Ensuring consumers are appropriately informed
Insurance Europe is supportive of a high level of transparency for consumers. Well-informed consumers are in a better position to compare products and make informed decisions, and they are, therefore, likely to be better protected against potential detrimental events.
However, better information does not mean more information. Insurance Europe believes that pre-contractual information requirements should focus on high quality rather than a high quantity of information if they are to have clear and demonstrable benefits for consumers.
It is important that EU policymakers ensure coherence in the design and implementation of disclosure requirements and make sure that information provision actually creates value for consumers in order to prevent information overload for consumers.
Insurance Europe therefore continues to convey to EU policymakers that sales rules and pre-contractual information should be tailored to and balanced between the channels concerned, should be proportionate to the level of complexity of the products being sold, and, crucially, should be adapted to consumer needs.