An important challenge for the entire industry will be the new risk guidelines and equity capital requirements for insurance companies that will take effect in 2013 in the form of an EU directive entitled “Solvency II”. Although the specific effects cannot be forecast in detail, it is most probable that they will result in insurance companies changing their business models, investments, products and asset management. In addition, there will be a significant increase in administrative costs – excessive in the opinion of UNIQA. For UNIQA alone, the new regulations will produce additional expenditures amounting to €4 million annually as well as one-time costs of €16 million. In the area of life insurance, product development measures are already being pursued to provide UNIQA’s customers with attractive products under the new structural conditions as well.