a new regulatory rhythm

By Jim Bichard After all the many years’ hard graft of implementation, huge sighs of relief must have rung around the insurance industry as Solvency II finally went live on 1 January. The big question is what is the new normal? We’ve tended to talk about Solvency II as a...

09 December 2015

The class of 2015 gets their results from the IMAP exam

By Jim Bichard As we hurtle towards the end of 2015, the most indelible memory for many of you will be the frenetic final preparations for Solvency II and in particular the IMAP ‘exams’. I know for many of my colleagues and I, the last few weeks will stay in...

30 November 2015

The (not very) standard formula: Getting to grips with the new capital demands

By Jim Bichard What’s in a name? The title of the Solvency II standard formula is very misleading. It sounds very simple, very unassuming. If I asked most of my clients, however, they would say that it’s anything but standard. From 1 January 2016, more than 90% of insurers across...

08 October 2015

SIMR and Solvency II: Identical twins or forgotten cousins?

By Lee Clarke and Barney Wanstall The Pillar 1 quantitative aspects of Solvency II have preoccupied the industry for a long time. But as we dash towards the ‘go live’ date, the UK’s Prudential Regulation Authority (PRA) is clearly widening its focus to the full spectrum of Solvency II requirements,...

06 October 2015

Gearing up for the final push on Solvency II

By Jim Bichard With the tough slog of internal model preparations now behind us, we now have the anxious wait for the results. What we’ve learned, or perhaps confirmed, from these frantic last few months is that Solvency II will continue to surprise and confound. A whole series of technical...

21 September 2015

The (not very) Standard Formula

By Barney Wanstall Given the few firms left in the first wave of the PRA's Internal Model Application Process, the vast majority of the UK's 500 insurers will be calculating their capital requirements using the standard formula from 2016. This means that far more of the industry has been affected...

17 June 2015

Tough choices on Solvency II: So much now hinging on the right decisions

By Jim Bichard In my last blog, I talked about how much is at stake now that the final preparations for Solvency II are underway. A few weeks on, the pressure is intensifying as many of us burn the midnight oil to meet imminent deadlines, the internal model approval process...

01 July 2014

Solvency II –the PRA does want to approve internal models

By Barney Wanstall Insurers are on track to implement Solvency II (SII) by 2016. But getting approval from the regulator for an internal model is still proving a daunting challenge. An internal model – the processes, systems and calculations that quantify and rank the risks faced by the business –...