Reports and research

Supervision | Cross-border

Peer review on freedom to provide services

Financial stability

Financial Stability Report December 2015

Financial stability

Assessing Systemic Risk of the European Insurance Industry

This paper investigates the systemic relevance of the insurance industry. We do it by analysing the systemic contribution of the insurance industry vis-á-vis other industries by applying three measures, namely the linear Granger causality test, conditional value at risk and marginal expected...
Financial stability

Financial Stability Report May 2015

Financial stability

Insurance Sector Profitability and the Macroeconomic Environment

Profitability is one of the most important determinants of insurers’ performance and healthiness. This article empirically investigates the link between the macroeconomic environment and insurers’ profitability using cross-country European aggregate data. Our empirical results suggest that low...
Financial stability

Macroprudential Objectives and Instruments for Insurance

This article seeks to contribute to the ongoing debate on the objectives of macroprudential policies and the interaction between micro- and macroprudential policy in insurance. We consider two channels through which the insurance sector could influence economic growth and link these considerations...
Solvency II | Supervision | Colleges of Supervisors

Follow-up Peer Reviews on pre-application of internal models

Financial stability

Financial Stability Report December 2014

Financial stability

How to Measure Interconnectedness

Interconnectedness is considered as a key component to systemic risk supervision. However, there is little guidance on its measurement. Using a unique dataset of bilateral exposures between 21 French financial institutions, we analyse and compare several strategies to measure interconnectedness. We...
Financial stability

Financial Stability Report May 2014

Financial stability

Global Systemically Important Insurers

This paper addresses the issue of systemic risk in the financial sector and its relevance with regard to insurance activities. The initiatives which followed the 2008 global financial crisis to address the risks posed by Systemically Important Financial Institutions are analyzed, with a focus on...
Financial stability

Insurance and the Macroeconomic Environment

Insurance companies play an important role in the financial sector and the availability of insurance products is an essential element of sustainable economic growth. This article analyses the relationship between growth in the insurance sector and key macroeconomic determinants using a European...
Financial stability

Financial Stability Report December 2013

Financial stability

Financial Stability Report December 2012

Solvency II | Supervision | Colleges of Supervisors

Peer review on pre-application of internal models for NSAs and colleges

Financial stability

Financial Stability Report June 2013

Supervision | IORP

Peer Review on Occupational Pensions project 2012