Etude de l'impact de Solvabilité II sur l'efficience opérationnelle d'Intégrale, c'est-à-dire quantifier le coût de cette réglementation, supporté par Intégrale

Abstract

From 1 January 2016, Europe’s insurers sector is governed by a new set of rules called Solvency II Directive. Solvency II is a revision of the European Union insurance and reinsurance framework designed to improve consumer’s protection, standardize supervision and increase the competitiveness of European insurers. According to this new framework, European insurers are required to assess all the types of risks to which they are exposed and to manage those risks more effectively and with greater transparency. Entitled « study of the impact of Solvency II on the Integrale’s operational efficiency: to quantify the cost of this new regulation supported by Integrale », this thesis tends to clear the main costs of Solvency II for the 2015 accounting exercise and the major issues for Integrale. The lack of bibliography dedicated to the subject directed the methodology to the exploitation of direct sources such as field surveys, polls and interviews. The exploitation of these data had to allow to answer a series of practical matters: what are the different types of costs that Integrale has to bear? Which members of staff are involved in Solvency II? One scope of this thesis is to prove to Integrale’s administraters that the increase of overhead costs comes from Solvency II and not from a mismanagement. In addition, a principle of proportionality is mentioned in the Solvency II Directive. Based on this principle, Solvency II should not constitute a too heavy burden for insurance undertaking, but it should be proportional to the size of the company. In this way, being a small insurance undertaking can allow Integrale to lobby the supervisor using the results of this thesis.