9 March 2015 Insurance

European policymakers must enable access to insurance

European policymakers can create a more financially resilient society by enabling a greater amount of people to access insurance cover, according to a publication released by Insurance Europe, the European insurance and reinsurance federation.

The publication, The Benefits of Insurance, outlines steps which policymakers can take to make insurance available to more people, which in turn would reduce dependency on the state in times of financial loss.

For example, every time a new EU or supervisory rule is proposed or created, or a current one reviewed, it increases costs for insurers, and ultimately their policyholders. Therefore, policymakers can help to keep the cost of insurance as low as possible by ensuring that regulation is efficient and avoids increasing costs unnecessarily.

Michaela Koller, director general of Insurance Europe, said: “The fact that millions of people in Europe still do not have adequate insurance coverage is a major problem, both for the individuals involved and for the governments who must support them in times of need. In order to tackle this issue, policymakers need to make sure that regulation allows insurers to keep the cost of cover as low as possible.”

The publication also says that policymakers should: provide insurers with the flexibility to innovate, make access to insurance more straightforward, and take preventive measures, for instance in the area of natural catastrophes, in order to adapt society to the increasing effects of climate change.

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