Solvency II update

A recent test suggests that one in 10 European insurers will fail to meet Solvency II Minimum Capital Requirements if faced with another financial crisis.

One in 10 European insurers will fail to meet Solvency II Minimum Capital Requirements if faced with another financial crisis, according to a recent stress test.

The European Insurance and Occupational Pensions Authority (EIOPA) say that 13 of the participating groups would be incapable of meeting the MCR requirements.

These results were in part attributed to the fact that sovereign bond exposure had previously been covered by the EIOPA, who insist the European Insurance market is “well prepared for potential future shocks”.

However, when these companies were subjected to the authority’s adverse scenario, it became apparent there was a solvency deficit of £3.9bn.

The European authority assures the results of this stress test do not indicate solvency problems in the insurance market.

The National Supervisory Authorities will be discussing the results of the test with the relevant companies over the next few months.

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