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Insurers optimistic about cost of Solvency II, says BDO

BDO Stoy Hayward says 61 per cent of UK insurers believe that the cost of implementing Solvency II will be less than £500,000, with a further eight per cent still having no idea of the cost.

According to BDO research, of the remaining companies eight per cent feel the cost of implementation will be between £500,000 and £750,000, four per cent between £750,000 and £1m and 19 per cent think the cost will be in excess of £1m.

BDO Financial Services Group insurance specialist Kirstie Gordon says: “What is interesting about these results is that the estimated cost of implementation does not seem to correspond with the size of a firm, which would appear odd.

“This would imply that many firms have only made basic estimates of cost. While the implementation date of October 2012 might seem a long way away, it is essential that planning, especially in terms of GAP and cost-benefit analysis starts now.”

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