Evident rewards

Again, he agrees that it is far better to be in the 'glass half full' camp though. "The rewards are there — and everyone knew that there was going to be additional work, even if, it can appear over the top. Those who have not properly worked out their capital requirement should be concerned — and now is the time to work hard on that."

He points out that it is not just about paying fees for external specialists. "Insurers also need an internal audit function and that is positive. Senior management needs to be more involved now — in all aspects — ultimately, they have to make it all fit together."

Feeling the strain — and not being afraid to talk about it — would suggest that Groupama has taken the responsibilities of Solvency II on board and so this must be applauded.

Consultants Deloitte last month said a third of UK insurers were not confident that the industry is ready for Solvency II, that some 38% of boards were not fully briefed and engaged on the requirements and 11% believed they may have to relocate as a result of the regulatory requirements. Considering 2013 is only just around the corner and a beefed-up FSA is gearing up should it be included in regulation, this has to be alarming news. Certainly it would seem those insurers putting in the hours now — even if they are feeling the pain — would indicate this is a cost worth paying.