Interviewed by Sarfraz Thind for Insurance ERM, Antoine Bourdais, director of banking and insurance at Invoke, describes some of the key challenges and solutions around Solvency II pillar 3 reporting.
How ready was the market for pillar 3 reporting post-Solvency II implementation?
It has been a positive start. When the first submissions started in May you saw that the majority of the industry was able to deliver reports on time. Regulators have been positive about this. But while the situation is good based on that, you can’t trivialise the upcoming challenges. The industry is yet to carry out global reporting. Global submissions are based on data that has not been produced before and it will be a big task. There are also still a lot of questions over data quality. [...]