Stress test 2014

​​​News

Publication date​Document
30 November 2014EIOPA Insurance Stress Test 2014
​​


Low interest rate environment stock taking exercise 2014​
EIOPA General Recommendations – Stress Test 2014
Press release “EIOPA announces results of the EU-wide stress test 2014”

​Please note that the following updates have been made since the launch of the exercise:

  • Wednesday 9 July 2014: Ninth set of Q&A published, reporting template updated and automatic updating tool provided.
  • Thursday 3 July 2014: Eighth set of Q&A published, reporting template updated and automatic updating tool provided. 
  • Wednesday 2 July 2014: Seventh set of Q&A published – Please note that there will be an extraordinary publication of Q&A and an updated reporting template on 3 July.
  • Wednesday 25 June 2014: Sixth set of Q&A published, reporting template updated and automatic updating tool provided.
  • Wednesday 18 June 2014: Fifth set of Q&A published, reporting template updated and automatic updating tool provided.
  • Wednesday 11 June 2014: Fourth set of Q&A published, reporting template updated and automatic updating tool provided.
  • Wednesday 4 June 2014: Third set of Q&A published.
  • Wednesday 28 May 2014: Second set of Q&A published, Stress Test Specifications updated (track changes mode), reporting template updated and automatic updating tool provided, tool for the generation of risk-free curves and related presentation updated, (both tools contain a log of the updates made), two background documents uploaded.
  • Wednesday 21 May 2014: First set of Q&A published, Stress Test Specifications updated (track changes mode), reporting template updated and automatic updating tool provided, tool for the generation of risk-free curves and related presentation updated. (both tools contain a log of the updates made).

Going forward, updates of the website are made every Wednesday. Please also check the Publications section for updates on a regular basis.

Objective

Stress tests represent one of the regular supervisory tools that help to assess the resilience of the insurance sector to adverse situations and to extract valid conclusions to support the stability of the financial system.

The aim of the exercise in 2014 is to test the resilience of insurers regarding market risk under a combination of historical and hypothetical scenarios. Additionally, insurance risk will be tested and, as a follow-up to its Opinion on Supervisory Response to a Prolonged Low Interest Rate Environment, EIOPA will also include a low yield element in the exercise.

Timeline

​Date​Activity
30 Apri​l 2014Launch of a Europe-wide stress test for the insurance sector
20 May 2014 Workshop with industry participants
May – JuneQ&A procedure for industry participants
11 July 2014Deadline for submission of undertakings' data to the national supervisory authorities (NSAs)
31 July 2014 Validation of undertakings' data by NSAs
August – mid September Centralized validation of all the submissions by EIOPA
November 2014 Disclosure of the results of the stress test analysis

Working process

The exercise will be run in close cooperation with the national supervisory authorities: the NSAs will identify and contact prospective participants in the test.

As of now, EIOPA will provide industry participants with the regular updates on the status and all the upcoming steps of the stress test.

On 31 March, EIOPA invited insurance and actuarial associations (Insurance Europe, CRO Forum, AMICE, Actuarial Association of Europe, CFO Forum) to provide useful comments on stress test reporting templates. The objective of this consultation is to improve the usability of the templates and to allow for early understanding of the stress test shape and requirements.

Background documents

​Publication date​Document
01 Dec 2014​Presentation​
28 May 2014Presentation on Stress Test approach
Presentation of the Industry meeting of 20 May 2014
30 April 2014Press release "EIOPA launches EU-wide Insurance Stress Test" 
Letter from the ESRB Chair to the Chairman of EIOPA
Two EIOPA/ESRB market adverse scenarios for the core module in the 2014 EIOPA stress test 
ESRB qualitative questionnaire on one of the market adverse scenarios to complement the 2014 EIOPA stress test

Stress Test Specifications

​Publication date
​Document
28 May 2014 Stress Test 2014 specifications (updated)
Excel table to support the generation of the risk free curves required for the stress test purposes (updated)
21 May 2014Stress Test 2014 specifications (updated) (please use the most recent version above)
Excel table to support the generation of the risk free curves required for the stress test purposes (updated) (please use the most recent version above)
30 April 2014

Stress Test 2014 specifications (please use the most recent version above)
Excel table to support the generation of the risk free curves required for the stress test purposes (please use the most recent version above)
Explanation on methodologies applied for the risk free curves and LTG measures for the stress test purposes

Technical Specifications for the Solvency II Preparatory Phase

Explanation on the Excel table to support the generation of the risk free curves required for the stress test purposes available as a presentation (updated)

Reporting Templates

​Publication date
​Document
09 July 2014
Stress Test 2014 Reporting Template (updated v8)
Automatic Updater v8 for already filled Templates
03 July 2014

Stress Test 2014 Reporting Template (updated v7) 

​Automatic Updater v7 for already filled Templates

25 June 2014Stress Test 2014 Reporting Template (updated v6)
Automatic Updater v6 for already filled Templates 
18 June 2014Stress Test 2014 Reporting Template (updated v5) (please use the most recent version above)
Automatic Updater v5 for already filled Templates (please use the most recent version above)
11 June 2014Stress Test 2014 Reporting Template (updated v4) (please use the most recent version above)
Automatic Updater v4 for already filled Templates (please use the most recent version above)
28 May 2014Stress Test 2014 Reporting Template (updated v3) (please use the most recent version above)
Automatic Updater v3 for already filled Templates (please use the most recent version above)
21 May 2014Stress Test 2014 Reporting Template (updated v2) (please use the most recent version above)
Automatic Updater v2 for already filled Templates (please use the most recent version above)
30 April 2014S​tress Test 2014 Reporting Template (please use the most recent version above)

Questions & Answers

Q&A specific on EIOPA stress test

​Publication date​Document
​09 July 2014​Ninth set of Q&A
03 July 2014Eighth set of Q&A
02 July 2014Seventh set of Q&A
25 June 2014Sixth set of Q&A
18 June 2014Fifth set of Q&A
11 June 2014Fourth set of Q&A
04 June 2014Third set of Q&A
28 May 2014Second set of Q&A
21 May 2014First set of Q&A
30 April 2014National contact points for Q&A 
Question & Answer template for participants

Q&A on EIOPA technical specifications

For Q&A on EIOPA technical specifications for the preparatory phase click here.

 

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