"EIOPA newsletter" Newsletter Issues

Consultation on draft Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets (12/07/2024)

To support market participants and supervisors in adopting a convergent approach to the classification of crypto-assets, the Guidelines propose a standardised test, as well as templates for explanations and legal opinions that provide descriptions of the regulatory classification of crypto-assets.

Joint Committee Report on risks and vulnerabilities in the EU financial system - Autumn 2024 (10/09/2024)

The Report underlines ongoing high economic and geopolitical uncertainties. The ESAs warn national supervisors of the financial stability risks and call for continued vigilance from all financial market participants.

Consultation on standard formula capital requirements for insurers' direct exposures to qualifying central counterparties (31/07/2024)

On 30 April 2024, the European Commission requested from EIOPA technical advice on the standard formula capital requirements for exposures to qualifying central counterparties when undertakings become direct clearing members. The Consultation Paper discusses different options to account for insurers' direct involvement in CCPs.

Reforming the Pan-European Pension Product (PEPP) (11/09/2024)

Read EIOPA's staff paper to learn more about the reasons behind the limited uptake of the PEPP and what can be done to improve its design to overcome supply-side, demand-side and structural barriers hindering its broader adoption.

Statement on climate risks (11/09/2024)

Leveraging insurance to strengthen Europe’s climate resilience: read EIOPA's statement and the report by participants of the European Commission's Climate Resilience Dialogue.

Consultation on the implementation of the new proportionality framework under Solvency II (02/08/2024)

Following the recent review of the Solvency II Directive, the political agreement on the file has introduced amendments to the legislation to address concerns regarding the limited and inconsistent application of proportionality principles in the first years of Solvency II.

Insuring wildfires - the need for more models and prevention measures (09/10/2024)

This online public event will provide insights on the current and future wildfire risks in Europe. Experts from the commercial, academic and regulatory sectors will discuss the current status of wildfire modelling, data availability and the challenges of supervising and insuring wildfires. Industry experts will also touch upon the role of various mitigation techniques in reducing wildfires and explain how AI and Machine Learning can help us better model this risk.

EIOPA 2024 conference (21/11/2024)

Under the theme of ‘Smarter, simpler, stronger: Insurance and pensions for the future,’ this year’s EIOPA conference explores some of the key themes that are shaping the insurance and pensions landscape. Register now!

Second batch of policy products under DORA (25/01/2022)

This batch consists of four final draft regulatory technical standards (RTS), one set of Implementing Technical Standards (ITS) and 2 guidelines, all of which aim at enhancing the digital operational resilience of the EU’s financial sector.

Opinion on the supervision of captives (01/07/2024)

This opinion aims at facilitating a risk-based and proportionate supervision of captive (re)insurance undertakings and further harmonise supervisory expectations in the context of creating a level playing field within the EU.

Factsheet on EIOPA’s College activities in 2023 and focus in 2024 (01/07/2024)

The factsheet highlights the overall developments and the evolution of the number of Colleges of Supervisors (Colleges), the major topics discussed in the Colleges during last year and provides information on the focus for 2024.

Report on ESAs workshop on behavioural insights (01/07/2024)

The report provides a high-level overview of the main topics discussed during the workshop held on 14 and 15 February 2024 for national supervisors and other competent authorities.

Cross-border cooperation between supervisors when (re)insures relocate within the EU (23/07/2024)

EIOPA has supplemented its Decision on collaboration between supervisory authorities with a new annex dedicated to supervisory cooperation for when a (re)insurance undertaking relocates within the EU. The annex intends to facilitate an effective transition when undertakings move their registered office within the Single Market applying the provision of the so called ‘Mobility Directive’.

The regulatory framework applicable to AI systems in the insurance sector (25/01/2022)

The use of AI in insurance is already subject to insurance sector regulation and supervision. While the AI Act introduces some additional requirements, insurance sector legislation continues to apply across all use cases, regardless of their qualification under the AI Act. Read this factsheet to get an overview of the legal framework applicable to AI systems in the insurance sector.

