Without question, artificial intelligence – or AI – plays a vital role in Europe’s digital transformation and is already having – and will continue to have – considerable impact in all areas of financial services.This is certainly true for the insurance sector, where data processing and...

Sustainability risks are of growing relevance for the investment and underwriting activities of insurers, as they can materialize, for example, through investment losses related to stranded assets, increased insured losses or reputational risks. In order to tackle climate change, insurers have set...

Speaking very broadly, insurers have three areas of focus on sustainability and climate: their underwriting; their investments; and their operations. Do all these areas needs oversight from insurance supervisors?If you look at it from a risk perspective, there are sustainability risks in...

We are still going through one of the most challenging periods, with the COVID crisis putting at risk numerous businesses and creating unprecedented situations. In this context, financial stability is probably more important than ever in the insurance industry. What were, in your opinion, the most...

What are the main challenges of the implementation of the new supervisory technologies?The use of supervisory technology is already a reality in many national competent authorities and at EIOPA as well. Supervisors use technology (so called “SupTech”) to enhance internal administrative supervisory...

In December 2020, the European Insurance and Occupational Pensions Authority (EIOPA) concluded its review of Solvency II. As we wait for the European Commission proposals in response to our Opinion, it is worth recapping the core elements of EIOPA’s Opinion.Since its implementation, Solvency II...

Digital operational resilience is essential for a well-functioning financial services sector. As the digital transformation of the sector accelerates, addressing the risks of digital innovation becomes increasingly important.The proposal for a Digital Operational Resilience Act – or DORA, as part...

What is the actual role and contribution of insurance undertakings regarding their ESG risk mitigation in the EU economy?There is a growing urgency to tackle environmental, social and governance-related risks. As news of devastating natural catastrophes fills our screens and we see first-hand the...

The development of the Insurance Capital Standard (ICS) by the International Association of Insurance Supervisors (IAIS) as part of its comprehensive group-wide Common Framework (ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs) has been, since its inception...