Solvency II creates opportunity in Germany

A straw poll of German fund managers by look-through data specialist Silverfinch suggests that ongoing delays in Solvency II reporting are opening up the country’s EUR 1.4 trillion of insurance assets to non-German asset managers unaffected by the problems.

Specifically, Germany has embraced the tripartite data exchange table template (TPT) used for reporting to the regulator on Solvency II look-through data but a lack of clarity about the way in which some data should be presented is creating delays. As an interim measure, Germany’s Federal Financial Supervisory Authority (BaFin) has allowed insurers to leave gaps in their TPT submissions if they are uncertain of how to present the data.

John Dowdall, managing director of Silverfinch said: “We’ve said for some time that any country-specific hiccups in the implementation of Solvency II could create opportunities for fund managers to enter new markets.”