In December 2019, Insurance Europe published the report “Why insurance is unique” discussing the reasons why the insurance sector is a key part of our societies and offers unique benefits to its clients.
The insurance sector plays a fundamental role in economic activity through both simple and highly sophisticated products, and provides citizens and businesses with peace of mind and security.
Its importance is demonstrated by a single figure: Insurance companies pay out almost three billion euros a day in indemnification and benefits to our clients and savers throughout the region.
In this analysis, the sector’s European federation puts forward a series of recommendations to European lawmakers for adapting regulatory framework to the uniqueness and specificity of the sector, based on the aspects described in the infographic.
Carlos Rami, MAPFRE’s Head of Relations with International Institutions, who is also responsible for implementing international financial reporting standards for insurance contracts, said the following:
“From the 2020 review of Solvency II to the new EU standards that will govern the future of the digital ecosystem, to developments in the new European Community Regulation on sustainability, it is vital that regulations that are soon to be published are technically accurate and ensure clear and direct objectives for political action, such as the need to boost both the international competitiveness of European groups and companies, and the development and marketing of insurance products offering long-term guarantees, especially if these products will be used to supplement public pension systems in the various member states in the not-too-distant future.”
Rami is currently the Vice Chairman of Insurance Europe’s Solvency II working group and is Head of the MAPFRE Group’s relations with the EU.
Insurance Europe is the federation of European insurance and reinsurance companies, which, through its 37 members—national associations in these areas—accounts for 95 percent of total premiums.