- 2: About the CEA
- 2.1: CEA corporate governance
- 2.2: CEA working bodies
- 2.3: CEA members
- 2.5: CEA people
- 2.5.1: President
- 2.5.2: Director general
- 2.5.4: Management team
- 2.5.5: Economics & finance
- 2.5.6: International affairs & reinsurance
- 2.5.7: Macro-economics, life & pensions
- 2.5.8: Single market & social affairs
- 2.5.9: Non-life & health
- 2.5.10: Public affairs
- 2.5.11: Communications & PR
- 2.5.12: Human resources & support services
- 2.6: Vacancies
- 2.7: CEA address
- 3: News & press
- 4: Events
- 5: Key issues
- 6: Facts & figures
- 7: Publications
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CEA argues against financial transaction tax
The CEA has published a paper outlining the insurance industry’s strong concerns with the European Commission’s draft proposal for an EU-wide financial transaction tax (FTT). The CEA argues that subjecting the insurance sector to a new tax is not the right way forward.
The CEA believes that efficient supervision and appropriate regulation are the best way to ensure financial stability. For the insurance sector, this will already be strengthened by the new Solvency II regulation. Furthermore, the CEA highlights that insurance companies are not under-taxed compared to other financial sectors and points out the potential negative consequences of the tax for consumers and the economy.
23 Jan 2012Taxation -
Insurers highlight dangers of Brazil’s protectionism
A coalition of (re)insurance groups has pointed to the record insured losses from natural catastrophes in 2011 to highlight why protectionist reinsurance regulation can backfire. Insured nat cat losses totalled over $105bn (€82.5bn) in 2011. Nearly 45% of this will be paid by global reinsurers, almost all of which are not located in the country in which the event occurred.
Imposing limits on global risk distribution via reinsurance, which is the effect of regulation passed in Brazil in 2011, forces domestic reinsurers to pay such losses with significantly reduced assistance from international markets.
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CEA submits response to IORP consultation
The CEA has reiterated its belief that the review of the Institutions for Occupational Retirement Provision (IORP) Directive must be based on two key principles: that the same rules and capital requirements should apply to the same risks and that substance should take precedence over form.
It has submitted a detailed response to the second consultation by the European Insurance and Occupational Pensions Authority on its advice to the European Commission on the IORP review. The response stresses that the risk-based Solvency II principles should serve as the basis for applying “same risks, same rules, same capital” to all financial institutions offering occupational pension products, provided their specific characteristics are taken into account. It also makes clear that products should be regulated according to their risks, not the legal vehicle through which they are sold.
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CEA statement on release of EC gender guidelines
The European Commission has published its guidelines on the application of the European Court of Justice ruling that bans the use of gender in insurance pricing from 21 December 2012.
Europe's insurers welcome the publication of the guidelines and will analyse them thoroughly. Adaptation will be challenging for the industry given the short transition period that will follow the change to national laws.
The potential negative effects of the ruling on consumers, insurance markets and society in general was clearly set out in a recent independent study by consultancy Oxera. The study found likely increases in premiums in lines such as motor and term life and in the income from pension annuities.
Read more22 Dec 2011 -
Insurance premium volumes grow in 2010
European insurers saw a rise in total gross written premiums in both the life and non-life sectors in 2010, according to the CEA's latest annual "European Insurance in Figures" report.
Provisional figures for 2010 show that the gross premiums written totalled €1 104bn, a growth of 2.5% at constant exchange rates over 2009. Insurers are also among the largest institutional investors and European insurers' total portfolio in 2010 amounted to more than €7 400bn.
"In these turbulent times, Europe's insurers continue to provide a unique function as both risk absorbers and long-term investors," said Michaela Koller, director general of the CEA. "These latest figures show both the importance European consumers place on insuring themselves against risk and also the importance of insurers to Europe's economy."
Read more21 Dec 2011