Europe’s insurance industry welcomes the ‘Competitiveness Compass’ unveiled yesterday by the European Commission (EC) and its aim to strengthen the single market, support decarbonisation and make the EU more competitive. Insurance Europe backs achieving these ambitions through an approach that includes creating more effective regulation through simpler rules.
Thea Utoft Høj Jensen, Insurance Europe’s director general, said, ‘The Competitiveness Compass points the EU in the right direction: towards a new approach to regulation and reporting that enables industries, including insurers, to invest and innovate. We will continue to develop and contribute to proposals to help turn these words into concrete results’’
Europe’s insurers welcome the reference to new EU initiatives which aim to reduce burden on industry. Specifically, Insurance Europe looks forward to the ‘Omnibus simplification package’, which will look to simplify sustainable finance reporting, sustainability due diligence and taxonomy.
These commitments are also encouraged to be taken onboard in ongoing discussions on the Retail Investment Strategy, the framework for financial data access (FIDA) and the finalisation of the Solvency II Review.
Insurers play a key role in capital markets and support Europe's growth, long-term investment and stability. The industry therefore looks forward to contributing to the EC's Savings and Investment Union in a shared effort to mobilise much-needed investment into the European economy.
Finally, Insurance Europe backs the focus on climate adaptation and strengthening of cybersecurity, which is fundamental to support the industry’s ability to offer protection to Europe’s communities.