Financial Stability Report December 2025

EIOPA's December 2025 Financial Stability Report analyses the risks and vulnerabilities facing European insurers and occupational pension funds in a period marked by economic fragility, subdued growth and high uncertainties about the future of international collaboration and its implications on the economy.

 The report also features five deep dives into current and relevant developments, covering insurers’ and occupational pension funds’ exposures to private credit, risks stemming from a weakening dollar, global market interconnectedness, cyber risk as a potential systemic threat, and the role of AI in amplifying existing systemic vulnerabilities.