Financial stability report : july 2020
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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: The EU sustainable finance taxonomy from the perspective of the insurance and reinsurance sector; The impact of EIOPA statement on insurers' dividends: evidence from equity market</subfield>
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<subfield code="a">The unexpected Covid-19 virus outbreak led European countries to lockdown major part of their economies, aiming at containing the outbreak. Financial markets experienced huge losses and flight-to-quality investment behaviour. Governments and central banks committed on the provision of significant emergency packages to support the economy, as the economic and financial shock is expected to challenge economic growth, labour market and the consumer sentiment across Europe for an uncertain period of time. Solid solvency ratios for insurers and improved asset valuations for 2019, supported by the increase in equity prices and decline in yields, provided a buffer to withstand the impact of the macro-financial shock on the sector. As of year-end 2019 the insurance sector was well capitalised with a median SCR ratio of 213%. Regarding the reinsurance sector, catastrophe activity in 2019 was benign with global insured losses below the average of the last 10 years, supporting the increase of 22 percentage points, to 240%, in the solvency ratio as compared to Q4-2018. Investment and underwriting profitability remained broadly unchanged in 2019, however considerable pressures is expected from Covid-19 shock. The report consists of two parts the standard part and the thematic article section. The standard part is structured as in previous versions of the EIOPA Financial Stability Report. The first chapter discusses the key risks identified for the insurance and occupational pension fund sector. The second, third and fourth chapter elaborate on these risks covering all sectors (insurance, reinsurance and pension). The fifth chapter provides a more in-depth qualitative and quantitative assessment of the risks identified. Finally, there are two thematic articles provided in this report. The first one discusses the EU sustainable finance taxonomy from the perspective of the insurance and reinsurance sector. The second one empirically assesses the impact of EIOPA statement on insurers' dividends using an event study methodology applied to the European insurers' equity market.</subfield>
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