Background information and data description

• Pages: 61-64

6. BACKGROUND INFORMATION AND DATA

DESCRIPTION

OVERVI EW AND DATA RE

INSURANCE SECTOR

A publishes statist ics based on quantitative So lven-

cy II rep orting fro m insurance under takings and gro ups

in the Europ ean Union and the Europ ean Economic Area

(EEA). These st atistics are published o n aquarterly basis.

Every publicatio n is accompanied by a note d escribing

the key aspe cts of the statist ics published. T he tables

and charts are available in PDF and Excel for mat and are

based on info rmation from the statist ics at the publica-

tion d ate.40

The new supe rvisor y regime So lvency II came into full

force on 1 January 2016 as aresult of timely preparation

and app ropriate transitional p eriods.

The Solvenc y II Directive ( Directive 2009/138/EC) intro-

duces advanced solvency require ments for insurer s based

on a holistic risk asse ssment, and imposes ne w assess-

ment rules for assets and liabilities, which must be as-

sessed at market v alues.

Currently the following type of information is available:

Indicators based on Individual insurance undert ak-

ings (solo data)

›Quarter ly and annual publicati on of statisti cs based

on solo p rudential re port ing data and available on

acountr y-by-country b asis.

Indicators based on Insurance groups ( group data)

›Annual publication of key indicators based o n group

repor ting and available at EEA level fro m Autumn

2017.

40 https://eiopa. europa.eu/ Pages/Financial-stabilit y-and-crisis-pre ven-

tion/Insurance-Statistic s.aspx

INDICATORS BASED ON REPORTIN G FOR

FINANCIAL STABILITY PURPOSES

Pursuant to Ar t. 51 Solvency II Directive 2009/138/EC in-

surance co mpanies have to p ublish annual Solvency and

Financial Condition Rep orts (SFCR) for group s as well as

solo rep ort s for its Solvency II regulated leg al entities

since May 2017. The str ucture of this Financial Stability

Report covers Q4 2018 and focuses on Europe an (re)

insurance und ert akings and gr oups t hat rep ort regular-

ly under So lvency II. EIOPA bases its analysis mainly on

Quarterly Pr udential Repo rting Solo (QRS) for Q4 2018.

But as not all templates and/or companies rep ort under

QRS, EIOPA also uses Annual Repor ting Solo (AR S) and

Quarterly Financial Stability Repor ting Group (QFG) for

some indicators .

Information is pr ovided on dierent sample sizes as some

(re)insurance co mpanies are exemp ted fr om quar terly

repor ting in accordance wit h Art . 35 (6). There fore, the

sample of und ertakings is not id entical in the annual and

quarterly p ublications. Each Figure EIOPA uses in this r e-

port is hence accompanie d by a source mentioning the

sample size and ano te on data (if n eeded).

INSURANCE SECTOR

Solvency II has put in p lace long ter m guarantee s (LTG) and

transitio nal measures to ensure an ap propriate treatme nt

of insurance products that include lo ng-term guarantee s

and facilitate a smooth transition of the new r egulatory

framework regime. The LTG measures are a permanent

feature of S olvency II, wheare as the transitio nal measures

will be gradually phase d out until 2032 , by which time the

balance sheet p osition of insurance companies will be ful-

ly estimated at market value. Fo r aperiod of 16 years after

the star t of So lvency II (re)insurance unde rtakings may

apply the transitional measure o n the technical p rovisions

and the r isk-free inte rest rate.

NANCIAL STABILITY REPORT

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