{"id":16739791,"date":"2025-07-28T15:11:31","date_gmt":"2025-07-28T13:11:31","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=16739791"},"modified":"2026-06-12T09:02:58","modified_gmt":"2026-06-12T07:02:58","slug":"liquidity","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/insurance\/stress-tests-insurance-companies\/liquidity\/","title":{"rendered":"Liquidity"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><div class=\"wp-block-cover is-light has-custom-content-position is-position-bottom-right\"><img loading=\"lazy\" decoding=\"async\" width=\"1700\" height=\"716\" class=\"wp-block-cover__image-background wp-image-11754907 size-full\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover.png\" data-object-fit=\"cover\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover.png 1700w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-320x135.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-640x270.png 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-1536x647.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#948e88\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-right has-medium-font-size wp-block-paragraph\">Liquidity in relation to Stress Tests &ndash; Insurance<\/p>\n<\/div><\/div><div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">While banks perform a maturity transformation, as a general rule liquidity risk plays a subsidiary role for insurance undertakings. However, it may become more significant for example in the case of natural catastrophes with accumulation risks, mass cancellations of policies or capital market crises. While reinsurers assume 30% of claims on average, delayed payments by reinsurers may lead to a short-term liquidity need.<\/p><div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\">\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Liquid Asset Ratio of direct portfolios stipulates in particular illiquidity haircuts by investment class and credit quality.<br><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\">\n<figure data-wp-context='{\"imageId\":\"6a3a83d276268\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a3a83d276268\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"708\" height=\"355\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-7.png\" alt=\"\" class=\"wp-image-39102074\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-7.png 708w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-7-320x160.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-7-640x321.png 640w\" sizes=\"auto, (max-width: 708px) 100vw, 708px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on the liquid asset ratio of direct portfolios excl. unit-linked and index-linked contracts and excl. pure holding companies stating the interquartile range as a box, data: Q1 2016 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n<\/div><div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\">\n<p class=\"wp-block-paragraph\"><br><br>Hidden losses in the balance sheet drawn up in accordance with the Austrian Commercial Code (UGB; Unternehmensgesetzbuch) due to lower market values than book values may impede the sale of assets, as realised losses reduce profits. Due to the purchase of long-term government bonds with higher interest rate sensitivity, changes in interest rates have a greater impact on gains or losses.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\">\n<figure data-wp-context='{\"imageId\":\"6a3a83d276a34\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a3a83d276a34\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"708\" height=\"354\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-4.png\" alt=\"\" class=\"wp-image-39098650\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-4.png 708w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-4-320x160.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-4-640x320.png 640w\" sizes=\"auto, (max-width: 708px) 100vw, 708px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on net purchases (shown as bars) and hidden reserves (lines) for bonds (government and corporate bonds, structured notes, and collateralised securities) for the entire market, Data: Q1 2020 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n<\/div><div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\">\n<p class=\"wp-block-paragraph\"><br><br>Infrastructure investments are an example of less liquid investments. Special rules exist in the <a href=\"https:\/\/www.fma.gv.at\/en\/insurance\/solvency-ii\/\">Solvency II<\/a> framework for own funds requirements for them.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\">\n<figure data-wp-context='{\"imageId\":\"6a3a83d27727e\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a3a83d27727e\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"709\" height=\"354\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-3.png\" alt=\"\" class=\"wp-image-39098637\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-3.png 709w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-3-320x160.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/06\/image-3-640x320.png 640w\" sizes=\"auto, (max-width: 709px) 100vw, 709px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on infrastructure investments for the market as a whole, Data: Q4 2019 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While banks perform a maturity transformation, as a general rule liquidity risk plays a subsidiary role for insurance undertakings. However, &#8230;<\/p>\n","protected":false},"author":20,"featured_media":11754887,"parent":16732163,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-16739791","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liquidity - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/insurance\/stress-tests-insurance-companies\/liquidity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liquidity - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"While banks perform a maturity transformation, as a general rule liquidity risk plays a subsidiary role for insurance undertakings. 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