However, as Ukr Insurance learnt from the press release of the European Insurance Federation Insurance Europe, 58% of respondents offering long-term savings programs stated that Solvency II had a negative impact on these products. 48% of respondents reported that Solvency II caused a reduction in equity investments, long-term bonds or private placements.
"Data received show that insurers are under pressure, redirecting risk to customers and refusing from long-term guaranteed savings products", Insurance Europe informs.
Andreas Brandstetter, CEO and Chairman of the UNIQA Insurance Group, speaking at the Solvency II conference on June 26 in Brussels, said that the results of the federation survey confirmed the insurers' calls for Solvency II to be amended.
The Insurance Europe survey was held in May 2018, 87 insurers from 17 EU markets were interviewed.