Insurance Europe, the organisation representing the European insurance and reinsurance sector, has outlined key priorities ahead of the 15th International Conference.
According to a statement from Insurance Europe’s leadership — Frédéric de Courtois, President; Alexander Sarrigeorgiou, Vice-President; and Thea Utoft Høj Jensen, Director General — the European insurance industry plays a vital role in the continent’s economy by protecting individuals, businesses, and assets.
Insurance Europe notes that the sector employs more than 920,000 people and manages €9.5 trillion in assets, with around 70% invested within the European Union.
They also report that in 2023, insurers paid out over €1,000 billion in claims, averaging €2.8 billion per day.
In their outline, Insurance Europe sets out five priorities that they say will guide the industry’s contributions in the coming years.
The first priority focuses on restoring European competitiveness. Insurance Europe refers to the European Commission’s roadmap under Ursula von der Leyen, highlighting the importance of a simplification plan intended to reduce regulatory complexity.
They suggest that implementing the EU Competitiveness Compass with concrete actions could influence the European economy positively.
The second priority addresses the Savings and Investments Union. Insurance Europe points to a shortage of long-term investment in Europe, which they believe is needed to finance climate and digital transitions and to support the continent’s social model amid an ageing population and younger generations.
They argue that despite abundant savings, fragmentation in capital markets limits investment opportunities. Insurance Europe calls for initiatives like collective pension plans with automatic enrolment and improved individual retirement savings plans, which they believe could strengthen retirement outcomes and unlock investment in areas such as green and digital sectors.
Thirdly, Insurance Europe highlights the growing frequency of extreme climate events. They advocate for stronger cooperation between public and private sectors to better manage these risks.
According to their statement, insurers have expertise in climate risks that can support public authorities in crisis management, mitigation, and recovery efforts. They express willingness to collaborate on the European Climate Adaptation Plan.
The fourth priority concerns innovation, specifically the use of data and artificial intelligence. Insurance Europe sees potential in new technologies to enhance customer service, speed up claims processing, and improve risk assessment. They suggest that experimentation before regulation can lead to more effective policy outcomes.
Lastly, Insurance Europe stresses the importance of ongoing dialogue with consumers and civil society to better understand changing needs and ensure insurance products provide adequate protection at fair prices.
In a joint statement, Insurance Europe’s leadership said, “Addressing these challenges is not only about protecting citizens, but also about enhancing and safeguarding European economic competitiveness and its social model.
“The insurance sector is ready to contribute positively, provided that the European Commission, the Council, and the European Parliament translate their ambitions into concrete actions. Let us work together to achieve Europe’s objectives.”
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