Insurance Europe - the federation of (re)insurance associations – has reiterated its full support for the European Commission’s commitment to reducing EU reporting burden by 25% and shared its recommendations. However, it also expressed its disappointment that while the European Commission's 2024 Work Programme aims to reduce “the burden for businesses and rationalising reporting requirements”, in reality nothing had been proposed that would materially ensure the 25% target was met for insurers.
Insurance Europe therefore responded to the call for evidence by the European Commission on its initiative to reduce reporting burdens. In its response it warns that excessive reporting and other regulatory requirements for insurers, ‘negatively impacts customers, for example through higher costs. It redirects often scarce expertise away from key activities such as risk management or innovation to reporting on them, and puts the European insurance industry at a competitive disadvantage internationally’.
Sharing an overview of what it considers excessive reporting for insurance companies, in its response Insurance Europe identified a number of areas where reporting could be reduced or streamlined, including the insurance prudential regulation framework, Solvency II, the conduct of business area, and sustainability.
Insurance Europe also calls on the Commission to use this current initiative not only to seek ways to simplify and reduce the existing reporting burden, but to embed the following principles into all current, ongoing and future regulatory initiatives:
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