Insurance Europe

The insurance industry has set out its priorities for a more prosperous, resilient, and competitive European Union. It calls on EU policymakers to reduce protection gaps, continue to tackle climate change, increase private investment, and take a new approach to regulation. In its manifesto – #InsuranceMatters – published today, Insurance Europe makes recommendations that would enable the insurance industry to deepen its contribution to achieving these goals.

Insurance Europe's - the federation of (re) insurance associations - four priorities for the EU are:

Priority 1 Addressing protection gaps - Reducing climate, pension, health and cyber protection gaps is vital to ensure resilience and prosperity for Europe’s citizens and businesses.

Priority 2 Climate change: mitigation and adaptation - Continued focus on the net-zero transition together with concrete actions on climate adaptation and strengthening resilience.

Priority 3 Increasing private investment into the EU - Increase retail investment, including through insurance savings and retirement products, and diversify funding sources for EU businesses.

Priority 4 New approach to EU regulation - Regulation that allows, not stifles, innovation, global competitiveness and digitalisation.

To deliver these goals, the insurance industry lists several recommendations which include a call on the EU to:

• raise awareness of risks and the need for insurance, savings and investment;
• accelerate climate adaptation measures at all levels – for example, ensuring strong and enforced land-use controls and building codes;
  
• make it easier for consumers to invest in pension and savings products and for insurers to invest in EU businesses;
  
• launch an “Insurance Expertise Centre” in the European Commission to ensure policymaking supports, and does not compromise, the availability and affordability of insurance;
  
• deliver on the European Commission’s 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’.

Published one week before the new European Parliament meets in Strasbourg for the first time, the manifesto complements Insurance Europe’s recent position on the Capital Markets Union.

READ #INSURANCE MATTERS HERE