Implementation costs estimated to rise as FSA consults on Solvency II transition

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Implementing Solvency II will cost UK insurers up to £200 million more than previously estimated, the Financial Services Authority (FSA) said as it launched a consultation on the transposition of Solvency II into UK law.

The regulator now estimates that the one-off cost to the insurance industry of implementing Solvency II in the UK will be £1.9 billion from 2008 to 2013. An earlier estimate had put the cost at around £1.7 billion.

The FSA said it had increased its estimates as a recent survey

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