2019-2020年度保險歐洲報告 - 保險歐洲（英文版）（96頁）.pdf

1、Annual Report 20192020 2 Insurance Europe Annual Report 20192020 Insurance Europe is the European insurance and reinsurance federation. Through its 37 member bodies the national insurance associations Insurance Europe represents all types of insurance and reinsurance undertakings, eg pan-European co

2、mpanies, monoliners, mutuals and SMEs. Insurance Europe, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europes economic growth and development. European insurers pay out almost 1 100bn annuall

3、y or 2.9bn a day in claims, directly employ over 900 000 people and invest nearly 10 200bn in the economy. www.insuranceeurope.eu Glossary EC European Commission EIOPA European Insurance take for example the insurers that help clients reduce their potential exposure to cyber incidents or offer lower

4、 premiums to property owners who make their buildings more resilient to flooding. The European insurance sector is also committed to investing sustainably, so it fully supports economic recovery plans and actions that are aligned with the EU sustainability and Green Deal objectives. We likewise rema

5、in committed to supporting the wider objectives set by EU policymakers in initiatives such as the capital markets union and the digital strategy. Insurance Europes actions and positions in all these areas are covered in this Report. Last but by no means least, for Europes insurers to be able to supp

6、ort EU and national recovery efforts, the base prudential regulation for insurers must be fit for purpose. Insurance Europe is providing its technical expertise and market experience to policymakers to ensure that the current review of Solvency II (see p23) results in a regulatory framework that mak

7、es that possible. Many questions remain about the shape of the post-COVID future. What is certain is that insurers, with their vast “What if?” experience, will help provide the answers. 6 Insurance Europe Insurance in the time of corona Europes insurers have been active and innovative in their suppo

8、rt for customers and the economy COVID-19 PANDEMIC Michaela Koller Director general, Insurance Europe In early 2020, the COVID-19 virus spread to virtually every corner of the globe. As this Annual Report went to press, it had infected over 23 million people and taken over 800 000 lives. The economi

9、c impact of the pandemic has likewise been widespread and devasting, as lockdowns and quarantines have curtailed or stopped business and social activity for many weeks. That economic fall-out will be felt for years to come. The OECD was already forecasting in June that global growth could fall by 6%

10、 in 2020; even more with second waves of the virus. Continuity working closely with its members in the national markets and other industry groups to build up a picture of the developments affecting insurers and their clients to see if there were areas in which European coordination of action by nati

11、onal authorities was required. It also provided a platform for its members to share best practices; raising issues and sharing solutions to the challenges the industry faced. Thirdly, it has been discussing solutions for future pandemics; working to explore how insurers can best engage with A commit

12、ment to best practice In late May 2020, the European Commission brought together consumer and business representatives and financial services industry organisations, including Insurance Europe, to discuss the COVID-19 relief measures offered to consumers and businesses by insurers, banks and non-ban

13、k lenders. As a follow-up to those discussions, the Commission drew up a set of best practices to facilitate the implementation of convergent temporary relief measures, where relevant and required. They were published in July 2020. Insurance Europe and its members endorsed the ECs best practice reco

14、mmendations for insurers, which very much reflected the actions that the European insurance industry had already been taking since the start of the COVID-19 outbreak in terms of treating customers fairly and flexibly. Annual Report 20192020 9 national and European authorities to increase resilience

15、(see next article). Lastly, Insurance Europe has been liaising very closely with EIOPA, the Commission (see box opposite) and latterly MEPs in the European Parliament to ensure a clear understanding of developments in national markets and to provide feedback on the responses coming from supervisors.

16、 Insurance Europe appreciated EIOPAs statements in March and April 2020 underlining the strong solvency position of the industry and acknowledging the various steps insurers had been taking to show flexibility to their customers. Insurance Europe also welcomed the fact that EIOPA highlighted that im

17、posing on insurers retroactive coverage of claims not envisioned in contracts could create solvency risks and threaten policyholder protection and the markets stability. It was also positive to see EIOPA acknowledging in its supervisory expectations of July 2020 that assessments of the ongoing value

18、 and utility of insurance products should not be driven by short-term fluctuations, but instead take a medium- to long-term perspective. And at international level, Insurance Europe is providing input to an IAIS consultation on the impact of COVID-19 that will inform the IAISs next work plan. Social

19、 partner pledge In March 2020, Insurance Europe issued a joint statement with the other social partners in the European financial services sector trade union federation UNI Europa Finance and five financial services federations. The statement pledged the sectors commitment to maintaining key service

20、s to customers during the crisis, while always protecting employees and respecting the restrictions imposed by public authorities. The joint statement also committed the partners to supporting economic activity and called for the European institutions, regulatory and supervisory authorities and fina

21、ncial services sector to work together to seek to neutralise the effects of COVID-19 on the economy. What next? As stated in the Foreword to this Report, the implications of the pandemic will be long-lasting and far-reaching. Swiss Re, in a June 2020 assessment of the longer-term implications of COV

22、ID-19, predicted several paradigm shifts to the global economy, including greater roles for governments, accelerated digital transformation and a restructuring of supply chains. While it sees these together as creating a “very challenging” environment for (re)insurers over the next two to three year

