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The Challenge of Solvency Reform for European Insurers

Author

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  • Philippe Trainar

    (Fédération Française des Sociétés d'Assurance, 26 bvd Haussmann, 75311 Paris Cedex 09, France.)

Abstract

The process of the European insurance companies' solvency reform has entered into an extremely active phase. The European Commission drafted a Framework to guide the process, which it amended over the summer of 2005. In parallel with the release of this Framework, the Commission launched three waves of consultations. To understand what is at stake with this reform, it is useful to begin by reviewing the reasons that led the Commission to initiate Solvency II in the first place, upon completion of Solvency I, and the conditions under which the process should be conducted. Then, we will turn to the principal orientations of the reform, with particular emphasis on six of them. Finally, we discuss seven of the most salient economic and financial issues at this point in the discussion. The fact that the Commission's work was not preceded by in-depth technical work, as was the case for the Basel Committee when it undertook banking solvency reform, gives us some idea of the magnitude of the task facing the Commission, which must not only invent new legislation better adapted to the realities of the European insurance industry, but also resolve a number of technical, economic and financial matters for which little or no consensus exists today. The Geneva Papers (2006) 31, 169–185. doi:10.1057/palgrave.gpp.2510066

Suggested Citation

  • Philippe Trainar, 2006. "The Challenge of Solvency Reform for European Insurers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 31(1), pages 169-185, January.
    • Handle: RePEc:pal:gpprii:v:31:y:2006:i:1:p:169-185
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    Citations

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    Cited by:

    1. Jelena Kočović & Marija Koprivica, 2018. "Internal Model For Measuring Premium Risk In Determining Solvency Of Non-Life Insurers," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 63(217), pages 99-128, April – J.
    2. Asier Garayeta & J. Inaki De La Pena & Ivan Iturricastillo, 2014. "Pragmatic Solutions for Solvency Capital Requirements at Life Insurance Companies: The Case of Spain," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 5(4), pages 39-51, July.
    3. Asier Garayeta & J. Iñaki De la Peña & Eduardo Trigo, 2022. "Towards a Global Solvency Model in the Insurance Market: A Qualitative Analysis," Sustainability, MDPI, vol. 14(11), pages 1-18, May.
    4. Nora Gavira-Durón & Daniel Mayorga-Serna & Alberto Bagatella-Osorio, 2022. "The financial impact of the implementation of Solvency II on the Mexican insurance sector," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 349-374, April.
    5. Ramosaj, Berim, 2010. "Challenges to Solvency II Reform in Insurance Industry," MPRA Paper 26739, University Library of Munich, Germany.
    6. Robert W. Klein & Shaun Wang, 2009. "Catastrophe Risk Financing in the United States and the European Union: A Comparative Analysis of Alternative Regulatory Approaches," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(3), pages 607-637, September.

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