The number of firms intending to re-price in response to the introduction of Solvency II regulations was up from 19% last year.
Around 26% of life insurance companies were more likely to change their product mix compared to 8% for non-life companies.
There was also a large fall in the number of insurers which planned to restructure their business. Less than a quarter, 23%, said they would reorganise their business down from 47% last year.
Rick Lester, lead Solvency II partner at Deloitte, said: “This year’s survey has identified interesting developments in insurers’ approaches to Solvency II and many have reviewed the way it will be implemented.
“In past surveys insurers have talked of the need to restructure and reorganise their business; now they are analysing the risks they run and reviewing the amount of capital they need to write these risks, and adjusting their pricing and product mix accordingly.
“By adjusting their product mix, insurers are able to optimise the diversification of the different risks in their portfolios. This may lead some companies to consider acquiring books of business while others may withdraw from some parts of the market. We’re also seeing increasing use of reinsurance and hedging mechanisms across the industry to lay off more capital-intensive risks.”
