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...

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.

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.

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...

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...

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...

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...

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...

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...

Annual Report 2020

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...

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...

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)...

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...

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...

Joint Committee Report on the assessment of the application of the Guidelines on complaints-handling

Joint Committee report on risks and vulnerabilities in the EU financial system

The European Supervisory Authorities (ESAs) have developed through the Joint Committee (JC) draft Regulatory Technical Standards (RTS) with regard to the content, methodologies and presentation of sustainability-related disclosures under empowerments Articles 2a, 4(6) and (7), 8(3), 9(5), 10(2)...

Final Report following consultation on draft regulatory technical standards to amend the PRIIPs KID