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Andreas BrandstetterPresident of Insurance
Europe
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A growing family
Insurance Association of Albania Association of Insurance Companies in the Federation of Bosnia and Herzegovina
National Bureau of Montenegro Insurers
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Protecting & investing in our future
2 billion euro per day paid in claims and benefits
10 trillion euro of assets under management = 60% European GDP
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Natural catastrophes & sustainability
In 2018 less than half of catastrophe losses were insured
EU insurers committed to €50bn of sustainable investments between 2018 and 2020
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Insurers’ role in sustainability
Clear taxonomy with no “green washing”
Solvency II capital requirements that reflect the real risks
Clear option for consumers to choose ESG investment products
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A joint effort
To achieve a truly sustainable Europe we need a combined effort by:• Finance and all private sector
players • Civil society• Policymakers
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Cyber risk
Gabriel Bernadino“A number of factors… have anegative impact on the supplyof insurance coverage for cyberrisk: The limited availability ofdata on past cyber incidents…”
Image credit: EIOPA
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Cyber breach data… key for insurability
8
Cyber incident Individual data to be reported
National data agencies
Aggregated and anonymised data to be shared
Insurers
Cyber incident
Cyber incident
Cyber incident
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Pension savings crisis
The EU has a 2 trillion euro pension savings gap
37% difference between what men and women receive in pensions
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PEPP
PEPP must be:
• Safe
• Offer attractive returns to savers• Solvency II must be
corrected to reflect real long-term risks
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Weighed down by outdated rulesor …
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… fit for the future?
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Rules must allow innovation
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To protect the future we need …
Truly risk-based prudential rules that do not underestimate or overestimate risk
Conduct rules that are future proof & deliver outcomes for citizens
Appropriate access to relevant data