"It is the responsibility and contribution of our sector to European prosperity to contribute to reducing the protection gap." This was said by Chairman Andreas Brandstetter at the opening of the annual conference of Insurance Europe.
Insurance Europe's annual conference took place in the French capital. This year's theme was 'Protecting tomorrow.' Paris focused on how we can continue to insure ourselves against growing cyber and climate threats. And sharing best practices in data use and access, sustainable investing and diversity, equity and inclusion in insurance.
Message Andreas Brandstetter
The President of Insurance Europe highlighted three topics. Consumers, investments and concerns about global competitiveness. Consumers are central. As a sector, we must ensure safety and stability for consumers. This means increasing the knowledge and skills needed to make important financial decisions and reducing the protection gap.
Fighting climate change is a priority! And investment is essential in this fight. However, it is not made easy for the European sector by the enormous increase in legislation. This is holding the sector back from growing. The problem is the matrix of legislation. So far, it has not been possible to present coherent European legislation in a systematic and clear manner.
Finally, there are concerns about the overall competitiveness of the European insurance sector. Eleven trillion are waiting to be invested! But this is not possible because of, once again, legislation. In addition, the capital requirements in countries outside Europe are lower. 20 to 30% less capital is needed. As a result, companies are more inclined to invest outside Europe because of the lower threshold.
Great contribution with a Dutch touch
The Netherlands is well represented at the annual conference. Led by moderator Geeke Feiter, EIOPA President Petra Hielkema will speak about the new era of data access and management. David Knibbe participates in the panel 'How to serve tomorrow's consumers.' It discusses how insurers can best serve consumers. The day ends with a panel in which the priorities and pitfalls of ESG investments are discussed. Here Allegra of Hövell-Patrizi will participate.
Next week, our Brussels PA advisors (Jochem van Stiphout and Roy van Cooten) will provide more news. To be continued!
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