BoE and PRA Invite Feedback on New Insurance Data Release
BoE and PRA published a call for feedback to inform potential users that they are preparing to publish regular, aggregated data related to the UK Insurance market on a quarterly basis. The call for feedback contains the proposed content and presentation of the publication. Comments to this call for feedback should be sent by March 16, 2020.
The publication of PRA aggregated insurance statistics will be accompanied with the underlying aggregated granular data to enable users to perform bespoke analysis. The content will also seek to incorporate, within the publication, aggregated statistics currently published by EIOPA, for ease of analysis. The content of the initial publication will be based on Solvency II Quantitative Reporting Templates and, where relevant, supplemented with PRA data collections. The schedule for publication will be at a timely point following the submission and quality checking of quarterly and annual data, with the intention of publishing the information when it is of most relevance.
The call for feedback contains a list of the proposed statistics to be published, including the templates on which the data are based. The list represents areas of core insurance data that may be expanded on in future publications. The content may extend to other data points, such as those taken from the National Specific Templates and other PRA data collections. The publication will include the split of life and non-life insurance, where relevant. The proposed content of the publication represents core insurance statistics, some of which were included in Insurance Data Release, that was published in October 2017. Subject to any comments and feedback received, the first Insurance Data Release is intended to be published in the new format during the first half of 2020. Comments will also be welcome thereafter.
Related Links
Comment Due Date: March 16, 2020
Keywords: Europe, UK, Insurance, Solvency II, Data, Insurance Data Release, Statistics, Quantitative Reporting Templates, Data Collection, National Specific Templates, PRA, BoE
Featured Experts
Adam Koursaris
Asset and liability management expert; capable modeler; risk and capital specialist
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Cassandra Hannibal
IFRS 17 subject matter expert; actuary; risk management and capital projection specialist
Previous Article
FDIC and OCC Issue Statement on Heightened Cyber Security RiskRelated Articles
HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB Sets Out Roadmap for Transition to Alternative Reference Rates
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury Publishes Response to Proposal on BRRD2 Transposition
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury Publishes Response to Proposal on CRD5 Transposition
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
PRA Updates Supervisory Statement on Counterparty Credit Risk
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB Publishes Update on Work to Address Market Fragmentation
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).
EBA Finalizes Standards for Prudential Treatment of Software Assets
EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.
FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins
FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.
EIOPA Urges Insurers to Prepare for End of Brexit Transition
In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.
