Getting to grips with the Orsa challenge

Across Europe insurers are reporting uneven progress in their preparations to meet the Orsa requirements, with many firms struggling to adapt their practices to the new regime. Ellen Davis reports

The recent consultation paper on the guidelines for Solvency II’s Own Risk and Solvency Assessment (Orsa) framework kicked off a frenzy of activity by firms and regulators across the European Union (EU). The guidelines themselves – described by one observer as a sort of “motherhood and apple pie” list of risk management tools and governance practices, along with a second, more comprehensive, solvency calculation – are not very controversial. However, the implementation of them could prove tricky