Insurance Europe

#InsuranceMatters: industry sets out its priorities for the EU The insurance industry has set out its priorities for a more prosperous, resilient, and competitive EU. In its manifesto – #InsuranceMatters – published today, Insurance Europe makes recommendations that would enable the insurance industry to deepen its contribution to delivering these goals. Insurance Europe's four priorities for the EU are: Priority 1 Addressing protection gaps Reducing climate, pension, health and cyber protection gaps is vital to ensure resilience and prosperity for Europe’s citizens and businesses. Priority 2 Climate change: mitigation and adaptation Continued focus on the net-zero transition together with concrete actions on climate adaptation and strengthening resilience. Priority 3 Increasing private investment into the EU Increase retail investment, including through insurance savings and retirement products, and diversify funding sources for EU businesses. Priority 4 New approach to EU regulation Regulation that allows, not stifles, innovation, global competitiveness and digitalisation. To deliver these goals, the insurance industry lists several recommendations which include a call on the EU to: ✅ raise awareness of risks and the need for insurance, savings and investment; ✅ accelerate climate adaptation measures at all levels – for example, ensuring strong and enforced land-use controls and building codes; ✅ make it easier for consumers to invest in pension and savings products and for insurers to invest in EU businesses; ✅ launch an “Insurance Expertise Centre” in the European Commission to ensure policymaking supports, and does not compromise, the availability and affordability of insurance; ✅ deliver on the European Commission’s commitment to reduce reporting burden by 25% and ensure new regulation is efficient, effective and added only when truly necessary. #InsuranceMatters #EPlenary #HU24EU Read Insurance Europe's key priorities and recommendations for the EU here: https://lnkd.in/emDN5yzi

The #Draghireport is right that the EU must significantly increase investment if it is to maintain its competitive edge. The report also recognises the need to review the #SolvencyII capital requirements. This is one of the key aims of the current Solvency II Review. The (Level 1) political agreement on the Solvency II Review reached last December opened up the potential for meaningful improvements to address two key barriers for insurers to invest more and invest long-term: 1/ the current excessive capital requirements 2/ the excessive volatility in solvency ratios. However, the actual outcome will be determined by the technical (Level 2) calibrations which are currently under discussion. It is therefore key that the level 2 work fully reflects the co-legislators’ political agreement and Europe’s needs regarding investment, climate and digital transition, Capital Markets Union (#CMU), and international competitiveness. #InsuranceMatters

In his report published yesterday, Mario #Draghi – former European Central Bank president – indicated that the EU needed to invest an additional €800bn every year to remain competitive.   Europe’s #insurance industry fully supports the goal of making progress on the EU’s Capital Markets Union (#CMU) to increase investment and make the EU more innovative, competitive and resilient.   The insurance industry already plays a key role in supporting the CMU’s objectives by:   ➡ providing the protection that allows risk taking and economic activity ➡ providing savings and retirement savings products to help people save ➡ investing in the economy.   Find our more why #InsuranceMatters for Europe: https://lnkd.in/emDN5yzi

Thank you to European Youth Parliament (EYP) for our exchanges so far, and looking forward to working together to hear the views of young Europeans on pensions. #insurancematters

