Over 350 insurers, policymakers and regulators gathered in Malta on 12 June 2014 for Insurance Europe’s 6th International Insurance Conference, which focussed on the significant challenges facing the insurance industry.
The world’s top insurers, regulators and supervisors tackled issues such as the low interest rate environment; the “tsunami” of insurance regulation; increased longevity and retirement provision; and keeping pace with technology.
Insurance Europe President, Sergio Balbinot, outlined the regulatory challenges faced by the industry in his opening speech highlighting that “the more than 130 regulatory initiatives can create undesirable effects, such as unintended consequences, additional costs and administrative burden, not to mention overlaps and contradictions among national, regional and international regulatory requirements.”
Maltese Prime Minister, Joseph Muscat, discussed the importance of insurers in Malta and how his country continues to be at the forefront as a financial services and insurance regulation system in Europe.
In his keynote speech, Michel Barnier, European Commissioner for the internal market and services, outlined the importance of the European insurance industry as a long-term investor. He said that regulators have a duty to facilitate this role and that the European Commission wants to revive sustainable securitisation markets in Europe.
Burkhard Balz, Member of the European Parliament, shared his views on the development of a European and global regulatory environment for insurers, emphasising the need for international convergence in the regulatory provisions and the supervisor practice.
Laurent Clamagirand, Group chief investment & ALM officer Axa, discussed how to improve insurer’s investment environment,
Robert Tremblay, Director research, Insurance Bureau of Canada, explained how to integrate future climate data into modeling,
- Jacques Amselem, CEO Allianz Telematics, explained how telematics in cars can be used to fight fraud and customisation,
- Torbjörn Magnusson, Vice-president of Insurance Europe, discussed how the insurance industry is responding to technological change, and,
- Nick Sherry, Senior advisor Citi Australia, discussed pensions issues and demographic challenges.