Insurance Europe has published its 2018–2019 Annual Report, setting out the European insurance industry’s positions on the main insurance issues of the day. Topics in this year’s Report include: Solvency II, climate change, sustainable finance, pensions, cyber risk and data protection.
Guest contributors include: Denis Kessler, chairman & CEO, SCOR; Alison Martin, group CRO, Zurich Insurance Group and Christian Mumenthaler, CEO, Swiss Re and chair, Insurance Europe Reinsurance Advisory Board.
Andreas Brandstetter, President, Michaela Koller Director general and Gérald Harlin Chair, economics & finance committee, Insurance Europe Deputy CEO & group CFO, Axa Group, France shared main points in annual report foreword:
“This coming year will be a crucial one for the EU’s insurance regulatory regime, with work on the first major review of Solvency II since its introduction at the start of 2016. As firm supporters of the world’s most sophisticated risk-based insurance regime, we very much hope that policymakers will take this opportunity to make the improvements needed to the design and calibration of the framework. We will be engaging closely to offer our expertise and our members’ experiences throughout the process.
“Another opportunity is presented by the review of the Packaged Retail and Insurancebased Investment Products (PRIIPs) Regulation, whose rules are simply not working. The information provided to consumers, as we explain later in this Report, is at best unclear and at worst misleading.
“Addressing deficiencies in the EU regulatory process is also something for which Insurance Europe has been calling for some time. We see three areas for improvement: adequate implementation timelines that give companies time to prepare for new legislation; the prioritisation of quality over speed when developing regulation; and regulation that is sufficiently detailed, is adequately scrutinised by legislators and is not left to the interpretation of supervisors.
“For the insurance industry to play its essential societal role, insurers need an environment — economic, political and regulatory — in which they can operate optimally. This is where Insurance Europe comes in; working to ensure that European insurers are subject to proportionate and appropriate regulation in all the areas set out in this Report.”
Annual report
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