Europe's insurance, reinsurance markets sound: Analysis
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The most recent study of the effects of Solvency II shows that the financial position of European insurers and reinsurers remains sound, the European Insurance and Occupational Pensions Authority said Monday.
Frankfurt, Germany-based EIOPA published results of the fifth quantitative impact study on Solvency II, the risk-based capital regulatory regime that is to go into effect in less than two years.
According to EIOPA, nearly 70% of all insurers and reinsurers that will come under the Solvency II rules participated in QIS 5, which took place between July and November 2010. That’s up from 33% that took part in QIS 4 in 2008.
According to the latest analysis, insurers and reinsurers that took part have €395 billion ($549.17 billion) in excess capital to meet their solvency capital requirements and excess capital of €676 billion ($396.84 billion) to meet their minimum capital requirements under the upcoming rules.
EIOPA said QIS 5 shows that nonlife and catastrophe calibrations under Solvency II need to be refined, among other alterations.
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