Insurance Europe

#Cyberattacks are increasing in number, type and sophistication. The cyber insurance market is also rapidly growing to offer protection to businesses and support them in managing cyber risks.  Find our why #InsuranceMatters in the digital transition and for cyber resilience: https://lnkd.in/e3B-RE2a Take part in our poll. We will share the right answer in the feed below a week from now. #ThinkB4UClick #CyberSecMonth

It was a privilege to present Insurance Europe's industry views today at the joint ECB - EIOPA workshop on Insurance Reporting in Frankfurt. We focused on key lessons from Taxonomy 2.8.0, such as the need for improved quality control, more timely communication, and better validation processes. 📝 Ensuring legal clarity and enhancing documentation structures were also discussed as important for smoother implementation. 📑 These improvements aim to significantly ease the reporting burden for the insurance industry. Looking forward to seeing these changes in action! ⚙️ #InsuranceIndustry #Taxonomy #EIOPA #ECB #SolvencyII #Reporting #InsuranceEurope

#SolvencyII rules must be more proportionate to help reduce burden on EU insurers Insurance Europe has responded to a European Insurance and Occupational Pensions Authority (EIOPA) consultation on the implementation of the new proportionality framework under Solvency II. This framework, which seeks to ensure EU regulation is consistently applied across the insurance industry, has the potential to enhance consistency and reduce administrative burdens, in line with the European Commission's objectives of reducing reporting obligations. However, several concerns remain that the industry seeks to address. Insurance Europe acknowledges the changes to the Directive include some helpful improvements for small and non-complex undertakings (SNCUs). However, it stresses that the current Solvency II framework already allows any (re)insurer to apply proportionality measures suited to its specific risk profile, and this flexibility must be maintained. One of the key concerns Insurance Europe raises relates to the restriction of proportionality measures to companies with risk profiles “not materially different” from those of SNCUs, which is more restrictive than the existing Solvency II Directive. EIOPA’s draft proposals also limit proportionality measures to companies without material changes in their business model over the past three financial years, failing to acknowledge the dynamic and evolving business models in the insurance sector. By limiting the scope, the proposed measures risk stifling innovation and preventing many (re) insurance companies from benefiting from the flexibility proportionality is intended to provide. The insurance industry emphasises that the principle of proportionality should accommodate the wide variety of business models that exist in the European market, including non-SNCUs. The federation therefore recommends that the quantitative and qualitative proposed criteria, serve as non-binding guidance to ensure flexibility. In addition, significant concerns have been raised regarding cross-border insurance activities and the use of innovative reinsurance. Insurance Europe highlights that EIOPA’s suggestion that cross-border business or innovative reinsurance techniques inherently carry more risk is unfounded and should be removed. Read Insurance Europe's consultation response: https://lnkd.in/e9VkjRwK The #ReinsuranceAdvisoryBoard also submitted its response to the consultation echoing the same concerns: https://lnkd.in/euJvaYUP #InsuranceMatters

The EU’s Financial Data Access (#FIDA) framework has the potential to benefit Europe’s people and industry. However, the current draft proposal needs changes.   As the Council of the European Union will soon finalise its position ahead of negotiations with the European Commission and European Parliament, the following key issues must be addressed to be fit for the insurance sector:   ➡ The current scope is too broad: taking a phased approach would be better, with progressively expanding the scope for cases that bring proven added value to consumers.   ➡ Definitions need to be clarified to ensure sensitive and proprietary data are not shared.   ➡ Third country access: It must include appropriate restrictions to effectively protect EU citizens from risks linked to gatekeepers and third country Financial Information Service Providers (FISPs).   ➡ Allow time for a staged development and implementation of data sharing schemes by the industry    #FIDA #openfinance #InsuranceMatters #HU24EU Read our key messages on the #FIDA framework: https://lnkd.in/eHhe-kBC

Opinion: Denis Yastreb, CEO Національна Асоціація Страховиків України - A frontline perspective: the impact of war on Ukraine’s insurance market 24 February 2022 is a day that divided reality. A full-scale war in Ukraine became a reality. Panic, horror, confusion, fear for the lives of relatives, hatred for the enemy – this is just some of the emotions experienced by every Ukrainian on that day and every day since. It is 2024 and as the war continues, we can now look back and describe how the insurance market in Ukraine is responding. The main factors that had an impact on the insurance market and insurers since 2022 are the following: ➡ the Russian full-scale invasion; and ➡ the seizure of a significant number of Ukrainian territories. 🔔 An attempt to seize the capital of Ukraine – Kyiv At the beginning of the full-scale war, Ukrainians were in a situation of complete uncertainty. At the end of February and in the first few weeks of March 2022, the industry dealt with the safety of employees and their families, office relocation, data storage, and material and technical resources. In March and April 2022, the level of business activity was minimal, which led to minimal insurance premiums in almost all business lines. There was also a significant decrease in insurance payments. According to members of the National Association of Insurers of Ukraine (NAIU), the maximum fall in premiums was recorded in March 2022: minus 52% compared to March 2021, but from May there was a trend towards recovery (May 2022 v May 2021 minus 14%). But now, according to the National Bank of Ukraine data, premiums increased by 12.4%. This rise is mostly due to inflation, although in the euro area the increase is less, at 3.9% #InsuranceMatters Read the whole opinion piece: https://lnkd.in/eF86bVXm

