Tag: European Insurance and Occupational Pensions Authority

European Union aims to close climate change damage insurance gap

Nordstrom
Insurance gap - EU flag and Climate Change

Only about a quarter of catastrophe losses suffered in the European Union are insured. The European Central Bank (ECB) and European Union insurance regulators announced this week that it was working to better close the insurance gap to provide improved coverage from climate change by setting up public-private partnerships and issuing “catastrophe bonds”. The current uninsured catastrophe losses are creating risks to the EU economy and financial stability. As only about one quarter of catastrophe losses related to climate change in the European Union are insured, the insurance gap is…

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EIOPA watchdog seeks insurance company capital regulations overhaul

Nordstrom
Insurance company capital regulations - EU flags

The EU organization is aiming to establish a more hands-on approach to the rules. The European Union’s insurance company capital regulations require an overhaul that would provide a closer reflection of low interest rates, said the EU insurance watchdog. It also stated that stronger authority for intervention were required, such as banning dividends in order to maintain solvency throughout market shocks. The EU’s Solvency II capital requirements from insurers is currently in a review process. The Solvency II insurance company capital regulations impact insurers throughout the EU, including Allianz, Generali,…

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European insurance watchdog is now the one under investigation

Logan B.
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…

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Insurance industry news in Europe reveals considerable stress vulnerability

Julie Campbell
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…

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Insurance industry watchdog prepares European insurers for new risk rules

H. Cutner
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…

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