Italian insurers question benefit of Solvency II long-term guarantees package

Matching adjustment and countercyclical premium inadequate for Italian insurers’ needs

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Italian insurers claim the package of measures being tested in the long-term guarantees impact assessment (LTGA) may not go far enough to address the issue of asset price volatility.

The Italian insurance market has experienced huge swings in companies' balance sheets as a result of volatile bond prices. Yields on government securities over the last 15 months have been highly unstable, varying between 7.12% and 4.45% for 10-year BTPs (Italian Treasury bonds).

The Italian regulator, Isvap

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