European insurers believe that the business mix of the industry will be “largely unchanged” with some only expansion of particular portfolios following the introduction of Solvency II, according to a survey conducted by Accenture.

The survey claimed that there could be expansion in the reinsurance segment as a result of offsetting risks resulting in a lower capital cost.

It claimed that European insurers are uncertain what impact Solvency II will have, with most respondents claiming that there will be little impact on the industry’s business mix.

Accenture also claimed that the fact that a third of respondents were uncertain as to the impact of Solvency II indicated that there has been little work to date to quantify the impacts. It also claimed that the experience of comparable regulatory changes in the banking sector had been a “major catalyst” for change that affected product portfolio mix and structures.