European insurers are supportive of Solvency II being implemented in 2014, according to reinsurance broker Aon Benfield.
The broker said that 60% of the European insurer delegates at its recent international analytics conference thought that 2014 was a better starting date for the new capital regime.
Some 31%, on the other hand, said they did not want the starting date to be delayed and are working towards the 1 January 2013 deadline. The remaining 9% thought Solvency II should “maybe” be delayed.
Aon Benfield’s comments follow last week's news that the Council of Europe had agreed a proposal that that Solvency II should come into force from 1 January 2014.
Furthermore, Aon Benfield found that 61% of the European insurers it polled think their regulator is not up to speed with their internal capital models, and 54% think their regulator is not up to speed with underwriting risks, in particular catastrophe risk.