Building a Competitive European Insurance Sector

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This article is part of our special report EU policies and the insurance sector.

In April 2015, the European Advisory Council of Zurich Insurance met in Brussels, Belgium to discuss the challenges and opportunities of the European insurance sector.

Despite the optimism of Zurich’s 2014 Advisory Council, Europe’s economy continues to struggle. The impact of weak economic growth has been felt both politically and socially. 2014 has seen the rise of classical ‘populist’ parties of both left and right, and a marked increase in Euroscepticism. Indeed, some even talk of the failure of the European project as exiting the EU is talked of openly in the UK. This economic, political, and social uncertainty has had impacts on both the insurance sector and Switzerland.

Developing on the 2014 meeting which examined a variety of political, economic, and social scenarios for Europe, the 2015 Advisory Council focused its discussions on some of the key factors which will inform the development of a competitive and sustainable insurance sector. In particular, it noted that legislation and regulation arising out of National Governments and the European Institutions has a significant impact on the future prospects of the sector and should therefore be crafted so as to support the sustainable development of the insurance industry.

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