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Insurance corporations and pension funds

Insurance corporations and pension funds

ESCB insurance statistics

Insurance statistics record the assets and liabilities of insurance corporations in Germany on a quarterly basis. The data on corporations in the life, health, property and casualty insurance sectors and reinsurance corporations are shown separately. The statistics are used to analyse their assets and financing situation. The national results are also included in the ESCB insurance statistics and serve as a building block for the euro area’s financial accounts.

ESCB insurance statistics data are published from the third quarter of 2016. (Prior data on insurance statistics were calculated as secondary statistics based on Solvency I supervisory data from the Federal Financial Supervisory Authority (BaFin) with the aid of banking statistics and securities holdings statistics collected by the Bundesbank.)

The legal framework of ESCB insurance statistics is the Regulation on statistical reporting requirements for insurance corporations (ECB/2014/50). Pursuant to this regulation, data are to be transmitted to the central banks on a quarterly basis, starting with data for the first quarter of 2016. In Germany, the statistics are based on the Solvency II reports submitted by corporations to the Federal Financial Supervisory Authority and passed on to the Bundesbank, as well as on the ESCB’s centralised securities database. The reporting dates correspond to those for Solvency II reporting. The supervisory information requirements are laid down in the Implementing Technical Standards (ITSs) for Solvency II. The annex to the ITSs also contains quantitative reporting templates (QRTs).

Although a large part of the information required pursuant to Regulation ECB/2014/50 is covered by the supervisory reports, some additional data are still needed. The ECB and EIOPA have therefore worked together closely to draw up reporting forms, which, in addition to the supervisory data, also contain the information required for the insurance statistics. The national central banks can decide whether to use these to make it easier to compile the statistics required for reporting purposes instead of collecting their own statistics.

The ECB's extended reporting forms are called "unofficial reporting templates including ECB add-ons". They indicate which data are required for the statistics that are not covered by the supervisory requirements (ECB add-ons). The reporting templates comprise

  1. the Solvency II QRTs including ECB add-ons, and
  2. new templates solely for statistical purposes.

For reasons of simplicity, those QRTs required for the statistics that did not need to be changed are not included. Instructions for completing the ECB add-ons can be found in the corresponding log files.

The templates are called "unofficial templates" in order to distinguish them from the QRTs of the Implementing Technical Standards. If the latter are altered, a corresponding amendment is also made to the unofficial reporting templates.

The ECB add-ons have been integrated into EIOPA's technical framework, which is based on the data point model (DPM) – a structured representation of the data – and the eXtensible Business Reporting Language (XBRL).

Statistics on pension funds

The statistics on pension funds record the assets and liabilities of pension funds in Germany on a quarterly basis, where these funds are to be classified under sector 129 according to the definition given by the European System of Accounts (ESA).

These are secondary statistics based on Solvency I supervisory data and reports from other pension funds, and are supplemented by results from other Bundesbank statistics such as banking statistics and securities holdings statistics.

ESCB statistics on pension funds

The ESCB statistics on pension funds will introduce a new framework for the sector’s statistics, replacing the old model with a harmonised approach for the whole euro area from the third quarter of 2019. The corresponding regulation was published on 26 January 2018 (see link below).

The pension funds covered by the new requirements will continue to be determined by the ESA definition of sector 129. The sector includes pension schemes, pension funds, occupational pension­ schemes for the self-employed as well as church and municipal supplementary pension funds. Pursuant to the above-mentioned regulation, a list of institutions subject to reporting­ requirements will be published on the ECB’s website when the reporting obligation commences.

Further information will follow in due course.

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