Data Expert in Digital Finance (08/07/2024)

Data Expert in Digital Finance

Joint ESAs Consumer Protection Day (03/10/2024)

The theme of the event will be “Empowering EU consumers: fair access to the future of financial services". The agenda will cover topics such as artificial intelligence, accessibility to consumer-centric products and sustainable finance.

Financial stability: resilience of the insurance and pensions sectors amid tense risk landscape (25/06/2024)

Despite macro and market risks, climate-change related risks as well as those linked to digitalization and cybersecurity, the insurance and pensions sectors show resilience and stability. Find out more in the June 2024 Financial Stability Report, which gives an overview of the key developments and risks in Europe’s insurance and occupational pensions sectors.

Joint ESAs Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR) (18/06/2024)

In this opinion, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR.

Impact of social and behavioural aspects on the gender pension gap in Europe (25/06/2024)

In this article, EIOPA experts analyze whether and how gender pay gaps lead to a pension gap across genders, how women participation on the labour market affects their pension rights, as well as how social and behavioural factors influence financial planning and investment decisions for men and women.

EIOPA's Annual Report 2023 (18/06/2024)

The 2023 annual report outlines the accomplishments of the past year. It shows that despite the challenges of geopolitical conflicts, high interest rates, inflation, and market volatility, EIOPA met its goals in line with its overall strategy.

Greenwashing: call for enhanced supervision and improved market practice (25/06/2024)

The increased offer of sustainable options to consumers brings a risk of greenwashing when financial service providers misleadingly portray themselves and/or their products as more sustainable than they truly are. In its Greenwashing report, EIOPA sets out key proposals aimed at enhancing the supervision of greenwashing and at improving the sustainable finance regulatory framework.

Data as a driver of inclusion in insurance (27/05/2024)

How is data affecting the mutualisation of risks? How is it driving financial inclusion and exclusions in insurance? Read more in this feature article published in the annual report of Insurance Europe.

Insurance Risk Dashboard: market risks for insurers amid market volatility and declining real estate prices (27/05/2024)

EIOPA's May 2024 Insurance Risk Dashboard shows that risks in the EU’s insurance sector are stable and overall at medium levels, with pockets of vulnerabilities stemming from market uncertainty and potential risks in the real estate sector.

IORPs Risk Dashboard: market risks are key concern for occupational pension funds (27/05/2024)

EIOPA's May 2024 Occupational Pensions Risk Dashboard shows that the exposure of Institutions for occupational retirement provisions (IORPs) to market & asset return risks remains at a high level due to market volatility and real estate market vulnerabilities.

Peer Review Report on the Supervision of the Prudent Person Principle under Solvency II (27/05/2024)

The review focuses on supervision of investments in non-traditional or more complex assets, including derivatives (above all in the case of their use for efficient portfolio management), and of assets backing unit-linked and index-linked (UIL) contracts where the risk is borne by policyholders.

Draft Regulatory Technical Standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of intermediaries under the IDD (27/05/2024)

Draft Regulatory Technical Standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of intermediaries under the Insurance Distribution Directive

Consultation on the 2023/2024 (re)assessment of natural catastrophe risk in the standard formula (03/04/2024)

EIOPA’s review of the parameters aims to better capture the risks stemming from perils such as earthquake, flood, hail and windstorm based on new insights, new data and new models that have come online since the last reassessment in 2018.

Stakeholder engagement on biodiversity loss risk for insurers (10/06/2024)

Participate in this event to help EIOPA gather evidence on industry experience and practices with integrating biodiversity loss risk assessment in their ORSA.

Public Event on DORA 2024 dry-run on collection of registers of information (10/06/2024)

Joint event organised by the European Supervisory Authorities (EIOPA, EBA and ESMA)

How European insurers and pension funds can further strengthen the Capital Markets Union (22/04/2024)

Discussions on competitiveness and the single market have taken centre stage on the EU political agenda. In this article, we are outlining EIOPA’s key initiatives for enhancing the Capital Markets Union and the Single Market for the next European legislative term.

