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Show/Hide section   ICB - Insurance Corporations Assets and Liabilities

 
ADMINISTRATIVE INFORMATION
  Title ICB - Insurance Corporations Assets and Liabilities
  Data source NCBs and ECB
  Contact email address Statistical Information Request form
 
LEGAL AND INSTITUTIONAL ENVIRONMENT
  Institutional mandate The framework for the collection of IC statistics is laid down in the ECB Regulation concerning statistics on the assets and liabilities of insurance corporations (ECB/2014/50). This Regulation is complemented by Guideline ECB/2014/15. They are available for downloading here.

The national central banks are allowed to derive the necessary statistical information, to the extent possible, from data reported for supervisory purposes under the EU’s Solvency II framework.
  Legal acts and other agreements Regulation ECB/2014/50 concerning statistical reporting requirements for insurance corporations

Guideline ECB/2014/15 on monetary and financial statistics (recast)
 
SCOPE
  Data presentation - Summary description ICB statistics refer to the assets and liabilities insurance corporations (IC) resident in the euro area, covering both outstanding amounts and transactions.
  Data presentation - Detailed description ICs are divided into:
(i) reinsurance corporations
(ii) life insurance corporations
(iii) non-life insurance corporations
(iv) composite insurance corporations
  Statistical population ICs resident in the territory of a euro area Member State  form the reference reporting population.

NCBs are entitled to exempt ICs from statistical reporting requirements in accordance with Article 7 of  Regulation ECB/2014/50.
  Reference area coverage Euro Area
  Sector coverage Insurance corporations belonging to the sub-sector “insurance corporations" in the ESA 2010, sector S.128.
  Time coverage These statistics are available as of reference period Q3 2016 and replace the non-harmonised euro area insurance corporations statistics which have been published by the ECB in the context of euro area insurance corporations and pension funds (ICPF) statistics. ICPF data are generally available for the reference periods Q1 2008 to Q2 2016, with a further estimate for Q3 2016 for the series on insurance corporations, in order to provide users with a link between the old and new datasets.
 
METHODOLOGICAL INFORMATION
  Source data type ICs submit to the NCBs the data that the NCBs require in accordance with Guideline ECB/2014/15 on monetary, financial institutions and markets statistics. These in turn report national aggregates to the ECB.
  Time period Quarterly
  Time period - collection End of the period
  Frequency of data collection Quarterly
 
STATISTICAL PROCESSING
  Data compilation Data are aggregated across IC sector in each Member State by NCBs or national statistical institutes to derive contributions to the euro area aggregated balance sheet of the IC sector.
  Adjustment Neither seasonally nor working-day adjusted.
  Data validation Validation is based on the verification of balance sheet constraints, and on checks on the plausibility of developments at various levels of aggregation.
  Data revision - policy The revisions policy and procedures set by the ECB and the relevant NCB must be followed.
 
QUALITY
  Quality management Quality is ensured by means of a comprehensive legal framework included in the Guideline ECB/2014/15 on monetary and financial statistics (recast).
  Accuracy Minimum standards for accuracy:
(a) statistical information must be correct: all linear constraints must be fulfilled (e.g. subtotals must add up to totals);
(b) reporting agents must be able to provide information on the developments implied by the transmitted data;
(c) statistical information must be complete and must not contain continuous and structural gaps; existing gaps should be acknowledged, explained to the relevant NCB and, where applicable, bridged as soon as possible;
(d) reporting agents must follow the dimensions, rounding policy and decimals set by the relevant NCB for the technical transmission of the data.
  Timeliness Quarterly data are reported by close of business on the 40th working day, 35th working days as of reference periods in 2019 following the end of the quarter to which the data relate.
 
DISSEMINATION
  Release policy Publication approximately 10 weeks following the reference period, 9 weeks as of reference periods in 2019.
  Release policy - release calendar See the release calendar for insurance corporations statistics in the euro area on the ECB’s website.
  Dissemination format Statistical Data Warehouse (SDW) and ECB website
  Dissemination format - news release Press Release on the ECB website
 
MISCELLANEOUS
  Metadata last update 23/NOV/2018 10:40:12

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