Survey of Discontinued Insurance Business in Europe - Ninth edition



Unlocking value in run-off



"One thing is for sure, that I am absolutely definite about, run‑off liabilities are going to grow."

Source: Dan Schwarzmann, Executive Board Member, Head of Clients & Markets


The ninth edition of PwC's Survey of Discontinued Insurance Business in Europe, produced in conjunction with the Insurance and Reinsurance Legacy Association (“IRLA”), analyses questionnaire results from parties across Continental Europe and the UK. Additionally, the Survey also includes thought-provoking insights from a number of our industry experts on key issues impacting the run-off market.

The Survey shows that the size of the run-off market is now estimated to be around €247bn, an increase of around €5bn from the previous Survey.

The Survey found that mergers and acquisitions are predicted to be on the up with 68% of Continental European respondents thinking there will be more than 10 disposal transactions in Europe over the next two years. 81% of respondents predict the most likely size of the portfolio disposal will be between €10m and €100m.

With implementation only three months away, Survey respondents cite preparing for Solvency II as the biggest challenge facing Continental European (re) insurers with run-off business.

A selection of the key run-off themes covered in the Survey are listed below:

  • Finding the optimum run-off strategy
  • Run-off in the Solvency II era
  • Restructuring and exit considerations 

To learn more, please download the full survey.

The Solutions for Discontinued Insurance Business team at PwC has access to more than 200 specialists focusing on providing restructuring and operational consulting services to companies in the insurance and reinsurance industry with run-off business. The team is able to offer advice on a range of issues including bringing finality to run-off and considering options such as sale or transfer of liabilities. Previous editions are available: eighth edition and seventh edition.