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European elections on 23-26 May will mean a new European Parliament and a new commission with new policy priorities. Getting on the front foot, Ferma said its new manifesto is meant to be a short and concise document that will form the basis of its discussions with incoming EU leaders.
It is “an attempt to obtain more political support for the development of professional risk management within all types of organisations”, explained the federation.
One key pillar listed in the manifesto is promoting a stable insurance market. “A stable and secure insurance market supports the resilience of European businesses. Enterprises need an insurance offer that is sufficient in terms of the exposures that they face and that is cost-effective,” Ferma tells the EU.
It specifically wants to ensure the EU promotes consistent application of insurance regulation across member states. Ferma singles out the need to apply the proportionality principle to small and less complex insurance ventures, such as captives.
It will lobby for proposals that reduce the insurance protection gap, respect the proportionality principle and allow flexibility to enterprises with mature risk management in place.
Ferma says the European insurance and reinsurance industry is large and well capitalised “but faces pressures”. It notes that there are is “extensive consolidation taking place in the market for (re)insurance and broking”, which could lead to “reduced choice for European businesses and consumers”.
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