Europe’s insurers will today file their subsidiaries’ sixth annual solvency and financial condition reports (SFCR) with data points across 44 quantitative templates.
These will give unrivalled insight into their fortunes during 2021, a year in which the Covid-19 pandemic continued to pose unprecedented risks to underwriting and investments.
“This is a significant data release for the market” said Phil Manley, director of Insurance Risk Data, the data and analytics service from the publishers of InsuranceERM.
Since 2016, when Solvency II came into effect, Insurance Risk Data has collated approximately 3.2m data points from SFCRs – from capital adequacy to balance sheet composition, to premiums claims and expense, and much more.
“Demand for Solvency II data is high because it uniquely allows for granular like-for-like benchmarking of insurers across the European Economic Area (EEA) and in the UK, including comparisons by country, region, insurer type and more. With six years’ worth of standardised data it’s now possible to analyse trends in the European insurance market more accurately than ever before.”
Uploading the data into a format that can be used for data analysis is a major task, something that is already well underway at Insurance Risk Data.
Solvency II data is typically used by a variety of stakeholders. “Analysts, investment managers, re/insurers and consultants have always had a keen interest. More recently there has been an uptick in demand from clients using the data for M&A research including private equity, M&A consultants and strategy teams within insurers,” said Manley.
The 8 April deadline is for solo entities to file their SFCRs. However, some groups will report at the same time, ahead of the official 20 May deadline for group-level SFCRs and quantitative reporting templates (QRTs).
Insurance Risk Data has begun gathering early filings – to archive the narrative SFCRs in its commercial library, and raw data from all the QRTs – to analyse and display in multiple data dashboard visualisations.
The database covers insurers in the 30 EEA countries plus the UK and Gibraltar. On top of the SFCRs, Insurance Risk Data includes all Lloyd’s syndicate annual reports, plus solvency and financial condition reports from insurers in Switzerland and Bermuda.
Insurance Risk Data also produces market intelligence research reports and data-driven projects provided exclusively for subscribers.
- Insurance Risk Data captures all Solvency II SFCRs and QRT data from European insurers into a single, comprehensive database, complete with interactive data visualisation dashboards, ideal for analysis, research and benchmarking. Demos and free trials available at www.insuranceriskdata.com or email [email protected]
