EIOPA published the second annual report on European Insurance Overview. The report is based on annually reported Solvency II information, thus ensuring that the data have a high coverage in all countries and are reported consistently across the European Economic Area. The European Insurance Overview report is an extension of the statistical services of EIOPA, with the aim to provide an easy-to-use and accessible overview of the insurance sector in EU.
The data show that, for the vast majority of countries (30 out of 31), a median Solvency capital requirement ratio of over 200% is observed and for all a median minimum capital requirement above 200%. Market risk is the most dominant risk module accounting for between 25% and 80% of Basic Solvency capital requirement for all countries. For the majority (26 out of 31) of countries, tier-1-unrestricted capital accounts for 90% or more of own funds.
The report is objective, factual, and data driven and does not contain analysis or policy messages. It provides highly relevant and easily accessible data at the European level. While the topics and indicators covered are intended to be relatively stable over time, the report will be adapted to respond to changes in micro-prudential and supervisory priorities. It will, therefore, support the supervisory community and industry with highly relevant and easily accessible data at the European level
Keywords: Europe, EU, Insurance, Solvency II, European Insurance Overview, Statistics, EIOPA
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).
The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.
The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.
The Prudential Regulatory Authority (PRA) proposed expectations, via CP8/22, in respect of changes to the instruments or claims that comprise unvested deferred sums awarded to material risk-takers as part of their variable pay.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.7.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The Office of the Superintendent of Financial Institutions (OSFI) updated the 2023 Basel Capital Adequacy Reporting (BCAR) manual as well as the 2023 BCAR return.
In a letter to the G20 Leaders, ahead of the July 2022 meeting, the Financial Stability Board (FSB) Chair set out an overview of the key work done by FSB.
The Single Resolution Board (SRB) published its resolvability assessment and "heat map" for 2021, updated the operational guidance on implementation of bail-in tool, and issued the annual report for 2021.