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  • Proposed EU data protection rules could increase cost of insurance

    The cost of insurance premiums in Europe could rise if the EU doesn’t make important changes to a set of data protection rules which it is currently considering.
     
    The current wording of the proposed rules would enable people to demand the removal of their data from insurers’ databases.
     
    This would have several negative effects on the insurance market which would ultimately result in higher prices for people buying insurance.

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    27 Jan 2015
    EU Single market & consumer protection
  • Response provided to EIOPA on product oversight and governance

    Insurance Europe has provided a response to an EIOPA consultation on the proposal for guidelines on product oversight & governance arrangements (POG).
     
    In its response, Insurance Europe pointed out that the proposed guidelines could lead to too many prescriptive and overly-formal POG processes. This would significantly increase insurers’ administrative workload and detrimentally affect insurers’ competitiveness.
     
    Insurance Europe warned that any additional administrative costs would ultimately have to be borne by policyholders. Therefore, the focus of any proposed POG provisions should be on more demanding, sophisticated insurance products.
     
    Insurance Europe also expressed concern that EIOPA is pre-empting the political discussions regarding POG that will take place during the trialogues on IMD2 with such guidelines.

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    26 Jan 2015
    EU Single market & consumer protection
  • Join us for a Twitter Q&A on data protection on 28 January

    On European Data Protection Day, Wednesday 28 January, Insurance Europe will host a Twitter Q&A from 14h00-15h00 CET to answer your questions about the insurance industry’s views on data protection, and the EU Regulation that is being debated.
     
    Get involved by:
    • - Asking your questions now and during the live event on Twitter using the hashtag #InsData15.
    • - Following the Q&A live through the @InsuranceEurope Twitter handle on Wednesday 28 January from 14h00-15h00 CET.
     
    Learn more about why data processing is key for insurers and consumers and join us on Wednesday 28 January at 14h00 CET.

    21 Jan 2015
    EU Single market & consumer protection
  • Solvency II Delegated Acts published in Official Journal

    Commenting on the publication of the Delegated Acts in the official journal, Olav Jones, deputy director general of Insurance Europe said: “The adoption of the Delegated Acts is an important, and very welcome, step forward in the implementation of Solvency II in 2016. Europe’s insurers play a vital role in providing protection and long-term savings products for Europe’s citizens and businesses. Solvency II can help ensure the European insurance industry remains strong and able to withstand extreme events, as it has over many years.
     
    "Solvency II is, however, a huge piece of regulation and it is important that the review processes built into it are used to make a number of important refinements and improvements, particularly regarding unnecessarily high capital charges for long-term investments which are crucial to European economic growth. We welcome the letter sent by Parliament which raises some of the same issues that we had indicated would need improvement and follow-up.”

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    19 Jan 2015
    Regulation & supervision
  • Europe’s insurers paid out €2.6bn a day during 2013

    European insurers paid out an average of €2.6bn a day in claims and benefits during 2013, according to figures published today in a study by Insurance Europe, the European insurance and reinsurance federation.

    The study, European Insurance in Figures, which examined trends in the European insurance market over several years, revealed that during 2013 a total of €952bn was paid out by insurers to individuals and businesses in Europe.
     
    Michaela Koller, director general of Insurance Europe, said: “The constant and high volume of claims and benefits paid out by insurers to their customers demonstrates the important contribution which insurers make to our society. It is crucial for policymakers to provide insurers with a regulatory framework which allows them to continue providing such a valuable service.” 
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    06 Jan 2015
  • Views shared on numerical haircut floors for SFTs

    Insurance Europe has responded to the Financial Stability Board’s (FSB) consultation on a proposed application of numerical haircut floors to transactions between non-bank entities, which include insurers, for securities financing transactions (SFTs).

    In its response, Insurance Europe agreed that the proposed measures will help reduce the risk of regulatory arbitrage. It also agreed with the report's conclusion that the value of non-bank to non-bank transactions is small, and would only pose risks if market practices were to change in the future or if regulatory arbitrage activities were to occur.
     
    While Insurance Europe supports the application of numerical haircut floors for transactions between non-bank entities where the potential for risk is present, it is also concerned that the implementation could result in excessive regulation.
     
    In particular, the following transactions should be exempted at the very least:
    -  Intra-group transactions
    - Transactions in which financing is received by regulated entities subject to regulatory capital and liquidity requirements such as insurance companies
     
    This is because, in Insurance Europe’s view, these transactions do not pose any significant risk.
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    17 Dec 2014