IFRS 17: impact of the new accounting standard in insurance after first year (22/04/2024)

One year since its implementation, EIOPA analyzes how insurance undertakings in the EU implemented the new insurance accounting standard IFRS 17 as well as the synergies and differences in the calculation of insurance liabilities with the Solvency II framework.

Supervisory Statement on the supervision of reinsurance concluded with third-country (re)insurance undertakings (04/04/2024)

This supervisory statement aims to highlight the risks stemming from the use of reinsurance provided by reinsurers operating under regulatory regimes not recognized as equivalent to Solvency II.

Consultation on the draft Regulatory Technical Standards on the conduct of oversight activities in relation to the joint examination teams under DORA (18/04/2024)

This consultation paper and the included draft RTS cover the draft technical standards aimed at specifying the criteria for determining the composition of the joint examination team ensuring a balanced participation of staff members from the ESAs and from the relevant competent authorities, their designation, tasks, and working arrangements.

Legal Expert (DORA Legal and Compliance) (13/05/2024)

Legal Expert

Director of the DORA Joint Oversight Venture (13/05/2024)

DORA

ICT Risk Expert (ICT audit or supervision / ICT risk management / Information Security) (13/05/2024)

DORA

Between fear and hope: a possibilist view on the role of insurance in combating climate change (22/04/2024)

In a speech delivered at the IIF 2024 ESG in Insurance Conference in Vienna this April, Petra Hielkema, EIOPA Chairperson, speaks about the need for the insurance sector to inform, incorporate, invest and incentivize in the fight against climate change. Read her speech to learn more.

Seconded National Experts : various profiles (31/12/2024)

Seconded National Experts : various profiles

Union-wide Strategic Supervisory Priorities 2024-2026 (25/03/2024)

The report gives an overview on the supervisory priorities for 2024 to 2026. EIOPA identified two strategic objectives that should be monitored in cooperation with the national competent authorities: financial robustness of insurance undertakings and consumer protection in a disruptive environment.

How are occupational pension funds’ investments align with the EU Taxonomy for sustainable activities? (25/03/2024)

Discover EIOPA's factsheet to get an overview of the investments of EEA-based occupational pension funds. Specifically, it shows how the occupational pension funds’ direct equity and corporate bonds investments in the EEA align with the EU Taxonomy for environmentally sustainable activities.

Bridging the gender gap in insurance and pensions (25/03/2024)

For International Women’s Day, Petra Hielkema, EIOPA's Chairperson shares her views on the gender gap in insurance and pensions.

Why are consumers reluctant to take out natural catastrophe insurance? (27/02/2024)

What prevents consumers from buying insurance against natural catastrophes? What solutions are there to overcome these challenges so that European households and businesses become more resilient to extreme weather events? Read EIOPA's Revised Staff Paper on Measures to address demand-side aspects of the NatCat protection gap to learn more.

Call for candidates for EIOPA's Stakeholder Groups (27/02/2024)

EIOPA is looking for candidates for its Insurance and Reinsurance Stakeholder Group and the Occupational Pensions Stakeholder Group. Help shape the future of the European insurance and pensions sectors.

Insurance Risk Dashboard: market risks are the key concern for insurers (27/02/2024)

The February 2024 Insurance Risk Dashboard shows that insurers’ exposure to market risk is currently at a high level and the main concern for the sector. Macro and digitalisation risks are still relevant but have decreased to medium levels. Risk levels for the remaining risk categories are at medium levels.

Insurance and pension gaps (25/02/2024)

At the Eurofi Forum, Petra Hielkema and Fausto Parente spoke about how to address insurance and pensions protection gaps, about digitalisation and the AI act, about global challenges and securitisation. Read their contributions which were published in the Eurofi Magazine.

