PwC: Insurers may struggle to meet Solvency II deadline

The Europe-wide regulatory regime must be implemented by 2013, but 11% of insurers have not yet started the process. Almost three quarters of insurers say they will meet the deadline, but of those which have started their SII project, the majority are only a quarter of the way through. Many insurers are not clear on the levels of spending and staff they will need to complete their SII projects. The majority of insurers (40%) will spend under £860,000 on SII, with only 9% of respondents spending more than £17m. Of the insurers who have already launched their SII projects, 83% hav...