In a press release published on Wednesday 9 July, the European insurance and reinsurance federation, Insurance Europe, believes that the European Commission’s latest draft initiative, aimed at creating savings and investment accounts as part of a ‘Savings and Investment Union’ (SIU), risks failing to achieve its objectives if it excludes insurers. According to the federation, not including insurance products would limit consumer choice, curb competition and reduce the project’s impact on capital markets.
Insurance Europe points out that insurers play a central role in providing access to investment for individuals, thanks in particular to their extensive distribution network and their ability to offer financial guarantees and protection. The Federation points out that life insurance and pension products are essential tools for enabling a wide range of people to invest with confidence.
“Any EU savings and investments plan must be inclusive. Insurers are uniquely placed to reach as many people as possible, due to their extensive distribution networks and range of products. Excluding insurance would also be a missed opportunity to help tackle Europe’s pension gap and channel investment towards the green transition”, said Insurance Europe’s Managing Director, Thea Utoft Høj Jensen.
At the beginning of June, the European Commission launched a call for contributions with a view to drawing up a recommendation aimed at defining a European model for savings and investment accounts or products based on existing best practices (see EUROPE 13657/31). (Original version in French by Bernard Denuit)