Contents

Our findings

A high-level summary of our key conclusions.

Financial overview

Key market statistics at 31 December 2020 and how these have changed over time.

Insurers' responses to COVID-19

Analysis of how COVID-19 impacted insurers and how they have responded, including the support provided to policyholders and employees.

Climate change

How prepared are firms for impending climate change regulation? We look at governance and risk management, scenario analysis and disclosure requirements.

Other key risks

A summary of the other key risks facing insurers such as Brexit, cyber and conduct risk.

Solvency

Detailed analysis of solvency and financial strength across our sample - by insurer type and for individual firms.

Capital impact of COVID-19

Discussion of how individual firms' capital positions have been impacted by COVID-19, and those relying on support from their parent companies or shareholders over the last year.

Calculating capital

Analysis of firms by their approach to calculating Solvency II capital.

Investments

Changes in insurers' investment holdings over time and analysis of ESG considerations in investment strategies.

Solvency II risk margin

Analysis of Solvency II risk margin and how this differs by line of business.

Stress and sensitivity testing

An overview of the sensitivity tests disclosed in firms’ SFCRs.