The current review initiated by a request from the European Commission can lead to significant changes of the Solvency II framework. Because of the Covid-19 pandemic the due date for EIOPA’s opinion on the Solvency II – review 2020 has been switched to end of December 2020. The two Consultation Papers on EIOPA’s opinion and the scenarios tested in the holistic impact assessment deliver nevertheless first insights into EIOPA’s tentative proposals. We will present some topics affected significantly thereby.
The impact of Covid-19 across the world has been enormous and it will have significant long term social and financial implications for economies, governments, corporate entities and individuals. It has affected many areas of exposure for (re)insurance companies and pension schemes through features such as lower and more volatile asset prices, impacts on mortality and morbidity rates, operational risk, etc. This session will look at the key impacts, ways in which actuaries can provide inputs and considerations for regulatory authorities. It will also look at actuarial insights to wider areas in which Covid-19 has impacted.
IFRS 17 is expected to be endorsed in the EU by 1 January 2023. An effective implementation of the new reporting standard requires stronger coordination and cooperation between actuaries and accountants than before.
An overview will be provided on the EU’s sustainability plans and its green deal and what is required from the insurance sector. Also included will be what can be expected in the next years in this field.