Insurance corporations

This section provides statistical data and background information on statistics on the assets and liabilities of insurance corporations (ICs).

Data

Harmonised euro area insurance corporation (IC) statistics are available as of the third quarter of 2016. They replace the non-harmonised IC statistics that were previously published by the ECB as part of a broader euro area insurance corporation and pension fund (ICPF) statistical dataset. ICPF statistics are available for the reference periods from the first quarter of 2008 to the second quarter of 2016 SDW.

The discontinuation of ICPF data collection, which was triggered by the collection of harmonised IC statistics, called for the separate collection of pension fund (PF) data, even though PF statistics had not been harmonised. As a result, reporting schemes changed for both IC and PF statistics. To provide continuity between the old ICPF statistics and the now separate harmonised IC and non-harmonised PF statistics, links have been created between the datasets.

The series keys of ICPF euro area aggregates have been mapped with the equivalent series keys of the harmonised IC and new non-harmonised PF euro area aggregates, when available.

Following the discontinuation of the collection and publication of non-harmonised IC statistics in the second quarter of 2016, publication of harmonised IC statistics started in the third quarter of 2016. However, to measure the differences in value collected under the old and new frameworks, some series, as collected under the old framework, have been estimated and published for the third quarter of 2016 SDW.

It should be noted that the harmonised IC statistical data differ from the previously published IC statistics in terms of coverage and definition, so direct comparison of the old and new statistics is not always possible.

Statistics on euro area ICs cover those EU Member States whose currency was the euro at the time to which the statistics relate.

The IC data refer to the assets and liabilities of ICs and currently cover end-of-quarter outstanding amounts, financial transactions and growth rates.

Outstanding amounts, or stock data, refer to the value of assets and liabilities at the end of the reference period.

Transactions, or flow data, refer to the net acquisition of a given type of asset, or the net incurrence of a given type of liability, during the reference period.

Growth rates, and their components and counterparts, are calculated by the ECB on the basis of transactions rather than by simply comparing end-of-period outstanding amounts. Growth rates are calculated from an index that is obtained (starting from a base period) by dividing transactions by the outstanding amounts at the beginning of the period to which they refer.

Euro area insurance corporations balance sheet

Aggregated balance sheet of euro area insurance corporations

Aggregated balance sheet of euro area insurance corporations: Reinsurance corporations

Aggregated balance sheet of euro area insurance corporations: Life insurance corporations

Aggregated balance sheet of euro area insurance corporations: Non-life insurance corporations

Aggregated balance sheet of euro area insurance corporations: Composite insurance corporations

National aggregated insurance corporations balance sheet

Euro area totals and country comparison

Euro area countries

Statistical Data Warehouse – Interactive data access

All insurance corporations time series

Background

The insurance corporations subsector consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance.

The legal requirements for insurance corporations (IC) statistics are laid down in Regulation ECB/2014/50, which defines the statistical standards to be met by insurance corporations when reporting information on their assets and liabilities to the national authorities. This Regulation is complemented by Guideline ECB/2015/44, which sets out the procedures to be followed by national central banks (NCBs) when reporting insurance corporations statistics to the ECB.

In order to minimise the reporting burden on the insurance industry, the ECB Regulation allows the national central banks to derive the necessary statistical information, to the extent possible, from data reported for supervisory purposes under the EU’s Solvency II framework.

The supervisory reporting requirements are set out in Commission Implementing Regulation (EU) 2015/2450 of 2 December 2015, as amended.

While a large part of the information required under the ECB Regulation can be derived from the data provided for supervisory purposes, some additional information is still needed.

NCBs have the option to implement, as a basis, a single reporting flow for statistical and supervisory data, jointly with the national supervisory authorities, using reporting templates prepared by the ECB in close cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) that consolidate the statistical and supervisory data requirements.

These reporting templates are called “unofficial reporting templates including ECB add-ons” and highlight the information that needs to be provided for statistical purposes over and above the supervisory requirements (“ECB add-ons”). The templates consist of (i) those quantitative reporting templates contained in the Implementing Regulation for which there are ECB add-ons and (ii) newly introduced templates for statistical purposes. Other quantitative reporting templates from the Implementing Regulation which may be used for the derivation of statistics under the ECB Regulation, but for which no changes are required, are, for reasons of simplicity, not included. Accompanying files contain instructions on reporting the ECB add-ons.

These unofficial reporting templates are purely for illustrative purposes and are not subject to mandatory reporting across all Member States of the EU. The templates are called “unofficial” to distinguish them from the reporting templates of the Implementing Regulation.

The ECB add-ons have also been integrated in the technical reporting framework set up by EIOPA, based on the Data Point Model (DPM; a structured representation of the data) and eXtensible Business Reporting Language (XBRL). See further information on the EIOPA website through the link below.

Overview of relevant documents

Historical data on insurance corporations and pension funds