Question ID: 1451
Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Article: Annex I
Status: Final
Date of submission: 06 May 2019
Question
We would appreciate some clarification on the allocation to Solvency II line of business of property cover for offshore wind turbines.
Further, could you therefore confirm that there is no catastrophe charge for offshore wind turbines, given there is no natural catastrophe charge (onshore assets only) and man-made catastrophe relates only to platforms and tankers?
EIOPA answer
Annex 1 of Commission Delegated Regulation (EU) 2015/35 sets up a number of lines of business under line 5 (Other motor insurance) and 6 (Marine, aviation and transport insurance). They do not include offshore wind turbines.
As stated, the line of business 7 (Fire and other damage to property insurance) covers obligations which cover all damage to or loss of property other than those included in the lines of business 5 and 6. It seems appropriate to include offshore wind turbines.
Please note that obligations in this line of business face certain catastrophe risks, including for instance fire risk (article 132 of Commission Delegated Regulation (EU) 2015/35).