Risiconiveau Europese verzekeringsmarkt blijft hoog

De Europese verzekerings- en pensioenfondsenbranche herstelt langzaam, maar de risico’s voor de markt blijven hoog. Dat stelt de Financial Stability Committee van de Europese toezichthoudersorganisatie CEIOPS. CEIOPS is op 1 januari opgegaan in het nieuwe EIOPA.

De Financial Stability Committee beschrijft twee keer per jaar de financiële conditie en stabiliteit van de Europese verzekerings- en pensioenfondsensector. In het laatste rapport, dat vlak voor de jaarwisseling verscheen, geeft de commissie aan dat het risicoklimaat niet significant is gewijzigd ten opzichte van haar vorige rapport. Met andere woorden: het risiconiveau blijft hoog.

Vervolg

CEIOPS over het Groenboek pensioenen van de Europese Commissie

CEIOPS is verheugd over het Groenboek pensioenen van de Commissie als een belangrijk evenement voor Europese pensioenen en is het volledig eens met de doelstellingen ervan : een grotere veiligheid, efficiëntie en toereikendheid in de oudedagsvoorziening.

CEIOPS General Message to EC GP Pensions 20100802

CEIOPS NEWS ALERT - 29.06.2010

CEIOPS published today its Spring 2010 Report on the financial conditions and financial stability of the insurance and occupational pension fund sectors in the EU/EEA. The Report covers developments in the insurance, reinsurance and occupational pension fund markets for recent years, including observations regarding 2009 and 2010 and an outlook beyond. For more information, please see adjoining press release.

CEIOPS Report

CEIOPS Annual Report 2009 and Work Programme 2010

Today CEIOPS has published its Annual Report 2009 and Work Programme 2010. The document provides a comprehensive overview of CEIOPS achievements in 2009, including 3L3 work, and an outline of CEIOPS objectives for the current year.

CEIOPS Annual Report 2009 and Work Programme 2010

CEIOPS NEWS ALERT – 29.01.2010

CEIOPS publishes today its third and final set of Advice on Solvency II Level 2 Implementing Measures following formal approval by CEIOPS Members together with a cover letter and a Feedback statement.

CEIOPS has now delivered on the European Commission’s request for technical advice of June 2009. More information is available in the press release.


Direct hyperlink to CEIOPS’ Submissions to EC webpage: http://www.ceiops.eu/content/view/17/21/


Direct hyperlink to CEIOPS’ Cover letter: http://www.ceiops.eu/media/files/publications/submissionstotheec/CEIOPS-Cover-Letter-SII-3rd-set-Final-Advice.pdf

Direct hyperlink to CEIOPS’ Feedback statement: http://www.ceiops.eu/media/files/publications/submissionstotheec/CEIOPS-Feedback-statement-SII-3rd-set-Final-Advice.pdf

Direct hyperlink to the press release: http://www.ceiops.eu/media/files/pressreleases/20100129-CEIOPS-Members-Meeting-SII-Final-Advice-last-wave.pdf


Direct hyperlink to CEIOPS overview webpage for final L2 Advice: http://www.ceiops.eu/content/view/706/329/

CEIOPS NEWS ALERT – 28.01.2010

CEIOPS has published today a Consultation Paper on Level 3 guidance for Solvency II on the pre-application process for internal models. CEIOPS' first Level 3 guidance is built on the Final Level 2 Advice on the internal model approval process submitted to the European Commission in November 2009 and represents clear evidence of CEIOPS’ commitment to ensure increased convergence across EEA supervisory practices within the new solvency framework. More information is available in the press release.

Until 08 March 2010, 16.00 CET, CEIOPS invites stakeholders to send comments on Consultation Paper no. 80 via e-mail to secretariat@ceiops.eu , only in English and using the template and instructions provided by CEIOPS.


Direct hyperlink to the CEIOPS press release: http://www.ceiops.eu/media/files/pressreleases/20100128-CEIOPS-releases-first-L3-guidance-for-public-consultation.pdf


Direct hyperlink to the CEIOPS Consultation papers webpage: http://www.ceiops.eu/content/view/14/18/


Direct hyperlink to Consultation Paper no. 80 - Level 3 guidance for Solvency II on the pre-application process for internal models: http://www.ceiops.eu/media/files/consultations/consultationpapers/CP80/CEIOPS-CP-80-10-L3-Draft-Guidance-pre-application-internal-models.pdf

Direct hyperlink to the template for comments: http://www.ceiops.eu/media/files/consultations/consultationpapers/CP80/CEIOPS_Template-for-Comments-on-CP80.doc

CEIOPS NEWS ALERT – 28.01.2010

CEIOPS Members have agreed to set up a specialised Task Force led by CEIOPS Secretariat to deliver on the 5th Quantitative Impact Study (QIS5), the Final Quantitative Impact Study under Solvency II. For more information please see the adjoining press release.

