Solvency II is the largest ever change to European insurance solvency regulations. The European Commission has estimated total costs of implementation for the industry in Europe to be €2-3bn over 5 years.
Most European insurers are obliged to implement the full Solvency II requirements. As such, it will be a major driver for the development and embedding of Enterprise Risk Management (ERM) for the insurance industry. For some it will be a very significant change and a challenging transformation project.