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The European Supervisory Authorities (ESAs) identify ongoing geopolitical tensions—particularly conflicts affecting energy markets—as key risks, potentially driving inflation, weaker growth, and financial market volatility. It states that high valuations and rising interest rates may increase liquidity and asset-quality risks. The update also highlights vulnerabilities in private finance due to limited transparency, complex interconnections, and shifting investor sentiment. Despite these concerns, it describes the EU financial sector as broadly resilient, with strong capital and liquidity positions. Authorities are said to urge continued vigilance, risk monitoring, and prudent management of exposures, especially regarding geopolitical developments and private markets.

The report underscores the robustness of Europe’s insurance, reinsurance, and pension sectors despite a volatile macroeconomic environment. Strong capital positions persist, with median Solvency II ratios slightly down but stable. Premium growth surged, with non-life up 8.2% and life at 13.8%. Profitability improved, with median return on assets at 0.7%. However, it points out that risks from exchange rate volatility, elevated interest rates, geopolitical tensions, and cyber threats require vigilant monitoring. It also notes significant US equity exposure, urging caution amid potential market corrections.

State-sponsored cyberattacks are a growing and serious threat to financial stability, particularly as geopolitical tensions rise. The financial sector and regulators must prioritize cyber resilience and coordinated defense strategies to mitigate systemic risk.

Amid growing cyber threats, research on cyber insurance risk has been limited by data constraints. This paper addresses this gap by utilizing overlooked public data from U.S. state Attorneys General, offering insights into the actual scope of cyber insurance risk. The data, derived from mandatory data breach reporting, provides valuable information for pricing, reserving, underwriting, and experience monitoring in the cyber insurance industry.