EU calls on insurers to invest in Europe’s future

EU clears creation of joint venture by KKR and Spain's Telefónica

The EC in Brussels. Image: Pixabay

The EU has called on insurers to invest in Europe’s future and post-pandemic recovery.

The European Commission has adopted a comprehensive review of EU insurance rules, known as Solvency II, so that insurers can scale up long-term investment in Europe’s recovery from the Covid-19 pandemic.

The review aims to make the sector more resilient so that it can weather future crises and better protect policyholders. It also includes simplified and more proportionate rules will be introduced for certain smaller insurance companies.

Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union said, “Today’s proposal will help the insurance sector step up and play its full part in the EU economy. We are enabling investment in the recovery and beyond. And we’re fostering the participation of insurance companies in the EU’s capital markets, providing the long-term investment that is so vital for a sustainable future.

“Our growing Capital Markets Union is essential for our green and digital future. We’re also paying close attention to the consumer perspective; policyholders can be reassured that they will be better protected in future if their insurer runs into difficulties,” she added on September 22.

The legislative package will now be discussed by the European Parliament and Council.

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Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.