Insurance Europe Warns EU's Savings and Investment Plan Falls Short Without Insurers

The European Union's ambition to boost retail participation in capital markets through its Savings and Investment Union (SIU) may not be fully realized unless insurers are included as product providers and insurance within its scope. Insurance Europe, the federation representing the European insurance industry, has cautioned that the European Commission's plan to develop savings and investments 'accounts' will fall short without this inclusion. Insurers offer a wide range of life investment and pension products that cater to different needs and risk profiles, enabling people to invest in capital markets. The federation emphasizes the importance of inclusivity in the EU's savings and investments plan to increase consumer choice, market competition, and drive innovation.

Key Takeaways:

• Insurance Europe warns that the European Commission's plan to develop savings and investments 'accounts' will fall short without including insurers as product providers and insurance within its scope.
• Insurers offer a range of life investment and pension products that enable people with differing needs and risk profiles to invest in capital markets.
• The federation stresses the importance of national tax incentives for products that bring societal benefits.
• Insurance Europe calls on the European Commission to ensure the forthcoming recommendation is inclusive, promoting a wide range of investment and insurance solutions.
• Insurance Europe notes that insurers are uniquely placed to reach as many people as possible, due to their extensive distribution networks and range of products.
• Thea Utoft Høj Jensen, Director General of Insurance Europe, comments that excluding insurance would be a missed opportunity to help tackle Europe's pension gap and channel investment towards the green transition.

Statistics:

• The European Union's Savings and Investment Union (SIU) aims to boost retail participation in capital markets.
• Insurance Europe represents the European insurance industry.
• The federation has cautioned that the European Commission's plan to develop savings and investments 'accounts' will fall short without including insurers as product providers and insurance.

Sources:

• Insurance Europe
• Original Press Release: Insurers call for inclusion in EU's Savings and Investment Plan (July 9)