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October 21, 2021
BUSINESS

CEA: European insurance industry is robust

The results of the second stress test released by the European Insurance and Occupational Pensions Authority (EIOPA) confirm that the European insurance market is robust and has the capacity to withstand severe stress scenarios, a release by the National Association of Insurance and Reinsurance Companies from Romania (UNSAR) reports.

Between March and May, 2011, EIOPA put to the test the insurance companies’ capacity to meet the minimum capital requirements stipulated under the Solvency II regulations, according to a series of stress scenarios. These have taken into consideration market, credit and insurance-related risks. The tests show that, across the market, European insurers have a substantial solvability reserve (EUR 425 bln), which remained high even when the stress tests were based on the adverse scenario and the inflation scenario (EUR 275 bln and, respectively, EUR 367 bln), Michaela Koller, director general of the European (re)insurance Federation (CEA), stated.

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