  This work is an answer to the EIOPA 2017 report. It follows from the latter
that in order to assess the potential systemic risk we should take into account
the build-up of risk and in particular the risk that arises in time, as well as
the interlinkages in the financial sector and the whole economy. Our main tools
used to analyse the systemic risk dynamics in the European insurance sector
during the years 2005-2019 are the topological indices of minimum spanning
trees (MST) and the deltaCoVaR measure. We address the following questions: 1)
What is the contribution to systemic risk of each of the 28 largest European
insurance companies whose list includes also those appearing on the G-SIIs
list? 2) Does the analysis of the deltaCoVaR of those 28 insurance companies
and the conclusions we draw agree with the our claims from our latest article
[Wanat S., Denkowska A. 2019]. In clear: does the most important contribution
to systemic risk come from the companies that have the highest betweenness
centrality or the highest degree in the MST obtained?
