Insurance Europe has responded to a European Commission consultation on its future Single Market Strategy 2025. In its position, it reaffirms the industry's full support for the goal of boosting competitiveness and increasing productivity. Insurers provide protection to citizens and businesses, which is a precondition for all economic sectors to manage and mitigate the growing risks they face. With approximately €9,348 bn assets invested in the European economy, the insurance sector plays a crucial role in supporting competitiveness, financial stability, sustainable growth and innovation.
Support regulatory reform needed
Insurance Europe strongly supports the focus of the upcoming Single Market strategy to reduce red-tape and regulatory burden for businesses. Whilst supporting robust effective regulation which is essential for competitiveness, it notes that the rise in regulatory texts impacting the sector has grown from 12 in 2012 to nearly 70 today which is holding back investment in innovation.
A tailored approach to insurance regulation
To maintain a competitive insurance sector, regulation must be designed with the industry’s specific needs in mind. The industry is ready to support EU policymakers by sharing its experience to ensure that the insurance regulatory regime is focused on the right risks. This is key to ensuring that consumers and society at large can continue to reap the benefits of a resilient, efficient, innovative, and reliable insurance sector.
Building a successful Savings and Investments Union (SIU)
Insurance Europe also welcomes the European Commission’s intention to develop a Savings and Investments Union (SIU) to mobilise capital and strengthen Europe’s economy. A well-designed SIU can help increase citizen participation in capital markets, diversify funding sources for businesses, and create a more dynamic environment for European companies to innovate and grow.