Consultation on the Prudential Treatment of Sustainability Risks (12/12/2023)

The consultation paper represents the second phase in EIOPA’s step-by-step approach concerning the expected mandate under the Solvency II Directive, which requires EIOPA to assess whether a dedicated prudential treatment of assets or activities associated substantially with environmental or social objectives, or harm to such objectives, would be justified.

Survey on access to cyber coverage by SMEs (20/09/2023)

Survey on access to cyber coverage by SMEs

Consultation on the Methodology on Value for Money Benchmarks (15/12/2023)

This work is not related to the benchmarks proposed by the European Commission under the Retail Investment Strategy. It is part of the toolkit EIOPA began developing in 2020 to provide supervisors with additional risk-based tools and enhance their ability to identify products in their markets that may not deliver fair value for money.

Consumer trends in insurance and pensions (25/01/2024)

What is the financial well-being of consumers amid the ongoing cost-of-living crisis? Are they treated fairly, regardless of their characteristics? Discover the key trends in insurance and pensions from a consumer perspective, the Eurobarometer survey, as well as the video interview with our expert.

Consumer trends: interview with Valerie Mariatte-Wood (25/01/2022)

Let's have a look together at some of the trends in insurance and pensions in 2023

Second IDD application report 2022/2023 (24/01/2024)

The second Report on the application of the Insurance Distribution Directive (IDD) examines the key developments regarding the distribution of insurance products in Europe in 2022/2023.

Set of rules under DORA for ICT and third-party risk management and incident classification (24/01/2024)

This is the first set of final draft technical standards under the DORA regulation. DORA is aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ ICT and third-party risk management and incident reporting frameworks.

Comparative Study on non-life underwriting risk in internal models (24/01/2024)

This report summarises the key findings from the NLCS, which covers the first half decade of non-life underwriting risk internal models from year-end 2016 to 2020.

Comparative Study on diversification in internal models (24/01/2024)

The study provides an overview of the current modelling approaches and equips National Competent Authorities with elements of a European sector-wide comparison as well as various diversification indicators that are intended to support and complement the work of national supervisors when monitoring the on-going compliance of internal models.

Consultation on Draft Implementing Technical Standards specifying certain tasks of collection bodies and certain functionalities of the European Single Access Point (08/01/2024)

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Consultation Paper on the draft implementing technical standards (ITSs) regarding the tasks of the collection bodies and the functionalities of the European Single Access Point (ESAP). These ITSs and the requirements they set out are designed to enable future users to be able to effectively harness the comprehensive financial and sustainability information centralised on the ESAP.

DORA public consultation on the second batch of policy products (08/12/2023)

Through DORA the ESAs are mandated to jointly develop a total of 13 policy instruments, presented in two batches.

Consultation on the Opinion on sustainability claims and greenwashing in the insurance and pensions sectors (12/12/2023)

The principles within the draft Opinion aim to pave the way for a more effective and harmonized supervision of sustainability claims across Europe and thereby limit the risk of greenwashing in the insurance and occupational pensions sectors.

ESAs Open Hearing on the ESAP Draft Implementation Standards (16/02/2024)

This open hearing will provide an opportunity for stakeholders to hear more about the ESAs’ consultation paper and to ask questions related to the ongoing consultation, which will end on 8 March 2024.

Supervisory Reporting Workshop (22/02/2024)

Online public event on single data dictionary and supervisory reporting under Solvency II. Topics will cover: the single data dictionary, questions received during the public event on reporting in October 2023 on the Implementing Technical Standards on reporting.

Accounting Expert (12/02/2024)

Accounting Expert

Sustainable Finance Expert (12/02/2024)

Sustainable Finance Expert

Fausto Parente: EIOPA's priorities for 2024 (19/12/2023)

In an interview with InsuranceERM Fausto Parente, Executive Director, talks about EIOPA's priorities for 2024, about reinsurance and the geopolitical environment.

