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.
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
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Insurance product strategist; insurance domain expert; extensive experience developing risk assessment frameworks for insurers
Previous ArticleAPRA Raises Capital Requirements for Westpac, Launches Investigation
CFPB Finalizes Rule on Small Business Lending Data Collection
The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.
BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023
The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
US Congress Report Examines Data Privacy and Cybersecurity Regulations
The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
EU to Conduct One-Off Scenario Analysis to Assess Transition Risk
The European authorities recently made multiple announcements that impact the banking sector.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.