The context: the European Conference on Consumer Protection in Financial Services, Bucharest
The actors: EIOPA, IAIS, European supervisors, relevant insurers
The issue: how to restore the consumers' confidence in the financial markets, especially in the insurance one
The solutions: trust, fairness, transparency, effectiveness ...
Speaking about the consumer protection, one of the main issues under debate was the strong relationship between a coherent and effective market supervising activity and the consumers trust in the insurance products providers.
As revealed in the debates, it is maybe not by accident that the main insurance sectors raising problems in this regard are life insurance - because of the high complexity of products -, and motor insurance - because of its volume, large number of insureds, high frequency of claims and accordingly high frequency of discontent clients.
In almost any market the largest number of consumers' complaints in relation with their insurer is referring to the motor insurance policies, especially to the MTPL claims settlement process. The reasons for this situation are various, but some of them may be considered symptomatic, especially in the younger insurance markets of the Eastern Europe. Inadequate tariffs leading to inadequate liquidity of the insurers and, from here, to different tactics of delaying payment or abusive diminishing of the reimbursements are unfortunately seen in almost all markets. How to fight, as supervisor, this phenomenon in the context of the free market - this is still a pending issue. How to avoid, as insurer, a forced involvement in the price war without loosing market weight - this is also a question which only found partial responses.
New ideas are needed. Exchange of solutions is a must. Transfer of the successful solutions is wanted. For all these, professional meetings are the best environment. This is why we are expecting you in Istanbul, on April 6 - 7, to attend the 2014 edition of IIF - "Motor insurance-the road towards profitability" and to take advantage of the solutions presented by a large array of relevant speakers.
See you in Istanbul,