EU & US insurers renew call for TTIP inclusion

European Union (EU) and US insurers have reiterated their support for the full inclusion of insurance in the Transatlantic Trade and Investment Partnership (TTIP).

The call comes from the bodies that represent the life and non-life insurance sectors in the US and the EU: The American Insurance Association (AIA), Insurance Europe, and the American Council of Life Insurers (ACLI).

Bilateral insurance trade and investment already exceeds $185 billion a year, according to Insurance Europe, and strengthening this cooperative relationship could open potential markets for US and EU insurers and ensure a healthy global insurance industry.

Negotiators are currently preparing for the 11th round of negotiations, to be held October 19-23 in Miami.

“Unfortunately, neither financial services trade issues nor regulatory cooperation have been addressed in recent negotiating rounds,” said the bodies.

“We were pleased to learn that both US Trade Representative Ambassador Michael Froman and EU Trade Commissioner Cecilia Malmström in September recognised a need to intensify negotiations, and we expect that the new intensity will apply to financial services.”