European Insurance Market: Opportunities and challenges
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1 European Insurance Market: Opportunities and challenges Violeta Ciurel, Ph.D, LLIF General Manager European and International Affairs ING Group - Amsterdam November, 12, 2007 New York Global Financial Leadership Forum European insurance market characteristics Big market EU 27 countries, 495 million people Striving for the a single market, though still very fragmented Many regulatory obstacles still exist local regulation, national discretion due to improper transposition of the EU regulations High global competition Total premium income bill Euros in 2006, first time to exceed 1 billion; one of the largest market in the world Higher growth rate in Central European countries 2006 Overall growth 5%, or which: Real premium growth 16% in emerging markets; 4% in industrialised countries Life insurance growth 7.7% and non-life insurance 1.5% Diversification of distribution channels ING 2 1
2 European life insurance and pension market 2006 growth rate 7.7% of which 21.1 in emerging markets and 6.6% in industrialised countries highest since 2000 Increased opportunities due to aging of population Aging population gets to products diversification wealth accumulation, retirement provisions and services, savings and investment products supporterd by the stock market performance Strong sales of UL products (e.g. UK, France, Germany) Shift from public to private pension schemes and health insurance Privatization efforts of social security systems: e.g. health insurance in The Netherlands, pension reform in Romania Strong sales of individual and occupational pension products (UK, Germany) Positive developments due to: Tax incentives for retirement and savings products Market boom boost of UL products Retirement provisions increase ING 3 Total insurance growth, penetration and density by region ING European & International Affairs 4 2
3 Global Premium Growth Real Premium Growth rates 60% 50% 40% 30% 20% 10% 0% -10% Non-Life Life Total ING European & International Affairs 5 Life Business Development By Region Non-life business development by region Real Growth rates Annual average growth rate Growth rate 2006 M iddle East and Central Asia Africa Central and Eastern Europe Latin America and Caribbean South and East Asia Emerging markets Oceania Japan and newly industrialised Asian economies Western Europe North America Industrialised countries World 0% 5% 10% 15% 20% 25% ING European & International Affairs 6 3
4 Life insurance growth, penetration and density by region ING European & International Affairs 7 Total Life and Pension Funds Assets ING European & International Affairs 8 4
5 Trends life insurance Positive outlook for 2007 will positively impact the LI development Pension reforms on the way Cross border business Different approach for top to medium market Broad product range and more products for mass market Wealth accumulation, retirement products, savings products, investment products Mortality to longevity risk cover Non-transparent to transparent price and fee structures Big impact of the EU regulations Increasing consumer protection approach ING 9 Life Expectancy ING European & International Affairs 10 5
6 Life Expectancy ING European & International Affairs 11 Trends: European pensions Old Europe - countries with different pension systems, mostly based on PAYG, facing real big problems New Europe more advanced in pension reform e.g. Poland, Czech, Hungary, Romania Occupational pensions not mandatory in old Europe Defined benefit arrangements under financial pressure, following the trend of shifting from DB to DC Many employer/employee pension plans are un- or under-funded Low retirement age in many countries exerts financial pressure and hampers labor participation Collective pensions Often no portability of vested rights Personal pensions Lack of tax incentives in many countries Still not affordable to large segments of population in many countries More emphasis on pay-out phase Demand for products that combine capital guarantee with equity investments Industry looks for solutions for Pan-European pension plans European Financial Roundtable came up with a proposal ING 12 6
7 EU Regulations: Retail financial services market European Commission focus on delivering harmonised European insurance market for consumers Green paper on retail financial services first step Initiatives in insurance: Motor insurance Home insurance Complaints handling Pre-contractual information requirements Business in the retail market might be influenced by the European Commissions wish to bring about an internal market Incentives for pan-european products? Information requirement alignment? ING 13 EU Regulations - Business Insurance Business Insurance sector inquiry: Final report published September 2007: Areas of concern: Alignment of premiums in the co- and reinsurance business European Commission invites industry to justify the practices, or to reform them Remuneration and conflicts of interest in insurance brokerage Review of the Insurance Mediation Directive European Commission is not convinced that the Block Exemption Regulation (BER) that offers possibilities for horizontal cooperation should be preserved. Final review scheduled for The impact of the sector inquiry on the business insurance sector appears to be limited. ING 14 7
8 EU Regulations - Pensions Pension portability Directive: Minimum requirements for acquisition and preservation of supplementary pension rights Institutions of Occupational Retirement Provision (IORP) Directive: European passport for second pillar pension vehicles Up for review in 2008: Solvency II for pension funds? Pan-European pension plans: Pan-European pension plans European Financial Services Roundtable (EFR, June 2007) European Personal Pension account European Fund and Asset Management Association (EFAMA, May 2005) IORP and pension fund mobility have had a big impact on the market All other initiatives are hampered by Member State disagreement and lack of willingness ING 15 EU Regulations - Risk management and prudential supervision Solvency II Solvency II is a fundamental and wide-ranging review of the overall financial position of an insurance undertaking not just limited to the solvency margin requirement IFRS 4 phase 2 Alignment Solvency II IFRS requirements (Group) Supervision Future architecture of european prudential supervision Insurance Guarantee schemes: What are the rights of policyholders in case of a winding-up of an insurer? Solvency II market impact: Evolution in product pricing and design Impetus to industry consolidation Impact of supervisory structure:? ING 16 8
9 Other EU Regulations impacting life insurance VAT in Financial Services Review Commission proposal expected end 2007 Focus on clarification of financial services definitions Gender Directive Impact of aligning the life insurance premium irrespective of gender (unisex premiums) Consumer Policy Rome I regulations on applicable contract law Pre-contractual information requirements Privacy rules Financial education ING 17 Conclusions: - EU offers growing opportunities in a very competitive market, more and more global - Positive outlook Healthy growth LI, strong development for savings and pensions - Stagnation non-life business - Higher growth in emerging markets - Industry consolidation - The growth comes from the following: - The privatization of the social security systems pensions and health - New financial products aimed to increase the accumulation for the retirement primarily investment and savings products, less guaranteed products that will increase at a slower pace; - In emerging markets diversification of the distribution channels and increase of the bancassurance - Newly introduced - tax treatment more favorable for pension products (Germany, France, Spain, Portugal, Romania) ING 18 9
10 Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities. ING assumes no obligation to update any forward-looking information contained in this document. ING 19 10
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