The quality benchmark indicator for annual solo Solvency II reporting among European insurance and reinsurance companies rose from 82% in 2016 to 94% in 2020, according to EIOPA.
Its latest report on data quality in Solvency II reporting said that automated data quality processing solutions and advanced analytic tools together with built-in validations in the XBRL taxonomy have been effective in raising the quality of data.
EIOPA said it recognises the central importance of high-quality data and is committed to further improving the quality of data it receives via Solvency II reporting and will continue to monitor the evolution of these indicators. The report also described the intensive and wise usage of Solvency II data by EIOPA for analyses, statistics, impact assessments, supporting national supervisory authorities, technical advice and various other publications.
Further data quality improvements are expected in the future as EIOPA and its members continue to refine their techniques and develop new tools.