EIOPA recently published its updated quarterly risk dashboard, based on data provided by certain large insurance groups for Q3 of 2014. The dashboard indicates that the risk environment remains challenging. Points of interest identified include (a) that market risks remain unchanged since Q2 of 2014, (b) the overall outlook for macroeconomic risks seems to be worsening and (c) liquidity and funding risks are unchanged but lapse rates are increasing in some markets. The dashboard also notes that Solvency I figures are robust and that the insurance sector is generally well capitalised for Solvency II purposes. However, it acknowledged the outcome of the EIOPA December 2014 stress test which determined that 14% of (re)insurers would have a solvency capital requirement ratio below 100% if calculated on a Solvency II basis.