Draghi competitiveness report: insurers back ambition and highlight actions needed Europe's #insurance industry welcomes Mario Draghi's report published today, backing the need to prioritise EU competitiveness. The industry supports the report's call to increase the flow of investments and savings across the EU, ensure Europe’s ambitious decarbonisation plans are part of a larger coherent plan, and reduce regulatory burden. Insurance Europe welcomes the recognition in the former Italian prime minister's report that Europe needs a, 'massive and unprecedented investment from a historical perspective' of around an additional €750-800bn a year. The insurance industry stresses it can further contribute given its role as a major long-term institutional investor: European insurers have close to €9.5tn invested in the economy and 69% of their investments in equity, corporate and sovereign bonds are within the EU. Michaela Koller, director general of Insurance Europe, commented, 'The Draghi report is right to say the EU must place competitiveness at the heart of its priorities for the coming years. If Europe is not to lag behind on the global stage and deliver for all Europeans, it needs to unlock further private investment to drive forward innovation, sustainability and digitalisation. It needs to rethink how the EU sets rules so regulations support, not hold back, the insurance industry's ability to provide protection, create jobs, support innovation and invest in the economy. The report offers the right ambition, but we need a clearer plan of actions which will allow our sector to play its full role''. Reiterating several of its recommendations recently adopted in its #InsuranceMatters manifesto, Insurance Europe calls on the EU to: 1. Increase private investment into the EU's economy: ➡ Make it easier for consumers to invest in insurance and pension products ➡ Address excessive capital requirements which currently act as a barrier ➡ Increase insurers’ access to assets such as venture capital, infrastructure, SME equity and debt ➡ Promote financial and insurance education and nudging mechanisms 2. Take a new approach to EU regulation that facilitates, instead of stifles, innovation, global competitiveness and digitalisation, which includes: ➡ Delivering on the EU's commitment to reduce reporting burden by 25%. ➡ Changing the approach to EU regulation by developing and enforcing clear principles to ensure new regulation is limited to what is truly necessary and is as effective and efficient as possible. Insurance Europe will continue to examine and assess the proposals included in this extensive report. Read Insurance Europe's key priorities and recommendations for the EU here: https://lnkd.in/g6MgRC7D

Retail Investment: Value for Money, opinion piece by Pablo Pernía, Vice-chair, Conduct of Business Committee, Insurance Europe & Director of the Legal Department, VidaCaixa, Spain Risk coverage is a complex business whose ultimate objective is to protect the client. Providing value for money is a priority for the insurance industry. Insurers continually strive to develop products that best meet the expectations and evolving needs of consumers, as well as changing market conditions. Consumer satisfaction is essential to the success of any insurer and a necessary condition to stay ahead of the curve in a competitive market. Value for money is not just a buzzword. In Europe, a comprehensive supervisory framework already exists which already accomplishes a high level of protection for consumers, while helping authorities to spot outliers and take action where necessary. The long list includes the EU's Insurance Distribution Directive (IDD) and the Delegated Regulation on Product Oversight and Governance (POG). These were complemented by the Supervisory Statement by the European Insurance and Occupational Pensions Authority (EIOPA) in November 2021, and EIOPA's detailed methodology to assess value for money in the unit-linked market of October 2022. And it does not stop there. National Competent Authorities are in the process of assessing how to make use of EIOPA’s guidance, with some already testing new approaches for value for money that best reflect their market’s realities. Beyond this, the European Commission's Retail Investment Strategy (RIS) proposal put forward additional rules on value for money, including the creation of a pan-European benchmark based on cost and performance criteria. In parallel, EIOPA recently launched a consultation to gather stakeholders’ views on how to develop value for money benchmarks. Continue to read the full opinion piece: https://lnkd.in/erzpxmXP

📢 Exciting news: German Public Insurers (Verband öffentlicher Versicherer) moved to the House of #Insurance! We’re thrilled to announce the move of our Brussels office to Insurance Europe's prestigious premises, joining the ranks of leading #EU #insurers and federations at the House of #Insurance. This strategic relocation strengthens our ability to collaborate and exchange insights with key partners in the industry. 🥂 A heartfelt thank you to all the esteemed guests who attended our opening event, including high-level representatives from the #EU #Parliament, #Commission, and industry leaders. It was a true pleasure hosting you and engaging in such fruitful discussions. 🤝 We also extend a warm welcome to our new office neighbours, R+V Versicherung, who have joined us at the House of Insurance. A special thanks to Odile Bour, Christina Krewerth, Müjgan Ekberli , and everyone else who helped make the event a success! We look forward to what’s to come in this new chapter.

I'm thrilled to welcome R+V Versicherung who have launched their own office in our Insurance Europe building in Brussels. By working alongside each other, we will continue to share and mutually strengthen our knowledge.  A strong insurance industry matters for Europe, for consumers, and for our economy. #InsuranceMatters

The European insurance community in Brussels is expanding! A big welcome to Verband öffentlicher Versicherer who will share Insurance Europe's offices. Looking forward to working even closer together for a thriving industry. #InsuranceMatters