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This consultation paper investigates how natural catastrophe insurance within the Solvency II framework can better account for climate change adaptation measures. The document distinguishes between macro-level protections, such as public flood defenses, and micro-level interventions implemented by individual property owners to reduce vulnerability. By analyzing perils like floods, earthquakes, and windstorms, the report evaluates whether the standard formula for capital requirements should be adjusted to reward these risk-reduction efforts. The text explores several regulatory options, including the use of undertaking-specific parameters and internal models, to ensure that insurers have the financial incentive to promote resilience. Ultimately, the paper seeks to bridge the protection gap by aligning prudential capital charges with the actual physical improvements made to insured assets.

EIOPA’s article reports results from a survey of 347 insurance undertakings in 25 European countries on generative AI adoption. It describes that many insurers are increasingly using generative AI, with nearly two-thirds actively deploying tools, mainly for internal productivity tasks, while customer-facing applications remain at proof-of-concept stage. Respondents cited efficiency, cost reduction, customer experience and decision support as drivers. The summary notes challenges including data privacy, security, regulatory compliance and skill gaps, and highlights risks such as inaccurate outputs and third-party reliance. It also describes growing development of dedicated AI governance and risk policies.

The EBA released an updated list of indicators for risk assessment and risk analysis tools, along with a revised methodological guide. This update does not introduce any additional reporting requirements for institutions or competent authorities. Instead, it clarifies how risk indicators are calculated in EBA publications, enabling users and competent authorities to interpret key banking figures consistently when conducting risk assessments and analyses.

Cette neuvième édition de la cartographie prospective analyse les risques majeurs pesant sur le secteur de l'assurance et la société française à l'horizon 2026. Pour la neuvième année consécutive, les cyberattaques dominent le classement en raison de leur sévérité, suivies de près par les incertitudes économiques et une instabilité politique croissante. Bien que le dérèglement climatique demeure une menace structurelle fondamentale sur le long terme, les experts notent un resserrement temporel des dangers, la plupart étant désormais perçus comme imminents. Le rapport souligne également l'émergence de l'intelligence artificielle, considérée simultanément comme un risque opérationnel sérieux et la principale opportunité de transformation pour la profession. Enfin, malgré une forte inquiétude immédiate, les assureurs affichent une certaine confiance dans la capacité de résilience de la France face aux défis de la prochaine décennie.

𝗘𝗜𝗢𝗣𝗔'𝘀 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲 𝘁𝗼 𝗦𝘆𝘀𝘁𝗲𝗺𝗶𝗰 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁𝘀
The strategy employs four interlocking pillars to build a multi-layered defense. It is anchored in enhancing foundational digital operational resilience across the financial market through collaboration with other European Supervisory Authorities and crucial oversight of critical third-party service providers. This internal strengthening is complemented by a public-facing initiative to close the significant cyber protection gap, promoting informed decision-making to encourage mitigation and adaptation actions among businesses and citizens. To sustain these efforts amid rapid digitalization, EIOPA mandates the continuous adaptation of supervisory frameworks, leveraging SupTech and enhanced data sharing to detect vulnerabilities and structural shifts more efficiently. These pillars are unified through fostering collaborative risk management, working with other relevant EU and international authorities to enable a coordinated response.

The document describes an approach to regulatory adaptation that emphasizes flexible, risk-based supervision in response to digital and technological change. It presents Risk-Based Supervision as a framework intended to identify emerging risks beyond existing legislation through systematic risk identification. The discussion outlines a dual-level process combining industry-wide analysis of technological trends with firm-level assessments of IT systems and operational resilience. It further notes that identified risks are evaluated for potential impact, highlighting cybersecurity as an example that may involve cross-regulatory coordination and could threaten critical operations if severe.

These Joint Guidelines on ESG Stress Testing provide a unified European framework for assessing how environmental, social, and governance risks impact the financial sector. These standards require competent authorities to evaluate both the short-term financial stability and long-term business model resilience of credit institutions and insurance firms. The methodology initially prioritizes climate-related environmental risks, examining both physical threats like weather events and transition risks such as policy shifts. To ensure practical application, the guidelines emphasize proportionality and materiality, allowing for simplified approaches based on the size and complexity of the entity. 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝘀𝗲𝘁 𝗳𝗼𝗿 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟳, following a refinement process that integrated public feedback on data granularity and scenario timelines. Ultimately, the guidelines aim to foster supervisory consistency across the EU while adapting to the evolving maturity of ESG data and modeling.

The 𝗘𝗕𝗔 announces updated guidance for banks concerning 𝗲𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗿𝗶𝘀𝗸. This guidance follows a postponement of the mandatory application date for new reporting obligations, now shifted from March 2026 to the 𝗲𝗻𝗱 𝗼𝗳 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟲 by the European Commission's Regulation (EU) 2025/2475. The EBA specifies that institutions must use the 𝗖𝗢𝗥𝗘𝗣 𝗢𝗙 𝗺𝗼𝗱𝘂𝗹𝗲 (𝗿𝗲𝗹𝗲𝗮𝘀𝗲 𝟰.𝟮) 𝗮𝗻𝗱 𝗰𝗹𝗮𝗿𝗶𝗳𝗶𝗲𝘀 𝘄𝗵𝗶𝗰𝗵 𝘀𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝘁𝗲𝗺𝗽𝗹𝗮𝘁𝗲𝘀, 𝗖 𝟭𝟲.𝟬𝟮, 𝗖 𝟭𝟲.𝟬𝟯, 𝗮𝗻𝗱 𝗖 𝟭𝟲.𝟬𝟰, 𝗮𝗿𝗲 𝗻𝗼 𝗹𝗼𝗻𝗴𝗲𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗠𝗮𝗿𝗰𝗵 𝗿𝗲𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗱𝗮𝘁𝗲 𝗯𝘂𝘁 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗺𝗮𝗻𝗱𝗮𝘁𝗼𝗿𝘆 𝗶𝗻 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟲. This announcement also mentions the availability of updated technical instructions and IT solutions to help banks implement the revised operational risk reporting framework smoothly. Finally, this information is framed within the EBA's broader roles, which include developing harmonized rules, promoting supervisory convergence, and providing risk and data analysis for the European financial system.

"The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published two factsheets designed to help consumers protect themselves from crypto and other online frauds and scams and explain how fraudsters increasingly use artificial intelligence (AI) to deceive consumers. To make the information easily accessible, 𝘁𝗵𝗲 𝗳𝗮𝗰𝘁𝘀𝗵𝗲𝗲𝘁𝘀 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘁𝗿𝗮𝗻𝘀𝗹𝗮𝘁𝗲𝗱 𝗶𝗻𝘁𝗼 𝗮𝗹𝗹 𝗼𝗳𝗳𝗶𝗰𝗶𝗮𝗹 𝗘𝗨 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲𝘀 𝗮𝗻𝗱 𝗿𝗲𝗽𝗿𝗼𝗱𝘂𝗰𝗲𝗱 𝗯𝘆 𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗮𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀."

EIOPA’s December 2025 Financial Stability Report outlines several risks facing European insurers and pension funds, including growing exposures to private credit, vulnerabilities from a weakening U.S. dollar, and the impact of global market interconnectedness. It describes private credit’s expansion, associated liquidity, valuation and concentration risks, and insurers’ sizable U.S. dollar-denominated holdings with complex hedging needs. The report also notes interconnected international exposures that could elevate market and currency risks, alongside other topics like cyber threats and AI-related systemic vulnerabilities, while acknowledging resilient capital and funding ratios amid economic uncertainty.