Financial stability report : june 2019

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      <subfield code="a">Financial stability report</subfield>
      <subfield code="b">: june 2019</subfield>
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      <subfield code="a">Luxembourg</subfield>
      <subfield code="b">European Insurance Occupational Pensions Authority</subfield>
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      <subfield code="a">79 p.</subfield>
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      <subfield code="a">Part I: 1. Key developments 2. The European insurance sector 3. The European reinsurance sector 4. The European pension funds sector 5. Risk assessment 6. Background information and data description / Part II: Thematic article: Impact of green bond policies on insurers: evidence from the European equity market</subfield>
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      <subfield code="a">The economic environment has become more challenging for European insurers and pension funds in recent months. Growing trade tensions, uncertainty around Brexit and an unstable economic outlook in certain emerging markets have all contributed to a slowdown in economic growth in both, the euro area and the European Union. Consequently, central banks have become more cautious on monetary tightening amid concerns over economic growth and subdued inflation. Interest rate increases for the euro area have now been put on hold until at least mid-2020 and overall monetary conditions remain loose. These developments have made the risk of a prolonged low yield environment again more prominent, which is particularly challenging for life insurers and pension funds with long-term liabilities. As it is becoming increasingly difficult to generate sufficient investment returns to meet their long-term financial obligations, the low yield environment could also trigger further search for yield behaviour by insurers and pension funds. EIOPA will therefore continue to monitor closely this risk to identify any potential vulnerabilities at an early stage. In this regard, this Financial Stability Report also includes an analysis of the investments in Collateralized Loan Obligations (CLOs) by insurers. This asset category has significantly increased in recent years and has attracted particular supervisory attention for its relatively high use of leverage and similarities to the type of collateralized securities that played a key role in the recent financial crisis.</subfield>
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