In view of the upcoming EU institutional cycle, EIOPA - the European Insurance and Occupational Pensions Authority, is providing a short overview of the insurance and pensions sectors in Europe, EIOPA’s role and priorities, and areas for possible future work together.
The European authority emphasized four points illustrating the insurers’ and pension funds’ role and strategic importance:
- Support the financial health of people: Both insurance and pensions support the financial health of people, enabling them to better prepare for and recover from financial shocks.
- Peace of mind and protection: Insurance provides people and businesses with peace of mind and protection against foreseen and unforeseen risks. Without insurance, all economic activity ceases. It is a safety net that enables people to take risks and try new things. Insurance benefits society by offering financial security, promoting economic growth and enhancing social welfare. Insurance enables a swifter economic recovery following natural disasters, such as flooding.
- Financial security in old age: Pensions provide people with financial security in old age. They promote independence, economic growth, social stability and fairness across society.
- Fuel Europe’s green and digital transformation: Insurance and pension funds are also Europe’s largest institutional investors, together managing assets of around approximately EUR 12 trillion. They have the power to fuel Europe’s green and digital transformation and deepen Europe’s Capital Markets Union.
- Insurance protection gap
- Pension gaps and Capital Markets Union
- Sustainable finance
- Digitalization, AI and data sharing
- Consumer protection
- EU supervision and convergence
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