Objectives of the session
The session aims at describing the long-term nature of the insurance business, finding out whether Solvency II is fostering unwanted evolutions of the role and behaviour of such financial intermediaries, in order to outline possible policy priorities taking into account the current monetary and economic context (low for long, low growth, ageing population, huge investment needs…).
Points of discussion
How to describe the long-term nature of the insurance business? How are existing regulatory and accounting framework addressing these specificities at present? Is Solvency II inducing evolutions of the role and behaviour of financial intermediaries? What are the positives and negatives of such trends and the subsequent policy priorities they suggest?
Why is the low-for-long economic and monetary context raising concern in the insurance industry? More generally, to what extent is the low-for-long economic and monetary context sustainably transforming existing insurance products and insurance company’s business models? Should the architecture of the Solvency II framework be adapted consequently or rather play for time?
What are the policy priorities for the EU in this context?