Insurance of EuropeThe European association representing insurance and reinsurance companies has published its manifesto, which lists the strategic priorities of the insurance sector, which aim to make the European Union more prosperous, resilient and competitive.
The sector calls on EU politicians to reduce protection gaps, continue to address climate change, increase private investment and adopt a new approach to regulation.
The Insurance Europe Manifesto contains recommendations that enable the industry to contribute to these goals.
The first priority is addressing gaps in terms of protection, which includes closing the gap in climate, pension, health and IT protections, to ensure the resilience and prosperity of European citizens and organisations.
The second priority focuses on climate change, supporting continued efforts to transition to net zero. This also includes concrete actions to adapt to the climate and strengthen resilience.
The next priority concernsincrease in private investment within the EU, which includes increasing retail investment through savings in insurance and pension products, as well as diversifying funding sources for EU businesses.
Finally, Insurance Europe calls for a new approach regulation EU, which includes creating a regulatory environment that enables innovation, global competitiveness and digitization.
To achieve these goals, the insurance sector recommends a number of actions, including raising awareness of risks and the need for insurance, savings and investments. Furthermore, it is recommended to accelerate climate adaptation measures at all levels, such as the implementation of strong land use controls and building codes. The industry also recommended simplifying the investment process for consumers in pension and savings products and for insurers to invest in EU companies. Moreover, the industry recommends the establishment of an “Insurance Competence Center” within the European Commission, to ensure that policy-making does not compromise the availability and affordability of insurance.
Finally, the European Commission is called upon to honor its commitment to reduce the reporting burden by 25% and to ensure that new regulation is efficient, effective and only added when truly necessary.
Managing Director, Michaela Koller, commented: “The European insurance sector provides protection to people and businesses and is a major investor in the economy. The sector is dedicated to solving some of the challenges of our time, from climate change to population health and ageing. Working alongside new EU leaders and policy makers, we are determined to ensure that rules and regulations are fit for purpose, so that our sector can contribute even more. A prosperous insurance sector is important for Europe, for people, for competitiveness, for growth and for our future“.