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EMEA Insurers - Regional Snapshot

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Insurers in Europe are confronting a host of regulatory issues dominated by Solvency II. While 91 percent describe Solvency II as a challenge, insurers in the region are divided in terms of how to approach these new requirements. Nearly half of respondents (49 percent) judge their firms to be taking a very proactive approach to Solvency II requirements, while the rest are delaying efforts until uncertainty around key aspects of the regulation is resolved.

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EMEA Insurers - Regional Snapshot

  1. 1. LIMITED ACCESS2013 State Street Insurance Survey• This survey, sponsored by State Street and conducted by the Economist Intelligence Unit, examinesthe current state and future outlook for the global insurance industry• Fielded during April 2013, the survey encompassed 307 senior insurance executives globally, ofwhich 116 were based in EMEAAbout the Research144%14%20%8%14%LifeHealthP&CReinsuranceDiversified31%19%16%10%24%UKNetherlandsGermanySwitzerlandOtherEMEA Respondents by Country EMEA Respondents by Industry Sub-Sector
  2. 2. LIMITED ACCESSKey Challenges Facing Insurers in EMEAManagingRiskImproving the assessmentand pricing of risksBalancing liquidityand reserve adequacyRegulationandComplianceAdapting to evolvinginsurance regulationsEnsuring transparency ofbusiness policies and processesDrivingInnovationBringing new, innovativeproducts to market quicklyAdapting distribution tochanging demographicsFinding NewSources ofValueEffectively allocating capital to themost business-critical prioritiesInvesting in morecomplex investment typesOptimizingBusinessStrategyConverting fixed coststo variable costsUsing data more effectivelyacross our company55%53%47%49%47%57%55%41%58%53%33%16%41%26%43%26%19%27%24%24%Minor challenge Major challengeSource: 2013 State Street Insurance Survey,conducted by The Economist Intelligence Unit 2Adapting to regulation and quickly launching innovative productsare the leading challenges for EMEA-based insurers
  3. 3. LIMITED ACCESS60%69%58%53%61%31%19%28%27%19%9%12%14%20%20%40% 20% 0% 20% 40% 60% 80% 100%European Regulatory EnvironmentTop Five Regulatory Concerns for Insurers Operating in EuropeSource: 2013 State Street Insurance Survey, conducted by The Economist Intelligence Unit CORP-0759 3• Regulatory reform in the wake of theglobal financial crisis continues totransform the insurance industry• Solvency II is a huge concern forinsurers operating in Europe: 91 percentdescribe it as a challenge, with nearlyone- third (31 percent) seeing it as a“major” challenge• Nearly half of respondents (49 percent)judge their firms to be taking a veryproactive approach to Solvency IIrequirements, while the rest are delayingefforts until uncertainty around keyaspects of the regulation is resolvedEuropean insurers are confronting a host of regulatory issues, dominated by Solvency IIPreparing for Solvency IIComplying with FATCAKeeping pace withevolving EU and nationaltax legislationAdapting to regulations onunbundling banking andinsurance productsPreparing for PRIPsNot a challenge Minor challenge Major challenge