The insurance industry welcomes the European Commission’s (EC) ambition to establish a Savings and Investments Union (SIU). In its views submitted today , Insurance Europe sets out recommendations that would enable the sector to deepen its contribution to the SIU objectives to help mobilise savings and investments in the EU.
European insurers play a key role in achieving the SIU goals: they provide protection to citizens and businesses, help people save for old age, are a major long-term investor in the EU economy with €9.5trn, invested in equity, corporate and sovereign bonds, and are a significant employer.
Investing lies at the heart of insurers’ business model and insurance savings products already act as a proven conduit for channeling retail savings into investments in the European economy. Insurers provide savings and retirement products that can combine protection features such as guarantees and risk coverage, tailored to the needs of a wide range of consumers.
To fully further unlock the potential of insurance in helping realise the SIU, Insurance Europe makes recommendations in three key areas:
1/ Boost retail savings and investment
2/ Increase insurers’ ability to invest in line with SIU objectives
3/ Ensure a competitive, growth-friendly regulatory environment