Countdown to Solvency II
Explore the latest developments in Solvency II, get insights into key issues, and learn how insurers can assess the implications of the Solvency II directive to prepare for the changes ahead.
Pillar 2 - Challenging your own risk culture
This PwC publication explains why Pillar 2 is the catalyst that will challenge insurers’ risk culture, governance and risk management. But how do you interpret and apply the regulations to create an efficient risk management process?
Learning from the early movers ― the Lloyd’s Solvency II IMAP experience
This PwC paper discusses the fact that syndicates at Lloyd’s have already had to complete the development and begin the embedding of a capital model which meets Solvency II standards as Lloyd’s prepares for its market-wide model application in April 2012 and asks: As other insurers gear up for the final stages of the model application process, what can they learn from the Lloyd’s businesses that have been there ahead of them?
A step forward for Solvency II reporting requirements
EIOPA have made some significant decisions on quantitative reporting measures in response to stakeholders’ concerns. Here we discuss implications, areas of uncertainty and the deadlines.
Managing the impact of Solvency II on your credit rating
PwC is helping a range of insurers to get to grips with the practicalities of Solvency II implementation.
Is a full internal model a step too far?
Whether to opt for an internal model, the standard formula or one of the options in between is one of the most crucial decisions within Solvency II. It not only affects your firm's capital requirements, but also the way the business is managed and perceived by stakeholders.
Managing spreadsheet risks
While spreadsheets will remain an important tool under Solvency II, they can be inherently difficult to control. Reducing dependence on spreadsheets will therefore be the first priority...
Validating your model
Model validation is one of the six key tests for model approval, however, few insurers have made much headway in model validation. Insurers have until April 2012
Taking the strain out of technical provisions
While the technical provisions are undoubtedly a challenging area of Solvency II implementation, many insurers may be making them more complicated than they actually need to be.
Getting the balance right
Your documentation is the public face of your Solvency II programme. It helps you to make a convincing case to your supervisor that your capabilities and approach are fit for purpose. How can you provide the right kind of documentation to demonstrate compliance without swamping your business in needless paperwork?
Confidence in your capital: The Solvency II data directory
Confidence in your capital: The Solvency II data directory
Making your capital work harder
Insurers seek to structure their operations so that they are capital and tax efficient - Solvency II has changed the playing fieldThe fifth quantitative impact study (QIS5) has demonstrated that capital management structures that are tailored to existing regulation are likely to be less efficient under Solvency II. What can you do to improve your capital position?
Meeting the people test
Instilling risk awareness into the culture and decision making of your organisationModels don’t make decisions, people do.
Getting set for Solvency II
Getting set for Solvency II outlines the findings of a survey looking at European insurers' readiness for implementation. The survey aims to provide a benchmark against which you can compare your own progress.
Up to speed with reporting
Countdown to Solvency II. Keeping pace with faster turnaround times for regulatory returns.
Driving the ORSA intop decision making
Countdown to Solvency II. Preparing the Own Risk and Solvency Assessment (ORSA) and building it into a running of the business.
Driving capital efficiency
Solvency II will intensify the pressure on capital, cost and tax efficiency, making the potential benefits from corporate restructuring even greater.
Coming up with the numbers
Preparing a Solvency II balance sheet and managing the impact on market communications.
Confidence in the model
If insurers are not confident about the reliability of their data and the governance surrounding their models, they cannot be sure about the quality of the information coming out, and neither will their supervisor. How can insurers make sure that their models stand up to scrutiny?
Getting to grips with the shake-up
This publication examines the differences and similarities between the two frameworks and start to assess how this will affect reporting systems, management evaluation and market communication.
Industrialising Solvency II - Delivering sustainable business benefits
Early steps to integrate Solvency II into business as usual will be crucial in reducing compliance costs and realising the competitive benefits. How can insurers lay the foundations for sustainable ‘industrialised’ implementation?
Where’s the benefit? Effective communication in a Solvency II world
Rather than strengthening risk and capital disclosure, Solvency II could lead to a reporting overload. How can insurers strike a balance between meeting regulatory expectations and providing information that would help them to convey the true strength and potential of the business?
Risk appetite: A key management tool
Solvency II requires insurers to align their risk taking with a clearly articulated risk appetite, creating an opportunity to turn risk appetite from a conceptual nicety into a practical and valuable management tool.
Guide to Undertaking QIS5
The fifth Quantitative Impact Study (QIS5) provides a last chance to gauge the likely capital requirements and balance sheet impact on your business of using the Solvency II European Standard Formula. Here is a quick guide to undertaking QIS5 including timings, preparations and key people required.
Shaping Up Solvency II and M&A
How will the strategic implications of Solvency II drive M&A and what will be the impact on the shape of the industry?
Worth Using
The ‘use test’ is proving to be one of the toughest aspects of the internal model approval process (IMAP). How can firms get up to speed while reaping the competitive benefits of a more effective basis for decision-making?
The forgotten pillar
Solvency II is set to impose huge extra demands on risk and capital management disclosure.Yet reporting is still a low implementation priority. How can insurers get their preparations on track?
Data quality: Don’t leave it until last!
With so much of the Solvency II implementation project resting on the quality of the data, now is the time to make data a priority and get preparations on track.
Risk management framework: What’s that really all about?
Solvency II requires insurers to put in place an effective risk management framework. But what does that actually mean in practice and what are the biggest challenges?
Model approval: Preparing a convincing case
With the internal model approval process (IMAP) likely to be a learning curve for both supervisors and applicants, what practical steps can companies take to make a convincing case?
Bridging risk and capital: Edition 5
PwC's Countdown to Solvency II includes articles on ORSA, Pillar 3 disclosures, and other key Solvency II issues.
Bridging risk and capital: Edition 4
This is the fourth edition of Countdown to Solvency II. It features articles on UK and German regulation, project management for multinationals, data and systems, and governance.
Bridging risk and capital: Edition 3
This is the 3rd edition of Countdown to Solvency II from our international Solvency II team. It examines how to make the most of QIS 4 and view it as an opportunity to understand the commercial implications of Solvency II.
Key issues
- David Law
- Global leader
- Insurance
- Tel: +44 (0) 7710 173556
- Paul Clarke
- Global Insurance Regulatory Leader
- Tel: +44 (0) 207 804 4469
- Bryan Joseph
- Global leader
- Actuarial insurance services
- Tel: +44 (0) 207 213 2008
