Sunday, July 21, 2024

Insurance Europe publishes manifesto outlining industry’s priorities for EU Union – Reinsurance News

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Insurance Europe, the association representing insurance and reinsurance companies, has published its manifesto that outlines the insurance industry’s strategic priorities aimed at making the European Union more more prosperous, resilient, and competitive.

The industry calls on EU policymakers to reduce protection gaps, continue to tackle climate change, increase private investment, and take a new approach to regulation.

Insurance Europe’s manifesto includes recommendations designed to enable the industry to contribute towards achieving these goals.

The first priority is addressing protection gaps, which involves reducing deficiencies in climate, pension, health and cyber protections, in order to ensure the resilience and prosperity for Europe’s citizens and organisations.

The second priority focuses on climate change, advocating for continued efforts towards the net-zero transition. This also includes concrete actions on climate adaptation and strengthening resilience.

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Moreover, the next priority involves increasing private investment within the EU, which includes increasing retail investment through insurance savings and retirement products, and diversify funding sources for EU businesses.

And lastly, Insurance Europe calls for a new approach to EU regulation, which involves creating a regulatory environment  that allows innovation, global competitiveness and digitalisation.

However, in order to achieve these objectives, the insurance industry recommends a number of actions.

These include raising awareness about risks and the necessity of insurance, savings, and investment.

As well as this, it advocates for accelerating climate adaptation measures at all levels, such as enforcing 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 businesses.

In addition, the industry also recommends launching an “Insurance Expertise Centre” within the European Commission, in order to ensure that policymaking does not compromise, the availability and affordability of insurance.

And lastly, the European Commission is urged to deliver on its commitment to reduce reporting burden by 25% and ensure new regulation is efficient, effective and added only when truly necessary.

Director-General, Michaela Koller, commented: “Europe’s insurance industry provides protection for people and businesses and is a major investor in the economy. The sector is committed to addressing some of the challenges of our time, from climate change to health to an ageing population. By working together with the EU’s new leaders and policymakers, we are determined to ensure rules and regulations are fit for purpose so our industry can contribute even more. A thriving insurance industry matters for Europe, for people, for competitiveness, for growth and for our future.”

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