Solvency II hovers over the insurance industry's horizon like a threatening thunderhead, promising a violent reshaping of the investment landscape when it finally breaks. The absence, so far, of any wholesale rush to transform their asset profiles may simply be the calm before the storm, particularly since detailed rules have yet to be finalised. But it may also be, as some believe, because the change will be rather less dramatic than prophesied. One insurance banker says it reminds him of the Millennium Bug - frenzied anticipation and a boom for consultants followed by, well, business more or less as usual.
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