On June 4th 2025 we hosted a significant roundtable lunch in Brussels where speakers examined the critical role of cross-border insurance in transforming short-term savings into long-term capital, essential for financing Europe’s strategic ambitions in infrastructure, innovation and sustainability. Insurance Ireland would like to thank all participants and attendees and the Swiss Finance Council for hosting us in their offices.
Attendees heard valuable contributions from our key speakers who included, Petra Hielkema, Chairperson of EIOPA, Michael Leahy, Managing Director of Prudential International Assurance and Benoit Waltregny, Regional Director of Lloyd’s of Europe.
Michael Leahy emphasized that the Insurance sector does not receive enough attention as an industry that transform short-term investments into long term capital. Asset managers hold a large share of capital market assets, but the fundamental challenge is transforming that retail savings pool into long-term capital. Insurance is the industry that can really close the gap, and reinsurance helps avoid overexposure to risk. He also underlined the importance of specialisation in managing complex risks.
Petra Hielkema addressed the regulatory landscape, advocating for greater consolidation and a more harmonized approach across member states. She stressed that while freedom of services allows insurers to operate across borders with a single licence, national practices still create fragmentation. She called for a stronger supervisory coordination and not necessarily a single supervisor.
Benoit Waltregny from Lloyd’s of Europe reminded us that without insurance, investment is limited. He highlighted the need for Europe to attract global insurance capacity and to ensure that regulatory frameworks support their international needs and rather than limiting capacity to what Europe can offer.
Their perspectives on insurance industry and supervisory convergence sparked important and forward-looking discussions and reinforcing that cross-border insurance is not just a financial tool but a strategic enabler for Europe’s future.