Why #InsuranceMatters for Europe, people and the economy? ✅ the insurance industry protects people and businesses every day. ✅ insurance is a major part of the European economy. ✅ the industry invests in solutions to tackle some of the biggest challenges we face, such as #climatechange, healthcare and an ageing population. The insurance industry's #InsuranceMatters manifesto sets out four priorities for a more prosperous, resilient, and competitive EU: 🔔 Priority 1 Addressing protection gaps - Reducing climate, pension, health and cyber protection gaps is vital to ensure resilience and prosperity for Europe’s citizens and businesses. 🔔 Priority 2 Climate change: mitigation and adaptation - Continued focus on the #netzero transition together with concrete actions on climate adaptation and strengthening resilience. 🔔 Priority 3 Increasing private investment into the EU - Increase retail investment, including through insurance savings and retirement products, and diversify funding sources for EU businesses. 🔔 Priority 4 New approach to EU regulation - Regulation that allows, not stifles, innovation, global competitiveness and digitalisation. #EPlenary #Competitiveness #HU24EU Read #InsuranceMatters - Key priorities and recommendations for Europe: https://lnkd.in/emDN5yzi

The insurance industry can harness #AI to:   ✅ Better risk monitoring and prevention: AI helps monitor and predict risks, offering advice to reduce them; ✅ Improve customer experience and customer service; ✅ Make claims handling more efficient and quicker; ✅ Effective fraud detection: insurers collect and administer their customers’ premiums to spread risk across the population. The bill for insurance fraud is picked up by honest customers who end up having to pay higher premiums.   To make sure that the industry adapts innovative technologies to the benefit of consumers, the EU regulatory framework on AI should:   ➡ ensure legal clarity; ➡ take a holistic approach and be consistent with other EU legislation, ranging from GDPR to liability to data sharing; ➡ avoid excessive red tape; ➡ encourage innovation. For our why #InsuranceMatters for the digital transformation: https://lnkd.in/e3B-RE2a

We are looking forward to contributing to ITN Business’ programme ‘Redefining Insurance’ which will launch at the Insurtech Insights Europe Conference on 19-20 March 2025. Presented by Lukwesa Burak, the programme will explore insurtech innovations, such as AI and blockchain, revolutionising risk assessment and customer interactions and insurance products developed to address climate risks from extreme weather, reflecting a commitment to sustainability. Organisations interested in taking part can contact James Linden (James.Linden@itn.co.uk) or Jeff Blackmore (Jeff.Blackmore@itn.co.uk) #RedefiningInsurance #InsuranceMatters

Insurers join call to European Commission President von der Leyen: fair access to vehicle data is vital for competitiveness Insurance Europe, together with nine other consumer, industry and mobility associations, have written to Ursula von der Leyen, President of the European Commission, urging her to prioritise legislation on access to vehicle-generated data early in the new term. The letter stresses that fair access to data is vital to promoting competition and fostering innovation within the automotive and mobility sectors, contributing to the broader goal of enhancing European competitiveness. The letter emphasises that businesses within the Independent Service Providers (ISP) group, including insurance companies, cannot fully compete without access to in-vehicle data. Despite ongoing efforts and studies by the European Commission, the lack of legislation remains a persistent barrier to competitiveness in the EU’s vehicle services market. Nicolas Jeanmart, Head of Personal and General Insurance, at Insurance Europe, commented, ‘If the European Commission is serious about European competitiveness, then it must stop dragging its feet and introduce legislation that ensures fair and equal access to vehicle-generated data. Without this data, insurers cannot deliver the innovative solutions customers expect. It impedes the industry’s ability not only to support sustainability and road safety objectives, but to respond to risks from emerging forms of mobility, such as autonomous driving.’’ ADPA - Automotive Data Publishers Association AIRC International CECRA CLEPA - European Association of Automotive Suppliers EGEA - European Garage Equipment Association aisbl ETRMA Fédération Internationale de l'Automobile (FIA) Region I FIGIEFA - Automotive Aftermarket Distributors Leaseurope

A heartfelt thank you to Hannah Gurga - and everyone at Association of British Insurers - not only for the invitation to yet another of your outstanding events, but the unwavering support over the years. We share a common understanding that #InsuranceMatters as it plays an intrinsic role for people, society and the economy. Professionally and personally, I have no doubt we will maintain close ties well into the future.