Opinions divided on benefits of XBRL reporting standard for Solvency II
European policy-makers are exploring the use of XBRL, a standardised reporting language, for Solvency II. While mandating its use would harmonise reporting formats and bring the insurance industry in line with the banking sector, some argue there is little benefit to be gained from such a move. Clive Davidson examines the implications
Solvency II introduces many new concepts and practices for how insurers should run their businesses and report to regulators. The initial response from the industry understandably focused on approaches to measuring risk and calculating solvency capital, with much debate around factors such as the illiquidity premium and contract boundaries. As insurers moved into implementation, issues around data management and governance emerged. Now as companies look towards the end game of Solvency II
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