Against this background, German voters will make a landmark decision in September. This decision will have many implications – also for insurance companies. In pension policy it is about the question of whether expensive “stop lines” will shift the balanced system of pension provision towards an expansion of state-funded benefits, which would definitely not reflect the concept of intergenerational equity. We take a stand and call for strengthening the three-pillar model as a cornerstone of pension policy aiming at safeguarding the pensions of future generations by expanding occupational and private pension schemes.
The digital revolution is on its way. As a result, we need rules which will protect consumers but also promote and enable innovation and growth. Our proposals in this context are as follows: secure IT infrastructures for communicating with our customers, transparent information on our products, a code of conduct for data protection, and a consumer policy concept based on the actual behaviour of consumers. Our consumer policy measures have been designed such that they support our customers in making their own decisions.
In Europe, too, we will have to make some crucial decisions as a result of the Brexit vote, which refer to the future structure of the European system of insurance supervision. In view of the planned relocation of the European Banking Authority from London, a reform of the European Supervisory Authorities is being discussed. This would also affect the European Insurance and Occupational Pensions Authority. We also take a stand on this issue: the business model of insurers is fundamentally different to those of other financial services providers. Independent insurance expertise of the competent European supervisory authority is indispensable for our industry. Preserving efficient insurance supervision with the requisite expertise is one of our key policy objectives for the next few months. Our positions on these and other topics are summarised in our publication “The positions of German insurers 2017” .