Insurance Europe: New EC consumer agenda opportunity to ensure EU rules meet needs and expectations of greener consumers in a digital world
09 October 2020
Insurance Europe has today published a position paper in response to a consultation conducted by the European Commission on its new consumer agenda.
Insurance Europe has today published a position paper in response to a consultation conducted by the European Commission on its new consumer agenda.
Empowering consumers is rightly at the core of EU legislation. The
insurance industry firmly supports high-quality EU insurance regulation
that protects consumers and enables them to engage with confidence in
financial services in a fast-evolving world.
The insurance industry therefore welcomes the objectives of the
Commission’s new consumer agenda, which aims to update EU consumer
policy in light of increased digitalisation and the rising importance of
environmental issues, while protecting vulnerable consumers in the new
economic realities created by the COVID-19 crisis.
The position paper makes suggestions on how the Commission can tackle
challenges in three areas to achieve better outcomes for consumers:
- Enhancing consumer protection and empowerment –
For consumers to be able to engage with confidence in financial
services, there needs to be a clear and stable regulatory framework. The
impact on consumers of new legislative proposals must be carefully
assessed. For example, consumer testing can help develop information
disclosures that are easy to understand, accessible and fit-for-purpose.
- Digitalisation offers new opportunities – Consumers
are embracing digital innovation in insurance, particularly where it
makes their interactions more convenient and improves communication. The
COVID-19 crisis has also demonstrated the importance of digital
communication for business continuity and heightened consumers’
expectations of being able to carry out paperless transactions. Now,
more than ever, European consumers and insurers need a regulatory
framework that is fit for purpose and digital-friendly.
- Strengthening the role of consumers in the green transition
– Consumers need clear and meaningful information on Environmental,
Social and Governance (ESG) products and services to fully support the
green transition. It is therefore key that the new EU legislative
framework on ESG product disclosures is grounded on clear, consistent
and workable definitions and requirements.
position paper
© InsuranceEurope
