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Eiopa-Chef Bernardino sieht drei Risiken vor Stresstest

21.02.2014 – gabriel-bernardino-150Am 30. April will die Europäische Aufsichtsbehörde für das Versicherungswesen und betriebliche Altersversorgung (Eiopa) mit einem Stresstest europaweit der Branche im Allgemeinen und den Versicherern im Besonderen auf den Zahn fühlen. Dabei sieht Eiopa-Chef Gabriel Bernardino drei grundsätzliche Risiken, wie er im, auf englisch geführten Interview, mit Fabrizio Aurilia, von der italienischen Insurance Review, bestätigte.

In 2014, Eiopa plans to run a comprehensive stress test. What are the key risks that may impact the insurance sector?

According to the observations that we have done in Eiopa’s recent Financial Stability Report, economic conditions in European countries are still fragile and the three main prominent risks that insurance sector continues to face are a prolonged low yield environment, a weak macroeconomic climate and a possible contagion risk arising from exposure to sovereigns and financial institutions.

In Eiopa’s second half/year financial stability report 2013 we read that the interconnections of the insurance sector with the rest of the financial system is one of the topics that you will study in deep in 2014. What are the possible developments of these interconnections?

On the investment side, exposure to sovereigns and financial institutions poses a varied challenge for entities that ranges from those experiencing very low yields on the sovereign holdings to others facing the risks of spread reversals on their higher yielding sovereign and bank exposures. As part of its continuous monitoring of the insurance market, Eiopa is looking at concentrations in sovereigns and financials, trying to better understand the “search for yield” behaviour, assess the “liquidity swap” activity of undertakings and look at some recent value in force monetisation where we see life companies exchanging future potential cash”flows for value today. All of this work is contributing to our understanding of the interconnectedness of the insurance sector with therest of the financial system. This is a theme that we will be pursuing in greater detail in 2014. In order to properly monitor the developments and timely identify the risks and vulnerabilities occuring in the insurance sector, Eiopa is building an analytical framework. We are confident that this will help policymakers and national supervisors to identify and quantify possible risks for undertakings. But we need to be realistic: the efficiency of this framework will strongly depend on the availability of data provided to Eiopa by national supervisors!

Das vollständige Interview mit weiteren Fragen auch zum italienischen Versicherungsmarkt unter beigefügtem Link.

Bild: EIOPA-Chef Gabriel Bernardino sieht drei Schlüsselrisiken. (Quelle: EIOPA)

Link: Interview Gabriel Bernardino (PDF, engl.)

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