Opinion on the 2023/2024 Reassessment of the Nat Cat Standard Formula

In light of climate change, new scientific insights and recent catastrophic events, it is important to ensure that the natural catastrophe parameters of the standard formula remain valid. EIOPA therefore performed the reassessment of the natural catastrophe risk standard formula capital charges. In addition, the Solvency II review which includes a mandate to EIOPA to do a reassessment and, in the case of significant discrepancy, a recalibration was considered for this work.

The proposals coming out of the reassessment exercise have been consulted on before the publication of this Opinion.