PRA has developed tools to analyze the data submitted by firms to identify key issues and emerging risks in the insurance market to support forward-looking judgment-based supervision. This release shares some headline outputs from its high-level analysis. PRA requests feedback on the release and suggestions for future releases by December 31, 2017.
This release presents a number of metrics over 2016, using data from the quarterly reporting templates only. It does not comment on the data or seek to provide any explanation of observed trends. There are two main cohorts in the release: life insurers and general insurers. The metrics are themed around capital, assets, and technical provisions (including risk margin). Any discrepancies or indicators of risk will be managed on an individual firm basis. There is value in setting out this data to enable firms to obtain a view of how they compare with industry averages and sense-check whether this accords with their internal views. The data is also valuable for the purpose of transparency, so that firms are aware of how we are reviewing the data submitted to us.
Related Link: Insurance Data Release (PDF)
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BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.