VIDEO: European policymakers must act to ensure insurers can fully contribute towards a sustainable Europe
"Insurance Europe estimates that European insurers have committed to invest well over EUR 50 billion in sustainable investments between 2018 and 2020," he said. "Through the combined efforts of all stakeholders, including industry, civil society and governments, we can make Europe sustainable for generations to come."
BRANDSTETTER also called on policymakers to help insurers refine the protection they offer against cyber-attacks, which are increasing in both frequency and severity. One of the main barriers to the development of the cyber insurance market is the lack of data on cyber risks. However, recent pieces of legislation that require companies to report cyber incidents to relevant authorities (for example, GDPR and the NIS Directive) have created a wealth of useful data.
"Policymakers could help insurers to better protect society by providing them with access to anonymized information about cyber-attacks," he explained.
BRANDSTETTER also highlighted closing the pension savings gap as a key priority. This is another challenge where insurers can play a key role but requires EU policymakers to improve Solvency II, so that capital requirements reflect the real risks insurers face. This will enable them to offer the best possible returns to customers with long-term insurance savings products and, in turn, could help to address the growing pension savings gap by encouraging more people to save in private pension products.
"Pension provision is and will remain under the remit of national governments. However, their solvency regulation falls under the remit of EU co-legislators, so it is encouraging to see that they recognize the potential of personal pensions as a way to stimulate long-term savings," Andreas BRANDSTETTER declared.
The 11th International Insurance Conference, taking place in Bucharest on 23 May, is organized by Insurance Europe and co-hosted by UNSAR - The National Association of Insurance and Reinsurance Companies in Romania. XPRIMM Publications support the event as Media Partner.