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  • Andresen joins International Conference speaker roster

    Andresen joins International Conference speaker roster

    Svein Andresen, secretary general of the Financial Stability Board (FSB), will make a keynote address at Insurance Europe’s 12 June conference, it has been confirmed today.

    At a critical time in the work of the FSB and the International Association of Insurance Supervisors on international capital standards for insurers, Andresen will update attendees on the three new standards that will apply to the global insurance industry in less than five years.

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    16 Apr 2014
  • Key role for insurers in disaster reduction

    Insurance Europe welcomes yesterday’s EC Communication on the Post-2015 Hyogo Framework for Action: Managing Risks to achieve Resilience, which lays the ground for a common position on how the EU should contribute to reducing the impact of natural and man-made disasters.

    Insurance Europe supports the EC’s aim to make disaster risk-reduction a key priority for national authorities and the private sector alike. Building greater resilience in high-risk areas, such as urban and coastal areas, is vital for the protection of vulnerable persons, while prevention infrastructure projects contribute significantly to countries’ economic growth and can moreover increase the insurability of disaster risks. Additionally, better governance and transparency in the collection and sharing of globally comparable data, is essential for insurers to model disaster risks.

    In line with the Communication, Insurance Europe will continue to support the EC in its efforts to explore ways to effectively use insurance as an incentive for risk-awareness, prevention and mitigation, as well as to offer input into the multi-hazard national risk assessments to be produced by member states by the end of 2015.

     
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    09 Apr 2014
    Non-life insurance
  • Welcome changes to clinical trial proposals

    The European Parliament has endorsed a proposal for an EU Regulation on clinical trials on medicinal products to replace a 2001 Directive.

    Insurance Europe welcomes the fact that a requirement to introduce national indemnification mechanisms to compensate clinical trial participants has been removed from the final text. Such state-run mechanisms would have distorted competition for existing, well-functioning and cost-effective insurance markets and would have placed an additional financial burden on taxpayers.

    The agreed text maintains the current requirement to have compulsory insurance for clinical trials in general. However, low intervention-risk trials are excluded from this requirement and some flexibility is given to member states in their choice of systems, both of which Insurance Europe welcomes.

    03 Apr 2014
    Non-life insurance
  • Compulsory insurance no guarantee of consumer safety

    The European Parliament yesterday approved legislative resolutions on EU Regulations on medical devices and in-vitro diagnostic medical devices. The Parliament’s reports introduce EU-wide compulsory liability insurance for manufacturers.

    Insurance Europe fully supports the aim of ensuring that such devices are safe and effective, but does not believe that compulsory liability insurance, as proposed by the European Parliament, will contribute to higher levels of protection. Insurance is not a substitute for the introduction of safety measures and the existing commercial insurance market for medical devices currently functions well. Insurance Europe considers the proposals to be unworkable; in particular the one that would require manufacturers of in-vitro diagnostic devices to buy liability cover against insolvency, which is not available.

    Systematic checks, safety standard harmonisation and enhanced market surveillance are better ways to protect users.

    03 Apr 2014
    Non-life insurance
  • Exclusion of pensions from PRIIPs Regulation is justified

    On 1 April a trialogue agreement was reached by the European Parliament, Council and Commission on the EU packaged retail and insurance-based investment products (PRIIPs) Regulation.

    Insurance Europe welcomes the exclusion of pension products from the scope of the Regulation. Pension products are neither investment products nor comparable with them, because they are specifically purchased to provide an income for retirement. Consumers therefore need personalised information to make informed decisions about which pension product to purchase.
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    02 Apr 2014
  • 2012 life statistics published

    Insurance Europe has published detailed statistics on the European life insurance market in 2012, including premiums, investments and benefits paid.

    Life insurance premiums, which account for 59% of all premiums, rose by 0.6% (at constant exchange rates) to €636bn in 2012. Over 380 million life insurance contracts were in force in 31 European markets. There was a 2% increase in benefits paid in comparison to 2011 despite a 3% decline in the total number of life insurance contracts. Life insurers’ investment portfolios grew 6.4% to €6.6trn.
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    01 Apr 2014