CEIOPS to stress test EU insurers: Vans Coverages and Car Insurance UK: Latest Events

CEIOPS to stress test EU insurers

The Committee of European Insurers and Occupational Pension Supervisors (CEIOPS) has announced it will run an EU-wide stress test “for large and important insurance groups”, in December 2009.

The body says it will develop the exercise in close cooperation with industry representatives and aims to deliver its findings to EU ministers during the first quarter of 2010.

The test, which will focus on market and credit risks, aims to increase the level of aggregate information among policy makers in assessing the European insurance sector’s potential resilience to shocks.

Findings will also be used to develop an EU-wide consensus on supervisory practices.

Three scenarios will be used:

An adverse scenario mirroring the development of capital markets between end-September 2008 and end-September 2009.

A severe and prolonged recession and finally, a scenario in which inflation picks up rapidly leading to a steep rise in interest rates.

Aviva, the UK’s largest insurer, is likely to be among the participants.

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CEIOPS to stress test EU insurers

Category Car Insurance UK: Latest Events

Car Insurance UK: Latest Events

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