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ADMINISTRATIVE INFORMATION
  Title ICO - Insurance Corporations Operations
  Data source National central banks (NCBs) and ECB
  Contact email address Statistical Information Request form
 
TECHNICAL INFORMATION
  Dataset last update in SDW 2021-06-02 10:00:43
  Catalog Download the series catalogue of the dataset ICO in CSV format, i.e. full list of series and associated metadata: Excel 2013 (zipped) or the earlier Excel versions.
 
LEGAL AND INSTITUTIONAL ENVIRONMENT
  Institutional mandate The framework for the collection of insurance corporation (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.

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 ICO statistics refer to premiums written, claims incurred and acquisition expenses of insurance corporations resident in the euro area.
  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 Cs 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 2017
 
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 Annual
  Time period - collection End of the period
  Frequency of data collection Annual
  Statistical concepts and definitions For information about the naming convention (series key dimensions and metadata), refer to the ICO underlying DSD (ECB_ICO1) maintained by the ECB.
 
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 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.
 
DISSEMINATION
  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 26/OCT/2020 18:55:01

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