European Insurance: Solvency II (12 June 2017)

OAC Digest
EU / European Parliament / EIOPA, Life insurance, Non-Life, Solvency II

12 June 2017

Selected recent Solvency II news items: 

In early June, EIOPA published the 2.2.0 draft version of the Solvency II XBRL Taxonomy to be applied by insurance companies for reporting with the reference date of 31 December 2017. The final 2.2.0 version is planned to be released mid-July 2017. This is primarily of interest to parties e.g. software providers developing an IT reporting solution. EIOPA maintains a webpage on the reporting formats.

The Solvency II reporting provides information both at solo and group level for the EIOPA Risk Dashboard. The Dashboard based on the fourth-quarter 2016 data was published on 16 May with EIOPA announcing "The results show the risk exposure of the insurance sector in the European Union remained overall stable and some positive market developments were identified." They added that there "are still important concerns for the European insurance industry."

For those firms with very long-term liabilities, it is worth noting EIOPA's announcement in early Q2 that the ultimate forward rate (UFR) will reduce from 4.2% to 4.05% from 1 January 2018. For the euro and the GBP the calculated UFR for 2018 is 3.65% but the annual change is limited to 15 basis points.  

David Gray

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David Gray
Consultant Actuary

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