Stress Test 2016

​​News​

​​​Publication date​Document
​15 December 2016 2016 EIOPA Insurance Stress Test Report
Recommendations of 2016 EIOPA’s Insurance Stress Test 
Frequently Asked Questions
Presentation of the results by Gabriel Bernardino, Chairman of EIOPA at the press conference​​​

​​​​​​​​​​​​​​​​​​​​​​Objective​

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

The 2016 exercise is tailored to assess the insurance sector’s vulnerabilities to a combination of market risk adverse scenarios. It will be based on a sample of solo insurance undertakings most vulnerable in a persistent low interest rate environment and a double hit scenario where, in addition to the low interest rates, the assets prices are also stressed. ​​

Timeline ​

​Date ​Activity
​13 April 2016​​​Workshop with industry participants
​24 May 2016Launch of an EU-wide Insurance Stress Test 2016​
​June 2016Questions and Answers (weekly updates every Wednesday)​
15 ​July 2016Submission deadline for industry participants to the national supervisory authorities (NSAs)​
​August 2016​Collection and validation of undertakings’ data by the national supervisory authorities (NSAs)
​September 2016Centralised validation by EIOPA of all the submitted results
​15 December 2016Disclosure of the results of the stress test analysis

Stress Test Specifications​

​Publication dateDocument
​18 July 2016 ​Errata corrigendum - Stress Test 2016 Technical specifications and reporting templates
​15 June 2016 ​Stress Test 2016 technical information
​01 June 2016 ​Stress Test 2016 sp​​​ecifications​
Stress Test 2016 technica​l information​​ (please use the most recent version above)​
​24 May 2016​​Stress Test 2016 sp​​​ecifications ​(please use the most recent version above)
​Stress Test 2016 technical information​ (please use the most recent version above)​

Reporting Templates​

​Publication dateDocument
​29 June 2016​​ __Stress Test 2016 Reporting Template​ (version 20160629) ​– see ​Errata corrigendum
Automatic Updater ​for already filled Templates​​ (the tool works with all versions of the templates (initial version and newer))​
​​15 June 2016Stress Test 2016 R​eporting Template (version 20160615​)​​ (please use the most recent version above)​
​24 May 2016​​Stress Test 2016 R​eporting Template​ (please use the most recent version above)​
​​01 June 2016​Stress Test 2016 Reporting Template​ (updated v2) (please use the most recent version above)​
​Automatic Updater ​for alrea​dy filled Templates​​ (please use the most recent version above)​
​24 May 2016​​Stress Test 2016 R​eporting Template​ (please use the most recent version above)​

Questions & Answers on the Stress Test 2016​​

The centralised Q&A process was officially closed on 29th June, therefore no further updates will be published. Stress test participants can refer to their respective national competent authority (NCA) in case further clarifications are needed.

​​Publication dateDocument
​29 June 2016Fifth set of Q&A
​22 June 2016​Fourth​ set of Q&A (Outdated! Please use the most recent version above)​
​15 June 2016 ​Third set of Q&A (Outdated! Please use the most recent version above)​
​08 June 2016​Second set of Q&A (Outdated! Please use the most recent version above)​
​01 June 2016​​​First set ​of Q&A​​ (Outdated! Please use the most recent version above)​
​24 May 2016​​ National contact points for Q&A​
Q&A template for participants​ ​
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 14 March 2016, EIOPA invited the main EU stakeholders associations (Insurance Europe, CRO Forum, AMICE, Actuarial Association of Europe, CFO Forum) to participate in a workshop with industry and actuaries representatives for the 2016 Insurance Stress Test. The objective of this informal consultation is to consult industry about the broad shape of the exercise and the technical specifications, in order to improve the draft reporting templates and to discuss the main methodologies used to analyse and disclose the results of the 2016 Insurance Stress Test. EIOPA expects that this consultation will enhance transparency on the disclosure of the vulnerability assessment and will improve the usability of the templates allowing for early understanding of the stress test shape and requirements.