European Insurance: General (12 September 2016)

OAC Digest
EU / European Parliament / EIOPA, Life insurance

12 September 2016

Selected recent European Insurance news items of more general interest:

The European Parliament votes on 14 September on whether to return draft regulatory technical standards for packaged retail and insurance-based investment products (PRIIPs) to the EU Commission for revision.

Low growth and low yields and political risk continue to affect the financial service industry according to a report from the Joint Committee of the European Supervisory Authorities (ESAs). Their August 2016 Report on Risk and Vulnerabilities highlighted the following developments that affect profitability in the insurance sector:

  • the continuing trend for higher premium growth for unit-linked or hybrid products;
  • increased competition due to innovations; and
  • supervisors need to ensure that risks inc. cyber-risks are managed.

On 5 September, EIOPA, in connection with the Insurance Distribution Directive, sought views on the scope of the Guidelines for insurance based investment products (IBIPs) and relevant types of these products via an online survey.

David Gray

For more information
David Gray
Consultant Actuary

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