ARTICLE · 18 SEPTEMBER 2012

Megatrends Insurance 2012

Schoenherr (Schönherr Rechtsanwälte)

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Schoenherr (Schönherr Rechtsanwälte)

Schoenherr is a leading European full-service law firm with a strong footprint across Central and...

The insurance industry is facing serious changes in market conditions and in the legal environment, especially due to the new Solvency II regulations.

AustriaInsurance

Peter Konwitschka

Manuel Schalk

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The insurance industry is facing serious changes in market conditions and in the legal environment, especially due to the new Solvency II regulations. Here are some legal issues we see dominating 2012.

Implementing Solvency II into national legislation: Close monitoring advised

Solvency II enters into force on 1 January 2013. In 2012, national legislators and regulators will pass the necessary national implementation laws. There is ample room for national variations and insurers are strongly encouraged to closely monitor drafts of national legislators and regulators to safeguard the interests of the insured.

Merger pressure

The introduction of Solvency II will be especially burdensome for small insurers. While Austrian market participants do not currently see a need for a market consolidation, several small carriers in the CEE/SEE market are seen as facing severe merger pressure, thus opening M&A opportunities. Cross-border mergers are one option for EU

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Megatrends Insurance 2012

Implementing Solvency II into national legislation: Close monitoring advised

Merger pressure

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