EIOPA published its 2nd report on failures and near misses in insurance, which now comprises altogether 219 relevant cases from the European (EAA) insurance sector.
In the report, EIOPA assesses the most common courses of action taken by insurers and NCAs during the recovery and resolution phases of failures and near misses. It notes that the database underpinning the report pools valuable information about the impact of the various measures implemented.
The analysis also looks at cross-border issues and finds that while they account for only a small number of the failures reported so far, losses suffered by policyholders seem to occur more often than in domestic insurance failures.
EIOPA notes that the findings of the report support its views on the need for a common Recovery and Resolution framework at the EU level and for a minimum degree of harmonisation across the network of national IGSs.
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