What changes are taking place in the regulation of the European insurance industry today?

In our speed interview series, we asked Petra Heilkema, Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), how does she hope that taking part in the #fermaforum will help inform EIOPA’s discussions. Discover below her thoughts on the transitions they’re currently facing.

 

 

  • What transitions are taking place in the regulation of European insurance industry today?

Given the urgency of a transition to a more sustainable economy, as well as climate change being one of the top global risks, naturally many regulation topics are now related to ESG. The co-legislators are incorporating sustainability principles into Solvency II, SFDR, IDD as well as doing further work on the taxonomy and the risk of green washing. Naturally, EIOPA stands ready to support these issues.

Another transition that we are observing and that is changing our society is a technological one. Digitalisation is changing how the insurance industry interacts with its clients and other stakeholders. As we know, digitalisation brings both benefits and risks. Here, the role of regulatory frameworks is to respond properly and to adapt to new risks, not only through changes in sectoral legislation, but increasingly through cross-sectoral and horizontal legislation, like the Digital Operational Resilience Act (DORA) and the AI Act.

  • As chair of EIOPA, what are the main messages you will have for corporate insurance buyers at the FERMA Forum?

I plan to touch upon trends and risks such as cyber risks, green washing and regulatory developments. I would also like to look at how things stand with the review of Solvency II and share an update on our work in natural catastrophes.

  • How do you hope that taking part in the FERMA Forum will help inform EIOPA’s discussions?

I think that discussions and exchanges of views always bring benefits. In order to see where the problems lie, it is important to listen. And the FERMA Forum is a good opportunity to do that, especially given the diverse voices that you bring together through your membership.

  •  In what areas could EIOPA work more closely with corporate insurance buyers?

We appreciate the contribution that FERMA already makes through the EIOPA Insurance and Reinsurance Stakeholder, with recent advice including topics such as climate scenarios in ORSA, retails investment protection, DORA and IDD sustainability guidelines. Also, FERMA actively contributes to our consultations which helps EIOPA to consider a variety of views. Finally, we also had a very helpful dialogue with FERMA in the context of developing the idea of shared resilience solutions for pandemic and risks of a similar nature.

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