Insurance Europe, the federation of insurance associations in the bloc, has published its manifesto that outlines the insurance industry’s strategic priorities aimed at making the European Union more prosperous, resilient, and competitive.
The sector calls on EU policymakers to address protection gaps, enhance climate change efforts, increase private investment, and reconsider regulatory approaches. Titled “#InsuranceMatters”, the manifesto includes recommendations designed to enable the industry to significantly contribute to these goals.
The first priority is addressing protection gaps, which involves reducing deficiencies in climate, pension, health, and cyber protections to ensure the resilience and prosperity of Europe’s citizens and businesses.
Secondly, the focus remains on climate change, advocating for continued efforts towards the net-zero transition. This includes concrete actions on climate adaptation and strengthening resilience against climate-related risks.
The third priority involves boosting private investment within the EU. This includes increasing retail investment through insurance savings and retirement products, and diversifying funding sources for European businesses.
Lastly, Insurance Europe calls for a new approach to EU regulation. This involves creating a regulatory environment that fosters innovation, enhances global competitiveness, and supports digitalisation.
To achieve these objectives, the insurance industry recommends several actions. These include raising awareness about risks and the necessity of insurance, savings, and investment. Additionally, it advocates for accelerating climate adaptation measures at all levels, such as enforcing strong land-use controls and building codes.
Simplifying the investment process for consumers in pension and savings products and facilitating insurers’ investments in EU businesses are recommended as well. The industry also suggests establishing an “Insurance Expertise Centre” within the European Commission to ensure that policymaking does not compromise the availability and affordability of insurance.
Furthermore, the European Commission is urged to deliver on its commitment to reduce the reporting burden by 25% and to see to it that new regulations are efficient, effective, and necessary.
Michaela Koller (pictured), director-general of Insurance Europe, said: “Europe’s insurance industry provides protection for people and businesses and is a major investor in the economy. The sector is committed to addressing some of the challenges of our time, from climate change to health to an ageing population.
“By working together with the EU’s new leaders and policymakers, we are determined to ensure rules and regulations are fit for purpose so our industry can contribute even more. A thriving insurance industry matters for Europe, for people, for competitiveness, for growth, and for our future.”
The new European Parliament will convene in Strasbourg for the first time next week.
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