EIOPA 6th Global Conference, Frankfurt Am Main
2019's Conference on Global Insurance Supervision addressed Sustainable Insurance: Embracing the Global Challenges. The day's sessions explored three key topics from both a European and international perspective:
- Sustainable Business Models for Insurers: Fair Competition in a Disruptive Environment
- Closing the Protection Gaps: The Leading Role of Insurance in the Area of Natural Catastrophes and Demographic Change
- Micro Meets Macro: A Holistic Framework for Systemic Risk in the Insurance Sector
IDF Secretary General, Ekhosuehi Iyahen, spoke on the topic of the role of insurance in closing the protection gap:
Insurance has an important function to help people and firms getting back into business after a disaster strikes and major damages are caused. However, low insurance penetration, increasingly uninsurable high value exposures as well as underestimated or silent developments in risk profiles contribute to a widening protection gap. This not only refers to natural catastrophes but also to ageing populations. Climate change, scientific progress and increasing healthcare costs, to mention but a few, may exacerbate the protection gap. On the other hand, trends in sustainable finance and sustainability in general provide momentum for new products and innovative product development to cover the changing needs of emerging economies and the young generations around the globe.