According to the source, "Credit Quality Step (CQS) is a standardized scale of credit quality with mappings to the credit ratings of the largest ratings agencies. CQS 0-3 correspond to investment grade assets with 4-6 being non-investment grade."
Sample includes insurers with financial year end within the calendar year. Exchange rate conversions to EUR using ECB exchange rates as of reference date.
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Insurance company investment grades in Europe by country 2022
Generally speaking, insurance companies in northern and western Europe tend to hold higher-grade financial assets than their southern and eastern companions. In 2022, investments rated 'credit quality step 0' (the lowest risk assets available under this scale) accounted for **** percent of Swedish insurance companies' financial assets, and around ** percent for Danish companies. Conversely, only **** percent of Hungarian insurance companies' debt was rated this highly. A notable outlier here though is Iceland, whose insurance companies held no debt in step * or step * - a major difference to their Nordic cousins.
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EIOPA. (October 2, 2023). Credit quality step allocation of reported assets of insurance companies in Europe in 2022, by country [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 04, 2026, from /statistics/1268930/insurance-company-investments-grade-country-europe/
EIOPA. "Credit quality step allocation of reported assets of insurance companies in Europe in 2022, by country." Chart. October 2, 2023. ÌÇÐÄÆƽâ°æ. Accessed August 04, 2026. /statistics/1268930/insurance-company-investments-grade-country-europe/
EIOPA. (2023). Credit quality step allocation of reported assets of insurance companies in Europe in 2022, by country. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 04, 2026. /statistics/1268930/insurance-company-investments-grade-country-europe/
EIOPA. "Credit Quality Step Allocation of Reported Assets of Insurance Companies in Europe in 2022, by Country." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 2 Oct 2023, /statistics/1268930/insurance-company-investments-grade-country-europe/
EIOPA, Credit quality step allocation of reported assets of insurance companies in Europe in 2022, by country ÌÇÐÄÆƽâ°æ, /statistics/1268930/insurance-company-investments-grade-country-europe/ (last visited August 04, 2026)
Credit quality step allocation of reported assets of insurance companies in Europe in 2022, by country [Graph], EIOPA, October 2, 2023. [Online]. Available: /statistics/1268930/insurance-company-investments-grade-country-europe/
