European Insurance and Occupational Pensions Authority (EIOPA) News

COVID-19 Pandemic to Intensify Risks for Insurers: EU Regulator

Insurers in the European Union are confronted with risks on several fronts that are intensified by the COVID-19 pandemic, and could face lengthy legal battles from claims relating to lockdowns, the bloc’s insurance watchdog said on Thursday. Insurers and reinsurers …

SCOR CEO Takes 30% Bonus Cut; 2019 Dividend Scrapped on COVID-19 Crisis

French reinsurer SCOR announced that its Chairman & CEO Denis Kessler will receive 30% less in his annual variable compensation for 2019, which is equal to €325,260 (US$354,333). In addition, the company has decided to cancel its 2019 dividend. Kessler’s …

National Governments Must Help Provide Insurance for Future Lockdowns: EU Regulator

National governments must help provide insurance cover for future lockdowns, the industry’s European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage on its own. Countries have introduced lockdowns to fight the coronavirus …

Growing Number of UK Insurers Cancel Dividends Amid COVID-19 Concerns

British insurers canceled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus. Aviva, …

European Watchdog Urges Re/insurers to Suspend Dividends During Pandemic

The European regulator has urged re/insurers to temporarily suspect dividend distributions and share buybacks aimed at remunerating shareholders, given the level of uncertainties connected to the impact of the COVID-19 crisis. The European Insurance and Occupational Pensions Authority (EIOPA) said …

EU Insurers Must Preserve Capital Positions as Coronavirus Crisis Escalates: Watchdog

Insurance companies should take measures to preserve their capital position and be prudent about dividend and bonus payments as the coronavirus outbreak disrupts households and businesses, the European insurance watchdog said. “Insurers are likely to face progressively difficult conditions in …

EU Regulator Says Insurers Pass Stress Tests

Europe’s biggest insurers successfully withstood the latest tests of their ability to cope with severe market shocks, the European Union’s insurance watchdog said on Friday. The European Insurance and Occupational Pensions Authority (EIOPA) published results of this year’s stress test …

EU Wants Insurers to Plug Investment Gap, but Bank Partners Needed: Regulator

Efforts to get insurers to plug Europe’s investment gap by backing riskier assets could be undermined if banks are unwilling to share crucial credit data with them, a European Union insurance regulator said. EU insurance capital rules known as Solvency …

EU Insurers Have Raised Their Exposure to Riskier Investments: EU Regulator

Insurance companies, in their search for yield, have increased their exposure to bonds with lower credit ratings and to less liquid securities like non-listed equities and loans, according to a survey by Europe’s insurance watchdog published Thursday. The survey, looking …

EU Regulator Warns UK Insurers to Avoid ‘Fronting’ in Post-Brexit EU HQs

London-based insurers applying for licenses to operate in the European Union after Brexit will be scrutinized for any attempts to game the system, the bloc’s insurance watchdog said. Insurance specialists say some insurers have been shopping around for jurisdictions which …