EIOPA launched an EU-wide comparative study on the modelling of life underwriting risks, focusing on insurance and reinsurance undertakings with an internal model covering biometric, life lapse or life expense risks.
This study aims to:
- gain an understanding of the life underwriting risk internal models used in the European Economic Area,
- provide national supervisory authorities with useful tools for the supervision of life internal models,
- provide national supervisory authorities with elements of comparison for longevity, mortality, lapse and expense components of the life underwriting risks.
For each risk in the scope, both qualitative and quantitative data are collected, forming the base for the analysis of the internal models and the related risk profiles of the participating undertakings.
The quantitative data request consists of an explanatory technical specification document and a set of CSV files comprising response templates that should be thoroughly completed by the required participants depending on the life underwriting risks covered by their internal models.
In accordance with EIOPA’s ambition to involve the relevant stakeholders at different stages of the internal model comparative studies and in particular at early preparatory stages, a draft of the technical specifications has been circulated for comments.
The technical specifications have been simplified and further clarified addressing the collected feedback.
Undertakings are requested to follow the instructions for filling out the data request and to submit the relevant documentation to EIOPA, via their respective national supervisory authorities, by 1 July 2024.
Timeline:
- 1 July 2024: Deadline for undertakings to submit data to EIOPA via their respective national supervisory authorities
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