- Swiss Re Institute estimates global insured catastrophe losses of $31bn in first half-mostly from secondary perils
- Swiss Re issue sigma headed "Machine intelligence in insurance: insights for end-to-end enterprise transformation"
- Lloyd's Lab selects ten new InsurTechs for fifth cohort focused on COVID-19 risks
- Marsh reports global average commercial insurance prices increased 19% in second quarter
- Prudential plc highlights resilient Asia operating profit-to separate Jackson in US
- Berkshire Hathaway boosts insurance underwriting earnings
- Ageas chooses SSP Intuition solution expired
- Duck Creek launches IPO expired
- InsurTech Sprout.ai releases claim settlement solution for health insurers globally, utilising Contextual AI expired
- CII and IAL work with University of Bolton to launch MBA in Islamic Finance expired
- MGA Fiducia to provide businesses across the UK with the ability to protect their premises and staff against the threat of Nuclear, Biological, Chemical and Radiological(NBCR) terrorism expired
- Third Point Re and Sirius Group to combine expired
11th December 2019
Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
Insurance is a unique financial service, without which many aspects of modern societies and economies simply could not function. And due to its special features, the insurance industry requires a tailored regulatory approach that reflects its business model.
A new publication from Insurance Europe urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation.
“Why insurance is unique—and offers unique benefits for consumers” sets out four essentials:
-The freedom to underwrite—Standardising policies or introducing compulsory schemes can have a negative effect on the cost and availability of policies. Insurers must be able to develop products that meet their customers’ expectations, fit their risk profiles and meet legal and fiscal national requirements.
-Tailored prudential regulation—The regulatory framework needs to reflect the fact that insurers usually have stable, up-front and long-term funding and low exposure to liquidity risk and market volatility.
-Regulation that reflects unique distribution and varying consumer needs—Insurance products are distributed completely differently to investment products. Regulation needs to reflect this or it could lead to fewer points of sale and less consumer choice.
-Flexibility to present products and costs in a comprehensive way—The EU’s PRIIPs Regulation that governs disclosures for insurance-based investment products fails to capture the key features of insurance products and as a result misrepresent certain information that is important to retail investors.
Insurance Europe Trends(209 articles)