Solvency II News: Only half of UK firms published their Solvency II SFCR to date (1/3 in Ireland)

Ten days after the deadline for publishing solo Solvency II public disclosures, only 155 UK insurance firms have published their Solvency and Financial Condition Report (SFCR).

Research conducted by Solvency II Wire – published on Solvency II Wire Data (premium) – reviewed the websites of 300 UK insurance firms subject to Solvency II and found SFCR reports for just over half.

The figure includes both solo and group entities and the Society of Lloyd’s (single reporting entity). Although the group reporting deadline is 30 June, a number of the larger groups published their SFCR early (see Solvency II Wire 23/5/2017).

Similar research covering the entire Irish market revealed that only about a third of companies (40 out of 128*) have published their SFCR. The full list of companies and links are available to free subscribers of Solvency II Wire Data.

In both markets several groups have obtained a waiver from solo reporting to produce a single group SFCR only

* There are an additional 58 reinsurance firms that are subject to Solvency II. 12 have reported so far (see comments below).


 

Solvency II Wire Data (premium) is collecting information for the entire European insurance industry. Figures are update on the site daily.

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  4 comments for “Solvency II News: Only half of UK firms published their Solvency II SFCR to date (1/3 in Ireland)

  1. Michael Culligan
    May 29, 2017 at 14:30

    Not sure where you’re getting a universe of 128 for Ireland from. There are 194 firms subject to Solvency II in Ireland, according to the registers on the CBI’s website.

  2. Gideon Benari
    May 29, 2017 at 15:14

    Michael
    Our list is based on the undertakings subject to Solvency II by the local supervisor.
    The CBI list includes undertakings with their head offices in other EU Member States but with a branch in Ireland which are selling in Ireland on a freedom of establishment basis. These firms are subject to prudential supervision by their home member state, and not by the CBI.

    According to the CBI website (http://registers.centralbank.ie/DownloadsPage.aspx?AspxAutoDetectCookieSupport=1)I get the following:

    No-life Subject to Solvency II CBI supervision Not subject to CBI Solvency II supervision
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN IRELAND : 89
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN OTHER E.U. MEMBER STATES (i.e. Branches) 30
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES OUTSIDE THE E.U. 0
    NON-SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN IRELAND : 8
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN IRELAND 45
    Life
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN OTHER E.U. MEMBER STATES (i.e. Branches) 11
    SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES OUTSIDE THE E.U. 0
    NON-SOLVENCY II UNDERTAKINGS WITH THEIR HEAD OFFICES IN IRELAND 2
    Total number of Life Insurance Undertakings : Classes of business
    Total undertakings subject to Solvency II CBI supervision 134
    Total of undertaking not subject to CBI Solvency II supervision 51
    All undertakings 185

    Our calculation is 6 firms off, which is due to the latest update on the CBI website that we will be adding to database shortly.

  3. Michael Culligan
    May 29, 2017 at 19:54

    Gideon

    Thanks. I know how branch supervision works, thanks. You’ve omitted reinsurers (of which there are ca. 60). Maybe this was deliberate – perhaps reinsurers are out of scope for the purposes of your analysis?

    Michael

  4. Gideon Benari
    May 30, 2017 at 10:35

    Michael

    That is good to know. Thanks for spotting this – really helpful.

    We are on track to cover the entire European market and will add the 58 reinsurers to our list of 3,200+ firms. From an initial search it looks like 12 of the 58 have published SFCRs so far (available on Solvency II Wire Data).

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