Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Raport EIOPA na temat stabilności finansowej. Grudzień 2022

December 2022

FINANCIAL STABILITY REPORT

FOREWORD BY THE CHAIRPERSON

The war in Ukraine is a human tragedy and a watershed moment in history. The EU responded resolutely and Member States welcomed millions of Ukrainian refugees. The Russian invasion triggered a supply shock with skyrocketing gas and oil prices, but due to considerable efforts of governments, citizens and companies it seems that the worst case scenarios for this winter can be avoided. The Covid-Pandemic continued to take a considerable human toll with premature deaths and long COVID. At least for the moment the situation seems stable.

The European regulatory framework has proven to be robust and insurers and pension funds have weathered so far the numerous shocks well, but we don’t know what the future will bring. Among the many challenges are claims inflation, a potential widening of corporate and sovereign spreads and the gloomy macroeconomic outlook. Another concern is the impact of quickly rising interest rates on...