EIOPA, along with the U.S. organizations NAIC and the Federal Insurance Office of the U.S. Treasury, hosted the sixth EU-U.S. Forum in Luxembourg. Representatives from the industry, consumer organizations, and regulators from the U.S. and the EU discussed challenges and opportunities related to cyber risks, the use of big data, artificial intelligence, and intra-group transactions in multi-national insurance groups.
Growing cyber threats, increasing power of big data, and contagion risk from intra-group transactions in multi-national insurance groups are the focus areas for risk-based and forward-looking supervision in the U.S. and the EU. The Steering Committee of the EU-U.S. Insurance Dialog Project set the scene for 2019 for further deepening the cooperation and mutual understanding of regulatory approaches and supervisory practices in these evolving and critical areas.
Gabriel Bernardino, Chairman of EIOPA, said: "We particularly welcome cooperation with our American colleagues, building on successful past dialog and now benefiting from deepening the mutual understanding of supervisory approaches and practices to address fast evolving cyber risks, increasing power of big data and the critical area of intra-group transactions. Considering the implications for the operational environment and the business models of insurers, globally, a collective response of supervisors is required to meet our primary objective which is the protection of policyholders and beneficiaries."
Related Link: Press Release
Keywords: Americas, Europe, EU, US, Insurance, Big Data, NAIC, FIO, Cyber Risk, EU-US Insurance Project, US Treasury, EIOPA