Insurance EuropeInsurance Europe
Why insurers differ from banks

Insurers and banks each need specific regulations that reflect their differences

In response to the financial crisis, a large number of national, regional and global reforms have been introduced to address problems in the banking sector. This work to ensure stability in the financial markets is fully supported by the insurance industry.

A worrying trend has, however, emerged. Several regulatory initiatives directed at the banking business have been applied to other financial industries, such as insurance, without taking into account the significant differences between the industries. This is because the financial sector in Europe is often, incorrectly, perceived to be one single interlinked industry. This leads to the equally flawed assumption that banking regulation can be used as a blueprint for insurance regulation.

Regulations need to be tailored to the sector concerned. Insurance Europe has repeatedly encountered oversimplifications by some policymakers and government institutions, which too often seem to believe that banks and insurers are alike and that they should, therefore, be subject to similar regulations.

Why insurers differ from banks (insight briefing)

Why insurers differ from banks (publication)

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Nicolas Jeanmart
Nicolas Jeanmart
Head of personal insurance, general insurance & macroeconomics
Alexandru Ciungu
Alexandru Ciungu
Policy advisor, macroeconomics & taxation