Background information and data description

Pages61-64
6.BACKGROUND INFORMATION AND DATA
DESCRIPTION
OVERVI EW AND DATA RE
INSURANCE SECTOR
A publishes statist ics based on quantitative So lven-
cy II reporting from insurance undertakings and groups
in the Europ ean Union and the Europ ean Economic Area
(EEA). These st atistics are published o n aquarterly basis.
Every publication is accompanied by anote describing
the key aspects of the statistics published. The tables
and charts are available in PDF and Excel for mat and are
based on information from the statistics at the publica-
tion d ate.40
The new supervisory regime Solvency II came into full
force on 1 January 2016 as aresult of timely preparation
and app ropriate transitional p eriods.
The Solvency II Directive (Directive 2009/138/EC) intro-
duces advanced solvency require ments for insurer s based
on aholistic risk assessment, and imposes new 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 undertak-
ings (solo data)
Quarter ly and annual publicati on of statisti cs based
on solo prudential reporting 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
reporting and available at EEA level from Autumn
2017.
40https://eiopa.europa.eu/Pages/Financial-stability-and-crisis-preven-
tion/Insurance-Statistics.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 reports for its Solvency II regulated legal entities
since May 2017. The structure of this Financial Stability
Report covers Q4 2018 and focuses on European (re)
insurance undertakings and groups that report regular-
ly under Solvency II. EIOPA bases its analysis mainly on
Quarterly Prudential Repo rting Solo (QRS) for Q4 2018.
But as not all templates and/or companies rep ort under
QRS, EIOPA also uses Annual Reporting Solo (ARS) and
Quarterly Financial Stability Reporting Group (QFG) for
some indicators .
Information is pr ovided on dierent sample sizes as some
(re)insurance companies are exempted from quarterly
reporting in accordance with Art. 35 (6). Therefore, 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 accompanied 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 regulatory
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 start of Solvency II (re)insurance undertakings may
apply the transitional measure o n the technical p rovisions
and the r isk-free inte rest rate.
NANCIAL STABILITY REPORT
61

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