Financial stability report: insurers’ and pension funds’ challenges amid shifting macro landscape (19/12/2023)

EIOPA's report explores the challenges the shifting macroeconomic landscape poses for insurers and pension funds. It includes four topical focuses on specific areas: from the liquidity position of insurers and changes in their investment behaviors, to the impact of derivate margin calls on the liquidity position of occupational pension funds.

Catastrophe Data Hub (19/12/2023)

The Catastrophe Data Hub is an open-source collection of catastrophe risk data. It provides European-wide data on insured losses for three different events: the 2017 wildfire in Portugal, the June 2013 floods and the 2020 windstorm Ciara, as well as exposure data for natural catastrophes for windstorm and flood.

Final Report on draft Regulatory Technical Standards on the review of PAI and financial product disclosures in the SFDR Delegated Regulation (24/12/2023)

In this report, the European Supervisory Authorities propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society.

Joint ESAs Report on Innovation Facilitators: innovation hubs and regulatory sandboxes (24/12/2023)

The report provides an updated overview of the design and operation of innovation facilitators, observed practices, challenges and limitations faced by competent authorities.

Costs and Past Performance Report December 2023 (24/12/2023)

The report takes provides an overview of the past performance and costs of EU retail investment products within EIOPA’s remit. In this edition, EIOPA covers the evolution of past performance from 2018 to year-end 2022 as well as costs in 2022.

Consultation on joint Guidelines regarding the exchange of information relevant to fit and proper assessments (07/12/2023)

The European Supervisory Authorities are seeking stakeholders' feedback on the joint Guidelines regarding the system for the exchange of information relevant to fit and proper assessments.

Joint ESAs public hearing on DORA policy products (23/01/2024)

The European Supervisory Authorities organise a public hearing to speak about the the DORA policy products included in the recently launched public consultation.

ESMA’s and EIOPA’s event on Cost and Past Performance (10/01/2024)

ESMA and EIOPA are organising a webinar to share findings of their Annual Cost and Past Performance Report.

Digital Finance Expert (12/12/2023)

Digital Finance Expert

EIOPA Conference 2023: highlights and recording (27/11/2023)

Hidden risks, new horizons. This was the theme of the EIOPA Conference that took place on 21 November 2023. In case you missed the event or want to refresh your memories, you can (re)watch the whole conference, or have a look at the highlights video on the event page.

Risk dashboard: macro, markets and digitalisation risks are insurers’ top concern (27/11/2023)

The November 2023 Insurance Risk Dashboard shows that insurers’ exposures to macro, market and digitalisation risks are currently at a high level and the main concern for the sector. Find out more

Planning for retirement (28/11/2023)

Have you started planning for your retirement? The pensions gap, an ageing population, a challenging economic environment mean that many of the EU citizens are at risk of having inadequate income in their old age. As the European Retirement Week unfolds, we raise awareness on the importance of planning for retirement.

Factsheet: asset allocation and members of Institutions for Occupational Retirement Provision (IORPs) (25/10/2023)

The visual factsheet that provides a clear picture of how European IORPs allocate the approximately €2.5 trillion euros they manage across different asset types and jurisdictions.

Joint Committee Final Report on Draft Implementing Technical Standards on the mapping of ECAIs' credit assessment (25/10/2023)

In the amended ITS, the European Supervisory Authorities are proposing to change the credit quality step (CQS) allocation for four ECAIs, and to introduce new or amended credit rating scales for seven ECAIs.

Report on Cross-border IORPs 2023 (25/10/2023)

This 2023 report looks into recent developments in cross-border business among Institutions for Occupational Retirement Provision (IORPs) within the European Economic Area (EEA).

Consultation on the supervision of captive (re)insurance undertakings (06/09/2023)

Consultation on the supervision of captive (re)insurance undertakings

Sustainable Finance Conference 2023 (14/12/2023)

EIOPA’s 2023 Sustainable Finance Conference will gather regulators, industry and stakeholders to critically assess efforts in delivering on sustainability goals.

Head of Internal Models Unit (04/12/2023)

Head of Internal Models Unit