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ABI responds to EIOPA stress test results

The European Insurance and Occupational Pensions Authority (EIOPA) has announced the results of its EU-wide Insurance Stress Test.

Commenting on the results, an ABI spokesperson said:

"The EIOPA insurance stress test results demonstrate that the European industry is well placed ahead of Solvency II and ready to cope with the extreme situations tested.

"As EIOPA points out in its report, the stress tests have been carried out at a point when the industry and supervisors are still awaiting policy clarity on the final Solvency II regime and  were based on standard formula rather than internal models.

"It is also important to note that the stress tests for insurers are not the same as those for banks. Solvency II will set capital levels for insurers which already anticipate some stresses and these tests are performed on top.

"Insurers have been working hard on preparing for Solvency II. They will continue this work alongside supervisors to ensure a smooth implementation of the regime in January 2016."

Last updated 01/07/2016