Insurers underestimating Pillar III reporting demands

Vendors emphasise importance of future-proofing IT systems to prevent delays in producing Solvency II reports

Smaller insurance firms are underestimating the strain on their reporting processes arising from Solvency II Pillar III requirements, say industry experts. In particular, insurers should replace legacy systems that are ill-equipped to cope with the frequent changes to reporting requirements expected following the implementation of the Directive in 2016, they say.

Mutual insurers in the UK are among those less likely to have grasped the magnitude of change expected when Solvency II goes live