The impact of Solvency II and relevant implementing measures on the insurance firm’s risk management maturity

The aim of this chapter is to determine whether the Solvency II rules and implementing measures have had any influence on the maturity level of organisation’s risk management. In fact this study sought to understand the status of the organisation’s risk management maturity prior to and after the introduction of Solvency II and the relevant implementing measures. To answer this question, the authors used a questionnaire, which was sent out to targeted controllers (risk managers/consultants/officers, auditors and compliance managers/officers) and managers (CFOs, CEOs, COOs, directors and investment managers) within European insurance firms located in the UK, Italy, Holland, Spain, Belgium, Luxembourg, Czech Republic and Malta. The findings provide empirical evidence that the organisations’ risk management maturity improved with the introduction of Solvency II regulations and the relevant implementing measures.