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Executive Summary Introduction (Partial) "The current macroeconomic environment poses several challenges for the European life insurance market. To assess the resilience of the life insurance industry to the most prominent and prevalent risks, EIOPA launched a stress test exercise with reference date the 1st of January 2016. Two scenarios were tested in this exercise i.e. a low-for-long yield scenario and a so-called ‘double-hit’ scenario. The low-for-long yield scenario aims at emulating a situation of entrenched secular stagnation where a lack of long-term investment opportunities and permanently low productivity growth is combined with an extended scarcity of risk free assets which drives down yields at all maturities. The ‘double-hit’ scenario was set-up by EIOPA in cooperation with the ESRB. This scenario reflects the prevailing systemic risks to the European financial system i.e. an abrupt increase in risk premia combined with a prolonged low yield environment …"

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