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Eurozone Debt Crisis & Insurer Solvency Airmic Resource

 

As the Eurozone Debt Crisis continues, issues are emerging over the solvency of insurers in the event of a Eurozone country defaulting. This resource intends to collate the most relevant and informative content from external sources for Airmic members.

If you have any suggestions for suitable content, please email Georgina.Oakes@airmic.com

Image of a broken Euro coin

Videos

Willis Group
Sally Bramall Managing Director of Global Carrier Management at the Willis Group gives a brief overview of market security in light of the current Eurozone Crisis.
Download
Special Report
Market Security Briefing Notes

 

A.M. Best Europe
Stefan Holzberger Managing Director, Analytics A.M. Best Europe gives a brief overview of the Eurozone Crisis and analysis from A.M. Best Europe.
Download the accompanying document.

     

Downloads

DLA piper Capital Markets report

A.M. Best Takes Further Rating Actions On Eurozone Insurers
The environment for insurers operating within the Eurozone remains challenging, with severe market turbulence expected to continue over the near to medium term.
For the past year, A.M. Best Co. has been actively monitoring the financial crisis and its effects on European countries, stress-testing the balance sheets of (re)insurers against their exposure to Eurozone debt, equities, real estate and corporate bonds. In 2011, market briefings were released highlighting insurers’ elevated investment risk exposure, and in December, numerous rating actions were taken on members of six global insurance groups. Download

   
DLA piper Capital Markets report DLA Piper
Restoring the capital markets in a financial crisis: capital markets report 2012
We engaged a high profile advisory committee of senior figures from Deutsche Bank, Schroders, PricewaterhouseCoopers and The London Stock Exchange in formulating the questionnaire which surveyed a core target audience of directors and general counsel of major listed corporates and investment bankers and brokers servicing such corporates on a number of key areas relating to the capital markets, in particular London. Those areas include: awareness of the routes to corporate capital; the failure of the current IPO model; the future of the London markets; and what effective governance really means. Download
   
Willis
Market Security
Impact of the Eurozone Debt Crisis on Insurer Solvency
Escalation of the European sovereign credit crisis into the core of the Eurozone poses numerous threats, implicitly
and explicitly, to insurer security. In recent years, the sector has proven itself largely resilient to the exceptional stress experienced within the financial system throughout the previous credit crisis. Download
   
Eurozone contingency planningl PDF report Ernst & Young
Eurozone — contingency planning for partial default
or emergency redenomination.

If one or more countries were to default or exit the Euro,
how would your insurance cope?
With the level of uncertainty currently present in the Eurozone, there remains a real possibility that we may see one or more countries defaulting and/or exiting the Euro and redenominating their currency. Download
   
ESMA
Sovereign Debt in IFRS Financial Statements
As a result of recent sovereign debt developments and the increased market interest in this area, there has
been a lot of focus on the accounting practices of listed companies, and financial institutions in particular,
with respect to their exposures to sovereign debt. Download.
   
Eurozone contingency planningl PDF report Financial Reporting Council
An Update for Directors of Listed Companies:
Responding to increased country and currency
risk in financial reports

Prompted by the current economic uncertainties facing a
number of countries around the world. This Update aims to draw together a number of the
more significant issues directors may reflect when considering how best to provide a balanced
and understandable assessment of a company’s position and prospects in the context of increased country and currency risk. Download
   
Eurozone contingency planningl PDF report PWC
What next for the Eurozone?
Possible scenarios for 2012

Expect surprises next year. We are currently
experiencing unprecedented levels of uncertainty in
the Eurozone. The potential political and economic
outcomes emerging from the Eurozone crisis in 2012
are disparate, although all share a similar theme. A
harsh adjustment to a new fiscal
unavoidable, regardless of the path politicians
finally decide to follow. Download
   
Eurozone contingency planningl PDF report ACT & Deloitte
Euro Contingency Planning: briefing paper
The ACT, working with Deloitte, have produced a briefing paper on contingency planning for the Euro. Any fragmentation of the Euro would have devastating economic consequences, but even so there may be certain risks that can be minimised by planning ahead. This paper will help treasurers considering the implications that might apply to their own companies. Download