While we estimate COVID-19-related market stresses could have initially wiped out up to 85% of the EMEA insurance industry's capital buffer, capital market recovery has subsequently helped restore it sufficiently to support ratings into 2021/2022. However, the pandemic has had an impact on 38% of ratings and outlooks in the EMEA corporate sector this year, with asset stresses, particularly equity stresses, remaining a key rating risk for insurers.