Stress tests are regularly used by supervisors to assess the resilience and vulnerabilities of financial institutions to possible shocks. The 2019 occupational pensions stress test assess the resilience and potential vulnerabilities of the European defined benefit (DB) and defined contribution (...
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
European insurance companies and pension funds (ICPFs) are significant institutional investors within the EU and globally, whose investment decisions affect their own performance, as well as rest of the economy. This study focuses on the potential drivers of equity investments by ICPFs from the ...
Cette étude a pour objectif d’informer et soutenir les initiatives de l’Union Européenne (UE) promouvant des investissements accrus en actions par les compagnies d’assurance opérant dans l’UE en (1) identifiant les tendances des investissements en actions des compagnies d’assurance et des fonds ...
Institutions for occupational retirement provision (IORPs) should invest their capital in the best interest of their members and beneficiaries, i.e. prudently. Therefore, the IORP Directive requires IORPs to adhere to the Prudent Person Rule (PPR) and lists a limited number of investment rules t...
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country le...
