December 2020

04Dec

EIOPA launches discussion paper on a methodology for integrating climate change in the standard formula

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published a discussion paper on a methodology for the potential inclusion of climate change in the Solvency II standard formula when calculating natural catastrophe underwriting risk. This discussion paper is a follow-up to EIOPA’s Opinion on Sustainability within Solvency II issued in September last year, which concluded that there is a need to consider if and how climate change-related perils could be better captured in the Solvency II framework...

December 4, 2020
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November 2020

10Nov

Risk Dashboard: European insurers slightly less exposed to risks compared to the beginning of COVID-19 outbreak but concerns remain

Today the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the second quarter of 2020 Solvency II data. The results show that the risk exposures of the European Union insurance sector slightly reduced, compared to July risk assessment. Insurers are particularly exposed to very high levels of macro risk, while market, credit, profitability and solvency risks decreased to medium level. However, the risk assessment does not account for the outbreak of the second...

November 10, 2020
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October 2020

23Oct

Number of people working beyond retirement age on the rise in Germany

According to new statistics, around 1,3 million people in Germany who have reached the standard retirement age were still employed in 2019. Living to work The number of pensioners who are still working continues to rise in Germany. At the request of the AfD, the Federal Employment Agency has revealed that around 1,29 million people who had reached the standard retirement age were still gainfully employed in 2019. This amounts to around 400.000 more people compared to 2010, a...

October 23, 2020
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12Oct

E.U. Strengthening minimum income protection in the COVID-19 pandemic and beyond: Council adopts conclusions

The Council adopted conclusions on strengthening minimum income protection in the EU with the aim to combat poverty and social exclusion during and after the COVID-19 pandemic. Read also Portuguese schemes now required to report ESG investment The Council recognises that minimum income schemes contribute to the social protection of the most disadvantaged groups in society, including people hardest-hit by the COVID-19 crisis. They also have a stabilising effect for the economy as a whole. The Council also acknowledges that...

October 12, 2020
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09Oct

The Pan-European Pension Product Regulation – Europe’s Solution to the ‘Pensions Gap’

By Sebastiaan Niels Hooghiemstra In July 2012, the European Commission asked the European Insurance and Occupational Pensions Authority (‘EIOPA’), in the broader context of efforts to develop private funded pensions, to advise on a legal framework for a Single Market for PPPs. Following a Discussion Paper, a Preliminary Report, a draft advice and a Final Report published by EIOPA, Regulation (EU) 2019/1238 (‘PEPPR’) was adopted on 20 June 2019. The PEPPR establishes a 2nd regime (also known as the...

October 9, 2020
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08Oct

EU seeks to boost eurozone with green bond program

The European Union wants to lift the GDP of the eurozone economy by 3% by 2027 through borrowing under a new green and social bond program agreed to in September, attendees heard Tuesday during a webinar. Read also Latin America’s new poor The recovery program, which will launch with a €100 billion ($117.2 billion) SURE bond program, is a "game changer" for investors from United States and Asia because it will help to establish a euro-denominated green and social...

October 8, 2020
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July 2020

29Jul

UK. FCA Decides Not to Implement EIOPA Guidelines in United Kingdom

The UK Financial Conduct Authority (FCA) announced on July 8 that the guidelines issued by the European Insurance and Occupational Pension Authority (EIOPA) on outsourcing to cloud service providers are not applicable to regulated activities (in this instance, insurance and reinsurance undertakings) within the UK jurisdiction. In its statement, the FCA noted that this is due to the fact that the EIOPA guidelines will enter into force on January 1, 2021, which is after the end of the EU...

July 29, 2020
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10Jul

EIOPA announces the new composition of its two stakeholder groups

The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) has appointed new members to the Insurance and Reinsurance Stakeholder Group (IRSG) and Occupational Pensions Stakeholder Group (OPSG). The two groups consist of a broad range of stakeholders, representing the industry, consumers, beneficiaries, academics, small and medium-sized companies, employees as well as professional associations. EIOPA received considered 158 applications from 26 European countries, submitted following an open call. In its selection, EIOPA aimed to achieve geographical...

July 10, 2020
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January 2020

07Jan

ESG future-proofing can help to defy market risks

The European Insurance and Occupational Pensions Authority (Eiopa) found in its most recent stress tests of European pension funds that sustainable investments would help them to withstand an adverse scenario. The 2019 occupational pensions stress test assessed the resilience of the European pension sector to identify areas of weakness and discuss possible preventive measures. Eiopa is part of the European System of Financial Supervision and supports the stability of the financial system, the transparency of markets and financial products...

January 7, 2020
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December 2019

20Dec

EU pensions judgement sees calls for further solutions

The European Court yesterday provided its ruling on the level of compensation to be provided to individuals who do not receive all of their occupational pension due to the sponsoring employer of their scheme going insolvent. The European Court ruled that the current EU legal requirement that individuals should be entitled to at least 50% of their benefits can continue - provided the person is not left at risk of an EU poverty measure equivalent to about £11,142 per...

December 20, 2019
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