New Data Series: Insurance Data – Solvency and Financial Condition Reports
18 December 2018
Press Release
The Central Bank of Ireland has today published a consolidated view of publically available data for insurance and reinsurance firms. Under new Solvency II regulations, firms must provide public disclosures. The public disclosures take the form of a Solvency and Financial Condition Report (SFCR), which firms produce on an annual basis. All Individual SFCRs from firms regulated by the Central Bank are available in a dedicated repository on the Central Bank’s website.
This year the Central Bank has taken a further step to provide a set of tables covering all the 2017 reports comprising key metrics that have been extracted from the templates attached to each firm’s SFCR. There is also a data file being made available that allows further interrogation of the data contained in all the SFCR templates. Today’s publication makes these data more accessible and increases transparency. These tables when read in conjunction with the narrative in the individual reports offer important insights into the activities of firms regulated by the Central Bank of Ireland.
The Central Bank analyses all Solvency II data on an aggregated and individual undertaking basis. We use these data to deliver an effective, intrusive, analytical and outcomes-focused approach to supervision.
These data will be published on an annual basis following publication of the annual SFCRs. Further information is available on our website.
Notes
Solvency II came into effect on 1 January 2016 and introduced a new regulatory regime for (re)insurers. The regime mandates that each (re)insurer makes publicly available a report on its solvency and financial condition. The SFCR includes a narrative report on the (re)insurance undertaking coupled with key quantitative reporting templates (QRTs) that contain technical provisions, solvency, balance sheet and other information. Where a regulated firm undertakes business in Ireland and overseas, the data in the SFCR presents a consolidated view of its global business.