Reinsurance News
EIOPA
EIOPA sees “signs of deterioration” among reinsurers since pandemic
7th July 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has observed “signs of deterioration” in the European reinsurance sector, which it says could have long-term implications for the EU protection gap. The comments came as part of a new Financial Stability Report from EIOPA that addresses key financial stability risks in the ... Read the full article
EIOPA releases report on climate change risk scenarios in ORSA
21st April 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has released a report which explores the use of climate change scenarios in the Own Risk and Solvency Assessment (ORSA) addressed to national supervisory authorities. Within the report, EIOPA set out expectations on the supervision of the integration of climate change risk scenarios ... Read the full article
EIOPA proposes measures to improve BI insurance
18th February 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has proposed a series of measures to improve the insurability of business interruption (BI) in light of pandemics. The Authority explored options relating to prevention measures to reduce losses, capital markets risk transfer, and multi-peril solutions for systemic risk. It also addressed the general ... Read the full article
COVID-19 proves importance of Solvency II, says EIOPA
31st July 2020
According to the European Insurance and Occupational Pensions Authority (EIOPA), over the last few months the COVID-19 outbreak has further proved the importance of the Solvency II regulatory framework. The EIOPA argues that the framework has helped re/insurers to better align capital to risk, build-up resilience and enhance risk management practices, ... Read the full article
EIOPA explores options for shared pandemic resilience
30th July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has published a new paper exploring several options for developing shared resilience solutions for pandemic risk. The European supervisory body shares the broad industry view that private re/insurance solutions alone will not be sufficient to protect societies against the financial consequences of future ... Read the full article
EIOPA outlines Solvency II rules for COVID-19 reinsurance schemes
21st July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined how Solvency II rules will recognise reinsurance schemes for COVID-19 and credit insurance. The European regulator has identified significant differences in that way that national schemes are implemented through its temporary framework for state aid measures to support the economy in ... Read the full article
ESRB calls for liquidity monitoring framework amid pandemic
9th June 2020
The European Systemic Risk Board (ESRB) has called for a framework to enable closer monitoring of re/insurers’ liquidity risks as part of its effort to address COVID-19 challenges. In a communication to the European Insurance and Occupational Pensions Authority (EIOPA), the Board strongly encouraged EIOPA and its members to finalise and ... Read the full article
EU regulator says governments must insure future lockdowns
12th May 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has said that national governments must help to provide pandemic business cover in future lockdowns, according to reports from Reuters. EIOPA Chair Gabriel Bernardino told the publication that the private sector does not have the capacity to provide such broad coverage alone. Bernardino also ... Read the full article
EIOPA asks re/insurers to suspend dividends & buybacks on COVID-19 uncertainty
3rd April 2020
The European Insurance and Occupational Pensions Authority (EIOPA), part of the European System of Financial Supervision, has urged all re/insurers to temporarily suspend all discretionary dividend distributions and share buybacks in light of the spreading coronavirus outbreak. The EIOPA has stressed the importance of ensuring continued access to and continuity of ... Read the full article
EIOPA info request points to Solvency II changes: AM Best
25th March 2020
A recent information request issued by the European Insurance and Occupational Pensions Authority (EIOPA) suggests a set of potential changes that could be made to enhance Solvency II standards for insurers, according to AM Best. EIOPA began the latest phase of its Solvency II review on March 4th with a request ... Read the full article
Low yield environment still key risk for European re/insurers: EIOPA
23rd December 2019
The low yield environment remains the key risk for European insurers and reinsurers and continues to put pressure on solvency positions, according to the European Insurance and Occupational Pensions Authority (EIOPA). EIOPA believes the risk of a prolonged low yield environment has intensified over the last six months, as a combination ... Read the full article
EIOPA adds members to Insurance & Reinsurance Stakeholder Group
10th October 2019
The European Insurance and Occupational Pensions Authority (EIOPA) has announced the appointment of Liane Hirner and Desislav Danov as members of its Insurance and Reinsurance Stakeholder Group (IRSG). EIOPA consults its stakeholder groups on action concerning regulatory technical standards and their implementation. Members of stakeholder groups can also submit opinions and advice ... Read the full article
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