Financial strength improves despite increasing risk
Welcome to our third annual review of Solvency II (Pillar 3) reporting by 100 of the top non-life insurers in the UK and Ireland. We have taken a close look at the SFCRs and QRTs and have summarised the key findings.
Whilst capital coverage remains generally good, some firms have seen large shifts in their levels of cover since Solvency II reporting started two years ago.
Many firms highlight Brexit and cyber risks as ongoing risks that contribute to uncertainty. So far, few firms have noted IFRS17 or climate change as key risks, despite these issues now being in the spotlight across the industry. Compliance remains an area to improve upon, as is the general availability of the reports.
Only two-thirds of SFCRs and QRTs were available on firms’ websites by the reporting deadline. EIOPA’s recent announcement of its intention to discuss with national regulators having public SFCR repositories may assist with this going forward.
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