Financial Stability Report December 2022

The December 2022 Financial Stability Report examines key risks and developments in Europe's insurance and occupational pensions sectors. Additionally, the report presents four topical focuses, notably about

• the impact of rising inflation and interest rates on insurers’ financial position,
• insurers’ use of derivates and related liquidity needs,
• the growing relevance of life portfolio transfers, as well as
• non-life insurers’ underwriting exposure to physical climate change risk.