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How to make insurance rules benefit consumers

Insurance Europe has today published an online consumer resource that sets out how policymakers and supervisors can ensure that rules governing insurers are in the best interest of consumers. It also highlights how the insurance industry contributes to meet consumers’ expectations and needs.

Insurance Europe supports effective consumer protection rules that enable individuals to compare products and make informed decisions. To achieve this, these rules must be consistent, coherent, well-designed and future-proof.

The online resource also shows how combined legislation sometimes does not result in the right rules to protect consumers. For example, in its recent submission to the European Commission’s REFIT Platform, Insurance Europe warned that a series of EU consumer protection rules were developed independently of each other, without enough attention being paid to the effect of the rules when they are combined. Because of this, they have resulted in consumers being overloaded with duplicative and sometimes contradictory information.

Insurance Europe’s resource also outlines why it is very important that once rules are finalised, insurers are given an appropriate amount of time to implement them in order to ensure that they benefit consumers.

Another important topic highlighted in the resource is financial education. Here one of the main challenges is moving from simply raising awareness of financial issues to actually changing individuals’ behaviour.

To succeed in improving financial literacy, commitment is needed from many parties. Insurance Europe, therefore, welcomes the panel debate today at the Annual Conference of the International Association of Insurance Supervisors (IAIS).

You can access the resource here.

Published 2 November 2017
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2 November 2017