Results of the stress tests for European insurance companies have been published
The European Insurance and Occupational Pensions Authority (EIOPA) has published the results of the stress tests for large European insurance undertakings and Solvency II groups. From Finland, the stress test included OP Financial Group.
EIOPA conducts stress tests on a regular basis to assess how well the European insurance sector would withstand severe but plausible adverse developments in financial and economic conditions. Supervisors will utilise the results of the stress tests, among other things, in identifying vulnerabilities in the insurance sector.
The 2024 stress test focused on the consequences of a (re-)intensification or prolongation of geopolitical tensions.
The undertakings participating in the stress test may voluntarily publish their own stress test results. Results published by the undertakings have been linked to the EIOPA website.
FIN-FSA implemented the stress test for the Finnish insurance sector
The Financial Supervisory Authority extended the EIOPA stress test to also cover non-life and life insurance undertakings as well as Solvency II groups selected at the national level.
Based on computation data submitted by the insurance undertakings, the FIN-FSA finds that the Finnish non-life and life insurance sector can withstand the effects of the severe stress scenario without risking compliance with solvency requirements.
The FIN-FSA will use the results of the stress tests as part of ongoing supervision in its discussions with insurance undertakings and when assessing the solvency and risk management of insurance undertakings.
For further information, please contact
- Ville Päivinen, Actuary, telephone +358 9 183 5338 or ville.paivinen(at)fiva.fi
- Vesa Ronkainen, Team Leader, telephone +358 9 183 5704 or vesa.ronkainen(at)fiva.fi