Reports and research

Supervision

Failures and near misses in insurance

The report aims at enhancing super­visory knowledge on the prevention and management of insurance failures, based on the information contained in the EIOPA data­base, which comprises a sample of 219 affected insurance undertakings in 31 European countries, dating back from 1999 to 2020.
Statistics

European Insurance Overview 2021

The Annual European Insurance Overview is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European (re)insurance sector. The report is based on annually reported Solvency II information. This ensures that the data has...
Risk-free rate

Report on EIOPA's approach for the implementation of IBOR transitions

This report highlights EIOPA's policy approach for the implementation of Interbank Offered Rates (IBOR) transitions. This report includes a summary of the comments received by the stakeholders, the final methodology to perform the IBOR transitions, as well as the results of the information request...
Supervision

Criteria for the independence of supervisory authorities

The independence of supervisory authorities is crucial for the legitimacy and credibility of the supervisory process. For public bodies, independence and good governance are necessary to avoid possible conflicts of interest and to reduce the likelihood of undue external influence on supervisory...
Risk assessment

Joint Committee Report on risks and vulnerabilities in the Eu financial system - Autumn 2021

The report highlights the increasing vulnerabilities across the financial sector, the rise seen in terms of cyber risk and the materialisation of event-driven risks.
Solvency II | Supervision

Follow-up report on the Peer review of key functions: Supervisory practices and application in assessing key functions

This report is a follow up to the Peer review of key functions: Supervisory practices and application in assessing key functions . The report assesses how national competent authorities have implemented the recommended actions from the original peer review. Peer reviews assess the application by...
Supervision

Report on EIOPA Supervisory Activities in 2020

This report presents how EIOPA contributed during 2020 to enhancing the common European supervisory culture and promoted consistent supervisory practices both from a prudential and conduct of business supervision perspective.
Sustainability | Impact underwriting

Report on non-life underwriting and pricing in light of climate change

The frequency and severity of natural catastrophes is expected to increase due to climate change. As underwriters of natural catastrophe risks, the (re)insurance sector can be particularly impacted by climate change. The increasing risk can lead to insurance coverage becoming unaffordable for the...
Solvency requirements | Sustainability

Methodological paper on potential inclusion of climate change in the Nat Cat standard formula

The frequency and severity of natural catastrophes is expected to increase due to climate change. To ensure continuing policyholder protection and stability of the insurance market, the Solvency Capital Requirements (SCR) for natural catastrophe underwriting risk should reflect the expected impact...
Stress test | Financial stability

Impact of EU-wide insurance stress tests on equity prices and systemic risk

Since the global financial crisis in 2007, stress tests have become standard tools for regulators and supervisors to assess the risks and vulnerabilities of financial sectors. To this end, the Insurance and Occupational Pensions Authority (EIOPA) regularly performs EU-wide insurance stress tests...
Sustainability | Financial stability

Climate change, catastrophes and the macroeconomic benefits of insurance

This article considers the protective role that insurance can play in mitigating the negative macroeconomic and welfare impact of catastrophes, and the interplay between climate change and insurance coverage. The article first develops a theoretical model of insurance, climate change, catastrophes...
Financial stability

Financial Stability Report July 2021

The Financial Stability Report - July 2021 addresses key financial stability risks in the European insurance and pension sector. The report emphasizes that the pandemic crisis is still not over and many uncertainties remain despite the progress in vaccination campaigns and decreasing trends in the...
Big Data | InsurTech | Innovation

Artificial intelligence governance principles: towards ethical and trustworthy artificial intelligence in the European insurance sector

The report builds on recent international and EU developments in the area of digitalisation and AI. The report highlights the proliferation of AI in insurance. For instance, AI allows insurance companies to carry out more granular risk assessments and pricing practices, increasingly efficient...
Regulation

Joint committee report on the implementation and functioning of the securitisation regulation

This report aims to identify the status of the application of the Securitisation Regulation (Regulation (EU) 2017/24021) (SECR) as well as some initial inconsistencies and challenges that occurred in the first years of implementation of the SECR and which may affect the overall efficiency and...
Stress test

2021 Insurance stress test factsheet

The 2021 stress test exercise focuses on a prolonged COVID-19 scenario in a “lower for longer” interest rate environment and evaluates its impacts on the capital and liquidity position of the entities in scope. The 2021 stress test exercise aims to assess the resilience of the participants to the...
Consumer protection

Cost and past performance report 2021

This report provides an analysis of costs for the year 2019 and past performance for the period 2015-2019. The products within scope for this iteration of the report are: Insurance-based Investments Products (IBIPs) and Personal Pension Products (PPPs). The report covers the European Union (EU)...
Organisation

Joint Committee Annual Report 2020

In 2020, the Joint Committee under the chairmanship of the EBA, continued to have a central role for the coordination and exchange of information between the European Supervisory Authorities (ESAs), the European Commission (EC) and the European Systemic Risk Board (ESRB). Progress continued on...
Reporting | Solvency II

Report on the use of limitations and exemptions from reporting during 2019 and Q1 2020

This report focuses on the limitations and exemptions as applied by the national competent authorities (NCAs) in different markets in 2019 year-end and the first quarter of 2020 and highlight the difference with regard to the last year’s report. The limitations and exemptions on reporting foreseen...