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CEIOPS published the report on its fourth quantitative impact study (QIS4). Areas of particular relevance were the impact on groups’ balance sheets, including diversification effects and transferability of own funds, the use of simplifications and undertaking-specific parameters, the design and calibration of the MCR, and the comparability of the standard formula and internal models for the calculation of the solvency requirements.
The results show that measured against the level of stress embedded in the QIS4 simulations, as of year end 2007 the European insurance industry appeared to be well capitalized. Under QIS4, the aggregated capital surplus of participating undertakings remains fairly stable.
Summary Results and Main Messages