On 20 March 2015, EIOPA published its updated quarterly risk dashboard, based on data provided by certain large insurance groups for Q4 of 2014.  This indicates that the risk environment facing the insurance sector remains challenging.  Specific points highlighted include that (a) while the macro-economic outlook has slightly improved, there is uncertainty around deflationary trends and Eurozone stability, (b) profitability challenges remain (particularly for life assurers) and (c) in 2014, insured losses were at their lowest levels since 2009.   The dashboard also notes that, while Solvency I figures are still robust, the recent EIOPA stress test found that 14% of participants would have a solvency capital requirement ratio below 100% on a Solvency II basis.