Featured Product

    EIOPA Publishes Its Sixth Consumer Trends Report

    December 08, 2017

    EIOPA published its sixth consumer trends report. The report outlines key developments in the insurance and pensions sectors that impact European consumers. The key developments mainly revolve around the increasing prominence of financial innovation and the emergence of InsurTech players.

    The report highlights the progressive presence of digital technologies across all stages of the insurance value chain, with the biggest changes being observed in distribution channels. Consequently, new InsurTech players are emerging on the market. Many established insurance companies are upgrading their digital capabilities through the setup of in-house and external innovation labs, partnering with large technology companies and InsurTech startups, including peer-to-peer insurers. Innovative and increasingly personalized insurance products and services are being offered to consumers, for instance, by using telematics devices in health, motor, and household insurance. While Big Data raise concerns regarding the possible exclusion of consumers with a high risk profile, certain examples of how it can help increase financial inclusion have also been identified.

    The report also points to a significant increase in the reported level of consumer complaints in the insurance sector, particularly in non-life insurance and mainly related to claims-handling. A slight increase in the number of complaints has also been identified in the pensions sector. 2018 and 2019 are expected to bring significant improvements and changes in the EU regulatory environment related to insurance and pensions. These can be expected to impact trends of all types in the future, though the impact may take a number of years to become clear.

     

    Related Links

     

    Keywords: Europe, EU, Insurance, Consumer Trends Report, InsurTech, RegTech, Financial Innovation, EIOPA

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681