Commenting on the results of the European Insurance and Occupational Pensions Authority (EIOPA) stress tests released today, Olav Jones, deputy director general at Insurance Europe, said:
“Europe’s insurers welcome the results of the EIOPA stress tests, which clearly demonstrate the resilience of the European insurance industry ahead of the implementation of Solvency II in January 2016.
“The stresses used were very severe and covered all the major risks that insurers take on to protect their policyholders. The fact that the insurers’ capital went down after these kinds of severe events is quite normal, and it is very encouraging to see that even after such severe events generally companies will still be able to meet their full solvency capital requirements.
“As pointed out in the recommendations of this report, there is still work for both the industry and national supervisors to do in preparation. To that end, the industry continues to work hard with EIOPA and national supervisors to prepare for Solvency II implementation.”