European insurance watchdog is now the one under investigation

EU insurance watchdog industry

The EIOPA is typically the one watching over the market but it is now facing scrutiny for two practices. The European insurance watchdog is normally the organization responsible for watching over the industry and making sure the practices are kept legal and appropriate. However, the European Insurance and Occupational Pensions Authority (EIOPA) is now under investigation to check into its own practices. The European Court of Auditors is conducting an audit looking primarily into two main areas. The insurance watchdog will be investigated in the following main areas: its supervision…

Read More

Insurance industry news in Europe reveals considerable stress vulnerability

insurance industry statistics business virtual

The EIOPA released the results of a test that it conducted on the sector and showed a “double hit” could be painful. Recent insurance industry news from the European Insurance and Occupational Pensions Authority (EIOPA) has revealed the results of a form of “stress test” that it conducted and which has now shown that this sector has a higher vulnerability to a stress scenario in which there would be a “double hit” combination of a decrease in asset values and a reduced risk free rate. Overall, the testing showed that…

Read More

Insurance industry watchdog prepares European insurers for new risk rules

EU insurance watchdog industry

The group has taken action to get companies and regulators ready for broad scale changes. This week, the European Union’s insurance industry watchdog took considerable action to begin the preparations of insurers as well as national regulators, for the implementation of new regulations that will lead to widespread changes to their risk and capital management. The EIOPA issued a draft of the guidelines that it is recommending for a number of insurer functions. The European Insurance and Occupational Pensions Authority (EIOPA) released its guidelines draft for the insurance industry, which…

Read More

Insurance news announcement from Europe works to counterbalance low interest rate risk

europe insurance news industry

EU watchdog is now calling for a joint effort to help to counter the risks presented by the rates. The latest insurance news in the European Union includes a call from the insurance watchdog for a joint action among all of the national regulators for helping to counteract the negative impact that the low interest rates are having on the financial security of insurers. This will help those companies to be able to protect policyholders more effectively and at a lower cost. This topic has been making insurance news for…

Read More

EU insurance regulations may be put on hold

Insurance industry News

Insurance regulations may be delayed for up to two years European insurance companies could get a break from the looming insurance regulations that are coming from the European Union. These regulations, which will cause serious changes in the European insurance industry and could push some smaller companies out of business, are currently scheduled to take effect in January, 2014. The insurance regulations put strict capital requirements on insurance companies and have been the source of controversy for some time. Now, a top European insurance regulator is working to have the…

Read More

Euro crisis may be worse than the economic recession of 2008, say insurers

The European financial crisis is showing no sign of slowing down as the European Union continues to look for ways to stop what may soon become the world’s most catastrophic financial calamity. EU regulators have turned to the insurance industry to help find a solution to the crisis, but insurers have been leery of lending any aid, as the countries involved in the crisis are exposed to massive risk. The European Insurance and Occupational Pension Authority has released a statement regarding the crisis, calling it worse than the economic disaster…

Read More

1 in 10 European insurance companies fail stress test despite a robust market

The European insurance industry is in a state of flux, according to a new study from the European Insurance and Occupational Pensions Authority (EIOPA). The organizations recently conducted a stress test of nearly 130 as yet unidentified insurers. The test showed that the insurance market is quite robust, which means that most insurers are able to procure new clients and produce significant revenue. However, the thirteen unnamed insurance companies failed the test. Based upon its findings, the EIOPA estimates that these insurers would not be able to handle the impact…

Read More