W


hether large or small, Solvency II presents insurers with a challenge. First, there is the organisational and logistical nightmare of complying and finding sufficient resources to complete this task in good time—all while running a business.


Compliance will be costly for any company. It will be even worse for companies with multinational


operations, but at least these will tend to be bigger, with greater resources to call upon. Most mutual insurers, however, are small to medium-sized businesses (SMEs). As such, it is easy to see


why many are concerned about how the new regulatory regime will affect them and whether they will be able to comply in time.


“Solvency II is a challenge,” says Gregor Pozniak, secretary general of the Association of


Mutual Insurers and Insurance Cooperatives in Europe. “Preparation means fixed costs and these hit SMEs harder than they do larger companies. Second, through its provisions and requirements, Solvency II will lead to additional fixed costs. This is another reason why SMEs are concerned.”


October 2011 | INTELLIGENT INSURER | 29


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