Past Event

Cross-border insurance in Europe

The cross-border insurance sector is becoming increasingly strong in Europe. This event looks at the current cooporation between national insurance supervisors and tries to define the role of the European Insurance and Occupational Pensions Authority.

Date: October 21, 2016, 12:30 pm Topic: Finance & Financial Regulation

SUMMARY

SEE BELOW FOR THE VIDEO AND EVENT MATERIALS

Gabriel Bernardino’s keynote speech focused on the present and future of regulation and supervision of the European insurance sector. His overall assessment was that while regulation is becoming more harmonized, especially with the implementation of the Solvency II Directive, supervision of the insurance sector remains fragmented. In order to move towards centralized, European supervision, an “Insurance Union”, Bernardino emphasized that the macroprudential framework the Directive introduced needs to be completed and a recovery and resolution pillar must be developed. From an operational perspective, he outlined two concrete steps that need to be taken: more powers for EIOPA to pursue supervisory convergence and a clear mandate to oversee internal models, on a comply-or-explain basis.

Dirk Schoenmaker made the case for centralized supervision, by means of comparing the insurance industry to the banking one. He underlined that insurance is a more global and cross-border business than banking, which takes place relatively more often through subsidiaries. While this means that assets are available at the local level and that national legislation applies, risk management is happening at the central level and coordination between authorities will not work in a crisis situation. Schoenmaker, therefore, argued for an Insurance Union over cooperation between national authorities. He added that this would not require a change in the Treaty. Schoenmaker emphasized that common supervision should take place at the European Union and not the euro area level, since it relates to the internal market and not the common currency.

Olav Jones also compared insurance to banking but arrived at different conclusions. While he spoke in favour of cooperation and supported Solvency II, he saw no urgency for a common supervisor to manage insurance groups. Jones argued that generally, compared to banking, problems in the insurance business do not spread as easily within the group, crisis management does not require as quick a response and risk tends to be lower with size and cross-border presence of the group. He added also that, unlike banking, insurance is not fundamentally pro-cyclical and the discussion of pro-cyclicality is generated by the underlying measurement in the regulatory framework. Thus, Jones concluded that discussion of common supervision is premature: gaps should be identified while Solvency II is implemented and a cost-benefit analysis of common supervision must follow.

Notes by Konstantinos Efstathiou 

VIDEO ReCORDING

Event materials

Presentation Dirk Schoenmaker

Schedule

Oct 21, 2016

12.30-13.00

Check-in and lunch

13.00-13.20

Keynote

Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority (EIOPA)

13.20-13.40

Presentation

Dirk Schoenmaker, Non-Resident fellow

13.40-14.00

Comments

Olav Jones, Deputy Director General, Director Economics & Finance, Insurance Europe

14.00-14.30

Audience Q&A

14.30

End

Speakers

Gabriel Bernardino

Chairman of the European Insurance and Occupational Pensions Authority (EIOPA)

Olav Jones

Deputy Director General, Director Economics & Finance, Insurance Europe

Dirk Schoenmaker

Non-Resident fellow

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

matilda.sevon@bruegel.org +32 2 227 4212

Read article

Parliamentary Testimony

European Parliament

The role of independent expertise in legislative process

Testimony before the European Parliament Committee on the Internal Market and Consumer Protection (IMCO).

By: Zsolt Darvas and J. Scott Marcus Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: July 18, 2018
Read about event More on this topic

Past Event

Past Event

Should we revisit the patent system for pharmaceutical products?

Analysis of the legal issues with the current IP system for regulated market authorisations for pharmaceutical products, as well as its economic effects.

Speakers: Arno Hartmann, Christian Jervelund, Margaret K. Kyle, Roberto Romandini, Bruno van Pottelsberghe, Amaryllis Verhoeven and Reinhilde Veugelers Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 9, 2018
Read about event More on this topic

Past Event

Past Event

Trade war trinity: analysis of global consequences

Analysis of the long-term impact of the trade war and its three key players: EU, US, and China.

Speakers: Alicia García-Herrero, Ignasi Guardans and Carl B Hamilton Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 28, 2018
Read about event More on this topic

Past Event

Past Event

Euro tragedy: a drama in nine acts

This event will feature a presentation by Ashoka Mody of his new book, which argues that the Euro is at the root of the problems the European Union faces today.

Speakers: Maria Demertzis, Ashoka Mody and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 27, 2018
Read about event More on this topic

Past Event

Past Event

EU-LAC Economic Forum 2018

The second edition of the EU-LAC Economic Forum, a high level gathering for in-depth research-based exchanges on economic issues between European, Latin American and Caribbean (LAC) policy makers and experts.

Speakers: Angel Badillo, Federico Bonaglia, Maria Demertzis, Sylvie Durán, Guillermo Fernández de Soto, Alicia García-Herrero, Elisa Grafulla, Gonzalo Gutiérrez, Bert Hoffmann, Juan Jung, Emilio Lamo de Espinosa, Carlos Malamud, J. Scott Marcus, Neven Mimica, Fabio Nasarre de Letosa, Detlef Nolte, Anne Sperschneider and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 26, 2018
Read about event More on this topic

Past Event

Past Event

For a stronger and more integrated Europe

This event will feature the presentation of the Economic Survey of the European Union 2018 and Economic Survey of the Euro Area 2018.

Speakers: Angel Gurría, Zsolt Darvas, Pierre Beynet and Aida Caldera-Sanchez Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 19, 2018
Read about event More on this topic

Past Event

Past Event

What next for banking union?

This event will discuss the future of Banking Union.

Speakers: Maria Demertzis, Philipp Hildebrand and Guntram B. Wolff Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 8, 2018
Read about event More on this topic

Past Event

Past Event

News from the South. Proposal to strengthen the European Monetary Union: Combining fiscal discipline with risk sharing

On 4 June Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2017.

Speakers: Cristina Cabrera, Maria Demertzis, Fernando Fernandez, Massimo Giuliodori, Javier Méndez Llera and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 4, 2018
Read about event More on this topic

Past Event

Past Event

Making trade work for all – the Danish case

This event discussed how we can make trade work for all, focusing on the example of Denmark.

Speakers: Maria Åsenius, Sofia Bournou, Brian Mikkelsen, André Sapir, Eva Rytter Sunesen, Guntram B. Wolff and Casper Arnsbo Poulsen Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 28, 2018
Read about event

Past Event

Past Event

Where is China’s financial system heading? Implications for Europe

How ready is China for the transformation of its financial system and how will this effect Europe?

Speakers: Elena Flores, Alicia García-Herrero, Gene Ma, Hu Yuwei and Guntram B. Wolff Topic: Finance & Financial Regulation, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 25, 2018
Read about event More on this topic

Past Event

Past Event

Solving the productivity puzzle

This event featured the presentation of new research by the McKinsey Global Institute.

Speakers: Maria Demertzis, Janet Henry, Jan Mischke, Dirk Pilat and Reinhilde Veugelers Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 23, 2018
Read about event More on this topic

Past Event

Past Event

The importance of being financially literate

This event focused on the importance of financial literacy and the possible policies that could be developed to improve it.

Speakers: Lidia del Pozo, Maria Demertzis, Annamaria Lusardi and Jean-Paul Servais Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 15, 2018
Load more posts