In her remarks, Ms Hielkema talked about the future challenges of supervision, about the existing protection gaps and the importance of data in narrowing these gaps.
Our theme this year is ‘Hidden risks and new horizons’ and I feel that it is one that not only captures the state of our world as we know it today – war, political uncertainty, a changing macroeconomic environment and a major transition that needs to happen – but also the business we are in. Insurers are here to help society manage its risk, just as pension providers are there for helping people safe for retirement – and together insurers and pension providers are the long term investors in the EU.
When I think of new horizons, I think of a path winding its way to the horizon. What’s behind there? I’m not sure. But I do know that as far as I can see the picture is bright: there is plenty of opportunity, there is visibility and there is responsibility.
It would have been nice if there were no storm clouds on the horizon obscuring views, but just a clear line of sight to the heart of the issue. In such a sunny picture, all the issues will be good.
The reality is of course a bit different.
We are not in tranquil times. We are confronted almost daily with a new crisis. So much so that we could almost say that we are living in a state of permacrisis.
These are the very opposite of ideal conditions for supervisors. Or anyone, really.
But despite this, we – supervisors and also industry – are riding out the storm. Almost getting used to a crisis mode that is constantly needed, but in itself a risk as well.
Our sectors are resilient, sustainable and competitive.
All this is good, but needs to be better.
We wouldn’t be supervisors if we didn’t want to know more. If we weren’t curious about the future. About what’s on the horizon. If we didn’t ask ‘what’s next?’
And that’s what I want to talk about now. What’s next for supervision? What’s next for EIOPA?
And there’s a reason that we are talking about this now.
Because we see another change on our radar. In June next year, we will have European elections. So we can foresee changes in the European Parliament and at the Commission.
This is an opportunity.
A moment to take stock of where we are, but more importantly, what’s around the corner.
It’s a moment to look at what has already been achieved and what is needed for the future to continue of the path of a single market and to ensure the competitiveness of the EU as a player in the new geopolitical context.
We set out our first thinking in our strategy, published one year ago. Today, I want to provide a little more substance to our thinking.
Let me start with the core of our business: supervision.
Our first panel today looks at the vast amount of horizontal regulation that both the insurance and occupational pensions sectors are faced with and how we implement and supervise these regulations – like the AI Act, DORA and so on....
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