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EIOPA Alerts 

Insurance statistics and Solvency II

Below we have detailed some recent updates from EIOPA.

Insurance Statistics

EIOPA has recently published statistics based on the 2017 Q1 Solvency II regulatory reporting from (re)insurance undertakings and groups in the EEA. The publication includes a set of indicators based on financial stability reporting for the largest European insurance groups and undertakings on an aggregated level and split by country. It covers topics such as balance sheets, own funds and claims / expense information. 

Overall the figures are in line with the statistics published for the previous quarters:

  • The weighted-average SCR coverage ratio in Ireland is 172%, comparing to the EU average of 228%.
  • Most of the assets (57.9%) held by Irish insurers are in the form of index-linked and unit-linked assets, while the number is only 23.5% across the EEA.

 

Solvency Capital Requirement (SCR) of Solvency II

EIOPA has published a consultation paper on a second set of Advice for the review of the Solvency Capital Requirement (SCR) of Solvency II as foreseen in the Directive and its Delegated Acts. This consultation focuses on the remaining elements in the review of the SCR standard formula not covered by the first Advice submitted to the European Commission on 30 October 2017.

EIOPA is consulting on overarching aspects of the SCR standard formula and soliciting stakeholder feedback on key sub-modules such as the loss-absorbing capacity of deferred taxes calculation, the calculation of non-life and life underwriting risks, catastrophe risks, unrated debt and unlisted equity and other topics such as cost of capital in the calculation of the risk margin.

 

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