By Pierre Bertrand
Andrea Sironi, Chairman of Assicurazioni Generali, has called for the creation of a European insurance union to oversee the largest insurance groups in Europe. He made this statement during a recent event organized by think tank Bruegel in Brussels. Sironi believes that an insurance union would be more beneficial than the current member-state level regulation, as it would enable bloc-wide rules.
The primary purpose of establishing an insurance union is to enhance the efficiency of the industry. However, Sironi emphasizes that such a union should only involve the largest European players. This aligns with ongoing efforts within the European Union to boost competitiveness and maintain industrial attractiveness.
According to Sironi, the insurance sector in the European Union has the potential to support investments in green and digital transitions, as well as contribute to the bloc’s Capital Markets Union. In light of these opportunities, he stresses the need for an improved EU-wide supervisory architecture in the insurance sector. This would allow for an Insurance Union that enhances competitiveness and fulfills the growing demand for protection and investments.
Sironi suggests that the creation of this insurance union should follow the steps taken to establish the EU’s banking union – a single rule book for the financial sector introduced in response to the 2008 financial crisis.