Euro volatility adjustment

The euro volatility adjustment is the equivalent for euro-denominated liabilities, published monthly by EIOPA alongside the euro risk-free term structure. It is the currency-wide figure, not a country-specific increase. Note that the PRA publishes a euro column too, and the two do not agree — they are computed from different reference portfolios. The one euro-area insurers apply is EIOPA’s, and that is the one charted here.

The adjustment is one input to regulatory liability valuation, rather than an asset return. This history is intended to make the monthly series easy to inspect alongside the rates and spreads shown on the Economic Dashboard. For the UK prudential framework and matching-adjustment coverage, see Solvency UK. The underlying methodology, reference portfolio and publication calendar remain those of the regulator named below.