Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Testy warunków skrajnych 2021

EIOPA-BoS-21/552

16 December 2021

2021 Insurance Stress Test Report

EXECUTIVE SUMMARY

In its fifth Union-wide stress test exercise, conducted in cooperation with the European Systemic Risk Board (ESRB), EIOPA tested the resilience of the European insurance industry against a prolonged COVID-19 scenario in a „lower for longer” interest rate environment. The exercise covers a representative sample of 44 participants from 20 countries, representing 75% of the EEA market . The scenario identified a set of market and insurance specific shocks specifically constructed to reflect the current EIOPA and ESRB assessment of prevailing systemic risks to the financial system. These risks stem from the worsening of economic prospects, reflected in a global decline in longterm risk-free interest rates from already historically low levels, accompanied by a material repricing of the risk premia amid weakening countries’ fiscal positions and challenging corporate profitability. An additional price...