Direct hyperlink to CEIOPS’ press release: http://www.ceiops.eu/media/files/pressreleases/20100128-CEIOPS-announces-QIS5-exercise.pdf


Direct hyperlink to Commission’s letter of June 2009 to CEIOPS laid down certain deadlines for CEIOPS’ further contribution to the Impact Assessment of Solvency II Level 2 implementing measures: http://www.ceiops.eu/media/files/requestsforadvice/EC-June-09-CfA/Letter-of-EC.pdf

CEIOPS Report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA

CEIOPS publishes today its second bi-annual Report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA.

The report covers developments in the (re)insurance and occupational pension fund markets for the periods 2007 and 2008. Furthermore, observations and an outlook for 2009 and beyond are also provided. For more information please see the adjoining press release.

Report

CEIOPS-rapport over marktontwikkelingen

Op 30 oktober heeft CEIOPS, het formele Europese samenwerkingsverband van de nationale verzekering- en pensioentoezichthouders (waaronder de Nederlandsche Bank), een rapport uitgebracht met betrekking tot de marktontwikkelingen op het gebied van grensoverschrijdende IORPs (pan-Europese pensioenuitvoerders).

Het aantal grensoverschrijdende IORPs is in de periode van juni 2008 tot juni 2009 gestegen van 70 naar 76. Er zijn 10 nieuwe IORPS opgericht, 4 zijn er beëindigd.

Een paar interessante ontwikkelingen uit het rapport:


Er is één nieuwe IORP in het Verenigd Koninkrijk opgericht, met pensioenregelingen in Oostenrijk, Duitsland en Ierland;

Een Luxemburgse IORP met pensioenregelingen in het Verenigd Koninkrijk, Nederland, Duitsland, Frankrijk, Polen, Oostenrijk, België, Italië , Spanje en Zweden heeft zijn grensoverschrijdende activiteiten beëindigd;

Er is Luxemburgse IORP opgericht met pensioenregelingen in Frankrijk, Roemenië en het Verenigd Koninkrijk;

Er zijn drie nieuwe Ierse IORPs, waarvan er één betrekking heeft op pensioenregelingen in Hongarije, Polen en het Verenigd Koninkrijk.
CEIOPS heeft aangegeven dat zij de ontwikkelingen blijven volgen en in 2010 ook weer zullen rapporteren.


CEIOPS Occupational Pensions Market Development Report 2009

An institutional evaluation of pension funds and life insurance companies

This paper compares two different types of annuity providers, i.e. defined benefit pension funds and life insurance companies. One of the key differences is that the residual risk in pension funds is collectively borne by the beneficiaries and the sponsor while in the case of life insurers, it is borne by the external shareholders. This paper employs a contingent claim approach to evaluate the risk return trade-off for annuitants.

For that, we take into account the differences in contract specifications and in regulatory regimes. Mean-variance analysis is conducted to determine annuity choices of consumers with different preferences. Using realistic parameters we find that under linear and quadratic utility, life insurance companies always dominate pension funds, while under other utility specifications this is only true for low default probabilities. Furthermore, we find that power utility consumers are indifferent if the long term default probability of pension funds exceeds that of life insurers by 2 to 4%.

Paper

Use of insurance market data in the valuation of technical provisions

CEIOPS and the Groupe Consultatif Actuariel Européen publish their joint Report on use of insurance market data in the valuation of technical provisions. This study illustrates mainly the role of insurance market data and considers broadly the interconnection of this issue with the Level 1 text and the future work on Level 3.

Direct hyperlink to the joint Report

Direct hyperlink to the joint Press release

CEIOPS is delivering its final advice on the vast majority of Solvency II

Following approval by its Members on 30 october 2009, CEIOPS is delivering today its final advice on the vast majority of Solvency II Level 2 Implementing Measures together with a Cover letter and a Feedback statement. It should be noted that before publication, CEIOPS has updated the references to Solvency II articles in its advice, in accordance with the latest publicly available Level 1 text. More information is available in the press release.

