Insurance Ireland calls for an integrated, innovative and sustainable European market for insurance

Today, Insurance Ireland issued its new brochure on “Key Priorities of the Irish insurance industry in Europe”. In its publication, Insurance Ireland confirms its commitment to the EU project and the creation of a true single market for insurance.

The industry believes that the new initiatives presented by the European Commission and the review of key elements of the EU’s regulatory framework provide the opportunity to lift the EU single market to the next stage.

In line with its vision of a more integrated, innovative and sustainable European insurance market, Insurance Ireland identified six core elements for its engagement:

1. Assess existing and future regulation to ensure the global competitiveness of the EU insurance sector by eliminating unnecessary regulatory burdens to allow insurers to take risks off their customers and to invest in a sustainable Europe.

2. Strengthen integration, innovation and sustainability of the EU single market in the re-launch of the Capital Markets Union initiative and the Solvency II Review.

3. Review retail financial services conduct regulations and Solvency II with the aim to enhance regulatory and supervisory convergence, a consistent application of the principle of proportionality and clear and comprehensible information for consumers.

4. Make the new Green Deal work in practice by reflecting insurers’ risk mitigation capacity and ability to finance the transition towards a sustainable Europe.

5. Shape digital Europe to enhance the EU data strategy and create a regulatory framework which allows for innovation, supports the use of new technologies, encourage consumers to more easily engage with their financial planning and strengthens EY insurers in global competition.

6. Strengthen social sustainability across the EU to appropriately reflect the changing economic and social environment and support the development of a more diverse and inclusive Europe.

If you have any questions on these or other issues regarding our engagement at domestic, European or global level, please get in touch.