Today the CEA, the European insurance and reinsurance federation, is changing its name to Insurance Europe.
“Insurance is a cornerstone of modern society and a key element in the growth and stability of global economies,” said Sergio Balbinot, president of Insurance Europe. “Today we are unveiling a fresh, new image that reflects the dynamism and importance of the industry we represent.”
With a 37% share of the global market, the European insurance industry is the largest in the world. Through its 34 member associations, Insurance Europe represents more than 5 000 European insurance and reinsurance companies which generate premium income of over €1 100bn a year and employ nearly one million people.
European insurers invest the premium income they receive, making them among the largest institutional investors. They invest almost €7 500bn in the economy and this steady flow of long-term capital is crucial to the financial system. These long-term investments made and held to maturity contribute considerably to the stability of the financial markets.
“Insurers offer protection and savings products that are not interlinked with the functioning of the economy and therefore have a stabilising, counter-cyclical effect on the financial markets. Against the background of current market volatility, the value of the insurance business model and investment strategy should not be underestimated,” said Balbinot.
“Insurance provides cover for a huge range of risks, enabling consumers and businesses to go about their daily business with confidence,” said Michaela Koller, director general. “With a strong, new brand, Insurance Europe will be better positioned to represent this vital sector.”