Insurance Europe is the European

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

and

reinsurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

federation. Insurance Europe, which is based in

Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...

, Belgium, makes a major contribution to Europe's economic growth and development. The federation is the voice of the European

insurance industry Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

at European and international levels.

Overview

Through its 37 member bodies national insurance associations — the national insurance associations — it represents all types of insurance and reinsurance undertakings, e.g. pan-European companies, monoliners, mutuals and SMEs. Insurance Europe, which is based in Brussels, Belgium, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe's economic growth and development. European insurers pay out over €1 000bn annually — or €2.8bn a day — in claims, directly employ more than 920 000 people and invest over €10.6trn in the economy. In addition, Europe Insurances allocated approximately €150bn to sustainable investments. Insurance Europe is a fair and reliable partner and a contact point for

Institutions of the European Union The institutions of the European Union are the seven principal decision-making bodies of the European Union and Euratom governed under the Treaties of the European Union and European Union law. They are, as listed in Article 13 of the Treaty o ...

, politicians and supervisors. The federation provides services to the European and international institutions to the benefit of its members. In the regulatory process, it represents the common interests of European insurers by developing, promoting, defending, illustrating and

lobbying Lobbying is a form of advocacy, which lawfully attempts to directly influence legislators or government officials, such as regulatory agency, regulatory agencies or judiciary. Lobbying involves direct, face-to-face contact and is carried out by va ...

industry positions that are supported by technical research and expertise. Through government lobby, public affairs, industry forums and issue management, it contributes to achieve a positive political, social, business and economic environment in support of the industry. Insurance Europe provides the infrastructure for an exchange information and experience between members. The federation also plays a supporting role in relation to its members and provides information and guidance on issues of interest to the European insurance sector.

History

Insurance Europe was founded in 1953 as Comité Européen des Assurances (CEA). Insurance Europe had 18 members in 1953 and later had several dozen national member associations. Its aim was to observe the works of the

OECD The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...

in Paris. Later, CEA shifted its attention and activities to the European arena, therefore adapting to the power structures resulting from the foundation of the European Community and its more recent evolution into the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

. In March 2012, it changed its name from Comité Européen des Assurances to Insurance Europe.

Mission statement

The Insurance Europe's mission is: * To draw attention to issues of strategic interest to all European insurers and reinsurers in a sustainable manner. * To raise awareness of insurers' and reinsurers' roles in providing insurance protection and security to the community as well as in contributing to economic growth and development. * To promote – as the expert and representative voice of the insurance industry – a competitive and open market to the benefit of the European consumer as well as corporate clients.

References

Insurance Europe in the News

Insurance Europe RAB advocates for open global reinsurance marketplace - Reinsurance News -

Insurance Europe: Statement on the EU Commission's ESG rating proposal - Institutional Money -

{{Authority control 1953 establishments in Belgium Trade associations based in Belgium International organisations based in Belgium Organizations established in 1953 Pan-European trade and professional organizations Insurance industry organizations