EIOPA · 3165
Solvency Capital Requirement (SCR)
- Regulation
- (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
- Article
- 161
- Topic
- Solvency Capital Requirement (SCR)
- Submitted
- 2024-10-09
- Answered
- 2024-11-15
Question
What kind of accidents should be included in mass accident submodule? There are some risks covering specific type of accident, such as death in car accident. Basing on the document "Catastrophe Task Force Report on Standardised Scenarios for the Catastrophe Risk Module in the Standard Formula", where this risk is named "Arena Disaster" the goal of this risk is to include possible scenario where many people in one place are affected. Including specific type of accident would result in overestimated SCR, as cummulation of such incidents are much less probable than assumed in SCR 0,5%.
Answer
This question was rejected as the answer is clear from Article 161 of the Commission Delegated Regulation (EU) 2015/35. All accidents, even very specific ones, should be considered.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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