Direct hyperlink to CEIOPS’ Submissions to EC webpage

Direct hyperlink to CEIOPS’ Cover letter

Direct hyperlink to CEIOPS’ Feedback statement

Direct hyperlink to the press release

Direct hyperlink to latest publicly available Level 1 text

Report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA

Today CEIOPS publishes its half-year report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA, covering developments in the insurance, reinsurance and occupational pension fund markets for the past periods as well as some preliminary forecasts for 2009.
CEIOPS findings confirm that insurance companies, in their role as important investors, have increasingly been affected by the financial turmoil, followed by the financial crisis and yet the economic recession. Strong negative and volatile developments on stock markets and spread widening meant a substantial decline in investment income for insurance undertakings. Especially the results of the life insurance business are highly dependent on the yield of the investment portfolio. As a consequence the return on equity figures dropped substantially in 2008.
Hence in 2008 the financial performance of most insurance undertakings was weaker than before due to low investment yields and flat or decreased premium income. After almost two years of unprecedented crisis the year 2009 will again be especially challenging due to a prolonged period of low interest rates and deteriorating macroeconomic environment that might not only further reduce investment income but likely reduce demand for certain lines of insurance.
On the other hand, insurance undertakings come from a strong solvency position and there are positive signals such as increasing premiums in certain lines of business as a reaction to the crisis to appropriately reflect higher risks in the market.
The financial turmoil has had a significant impact on the pension fund sector as well, primarily with regard to their role of institutional investors. Sharp drops in the equity markets and increasing credit spreads have put their investment portfolios under severe strain. However, the impact has not been as severe as seen in other financial sectors as the long term nature of the liabilities affords some protection in this respect. Policy responses from supervisors in light of the downturn have focused on the flexibility within the current framework and the differing security mechanisms available.
CEIOPS’ next financial stability report will be published late autumn 2009.

Direct hyperlink to the Report

CEIOPS Plenary decision: lessons to be learnt from the current financial

CEIOPS Plenary decision: lessons to be learnt from the current financial
crisis for the future Solvency II regime

CEIOPS is the Committee of European Insurance and Occupational Pensions Supervisors

It was established under the terms of the European Commission Decision 2004/6/EC of 5 November 2003 and is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. The authorities of the Member States of the European Economic Area also participate in CEIOPS.

Preliminary Results of the Solvency II QIS4 Exercise

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) presented to its stakeholders the main preliminary results of the fourth quantitative impact study (QIS4) conducted in the framework of the Solvency II project. The final report will be presented at CEIOPS' Annual Conference on 19 November 2008 in Frankfurt.

Read more in the press release.

CEIOPS’ comments on turmoil and current equity developments

CEIOPS has today issued a press release on the turmoil and current equity developments and their impact on European Insurance Companies and Pension Funds.

The direct link to the press release

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) was established pursuant to the European Commission Decision 2004/6/EC of 5 November 2003.

CEIOPS is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union Member States. The authorities of the Member States of the European Economic Area (Norway, Iceland and Liechtenstein) and the European Commission participate in CEIOPS' activities as observers.

CEIOPS performs the functions of the Level 3 Committee for the insurance and occupational pensions sectors, following the extension to those sectors of the "Lamfalussy Process", as also applied by CEBS and CESR, respectively, in the banking and capital markets sectors. This role involves providing advice to the European Commission on the drafting of implementation measures for framework directives and regulations on insurance and occupational pensions ("Level 2 activities"), and establishing supervisory standards, recommendations and guidelines to enhance convergent and effective application of the regulations and to facilitate cooperation between national supervisors ("Level 3 activities"). The role also involves the participation of CEIOPS in the work of different European institutions with responsibilities for issues relating to insurance and occupational pensions, in particular the Economic and Financial Committee (EFC) and the Financial Services Committee

Nieuwigheden op de CEIOPS-website

Nieuwigheden op de CEIOPS-website:

- General Protocol relating to the collaboration on the insurance supervisory authorities of the Member States of the EU
- New Committee on Consumer Protection
- Report on the Implementation of the IORP Directive
- Survey on Technical Provisions and Security Mechanisms in the European Occupational Pensions Sector