23、s, it also sees new (re)insurance opportunities in those evolving supply chains and the accelerated digitalisation. There will be a very different future for the world and its insurers. Supervisory advice on dividend payments Insurance companies recognise the importance of dividends to their shareho

24、lders, who often include pension funds that need dividends to meet their commitments to pay pensions. Insurers also recognise the need to ensure their own financial strength for the benefit of their customers, especially in times of uncertainty. Companies set their dividend policy and make dividend

25、decisions very carefully, taking into account their solvency levels, business plan, risk profile and risk appetite, as well as any significant events that could have a material impact, such as COVID-19. Solvency II requires that they do this and that they include it in their own-risk and solvency as

26、sessment (ORSA), where they must ensure their solvency will remain strong for the next three to five years, taking into account their business plans and expected dividend payments. Solvency II also provides for a suspension of dividends if a companys solvency capital requirement (SCR) is breached or

27、 if the distribution of dividends would lead to non-compliance. Given the requirements in Solvency II and the overall strength of the insurance industry, a blanket ban on dividends by supervisors is not necessary or appropriate. Instead, a case-by-case approach in line with the strong, risk-based So

28、lvency II framework is the right approach to any dividend restrictions. 10 Insurance Europe Preparing for the future Work is already under way to find innovative solutions to cover the risks of future pandemics PANDEMIC RISK Frdric de Courtois Vice-president, Insurance Europe General manager, Genera

29、li Group, Italy As the COVID-19 pandemic took hold in Europe and the continent scrambled to respond to the unprecedented public health crisis that ensued, governments announced lockdown measures in an effort to limit the spread of the disease. As a result, economic and social activity in many sector

30、s ground to a halt, with many businesses forced to cease their activities and a widespread cancellation of events and travel. This, in turn, led to debate over the extent to which the insurance industry covers the pandemic-related losses incurred by these industries and individuals, as well as discu

31、ssion more generally over the extent to which insurance can cover pandemic risk. This debate has since matured into a discussion taking place at both national and supranational level about possible solutions to cover the economic losses and other risks linked to future pandemics. A challenge to insu

32、rability Pandemic risk poses a challenge to insurability, as it is by definition global and potentially affects many individuals and economic sectors at once. This sets pandemic risk apart from risks that are insurable ones that do not materialise everywhere and all at once as it prevents the divers

33、ification and pooling mechanisms at the heart of insurance (see box opposite). In practical terms, this means that while it is possible to cover a Annual Report 20192020 11 limited number of policyholders against pandemic risk in well- defined circumstances, insuring a very large group cannot be don

34、e relying exclusively on the principles of insurance and on the resources of the insurance industry alone. Pandemic risk therefore takes its place among similarly potentially large risks, such as natural catastrophes or terrorism, which require partnerships between public bodies and the private insu

35、rance industry in order to devise innovative solutions. It is important to note, however, that even natural catastrophes and terrorism do not share the same global nature intrinsic to pandemic risk; their potential losses are much lower and diversification can be achieved. Pandemic risk on paper Des

36、pite posing a challenge to the principles of insurability, modelling the risks created by pandemics is not uncharted territory. Pandemic risk has been modelled by the insurance industry by using risk assessment tools to map certain scenarios and their expected consequences, allowing for the spread o

37、f a disease to be predicted with relative accuracy. What is insurable? To assess the insurability of a risk, it must be weighed against a set of conditions. The risk is insurable if: It is definable and financially measurable. It is random and independent. It is possible to build a risk pool in whic

38、h the risk can be shared and diversified (mutualised) at economically fair terms. The insurer can calculate a fair premium for the risk, ensuring that the premium is sufficient to cover future claims on its pool of risks and that it is also affordable for consumers. The likelihood of the risk is cal

39、culable, implying notably that there is a reasonably large history of losses and sources of data from which to calculate the average severity and frequency of future losses. There is limited risk of catastrophically large losses and the financial impact of such losses is not so significant that an i

40、nsurer/the insurance sector cannot afford to pay it. “While it is possible to cover a limited number of policyholders against pandemic risk in well- defined circumstances, insuring a very large group cannot be done relying exclusively on the principles of insurance and on the resources of the insura

41、nce industry alone.” 12 Insurance Europe Pandemic risk in practice Pandemics are not isolated events, however, as they are accompanied by government efforts to reduce their negative effects. Preventive measures put in place by governments in the interests of public health such as full or partial loc

42、kdowns of the economy and society while effective in limiting the spread of a disease, significantly affect the insurance industrys ability to assess, mitigate and price pandemic risk. In the case of COVID-19, the economic losses have not arisen primarily from the pandemic itself but from government

43、 action to mitigate the impact of the virus on the population. Besides a pandemics global nature, it is this factor that also sets pandemic risk apart from other catastrophic risks, as it is closely linked to and can be exacerbated by political decisions. While the main focus on insurance during the

44、 COVID-19 pandemic has been the economic losses associated with the widespread interruption of business activity, the extent to which pandemic risk is covered or not in other lines of business has also been discussed. While pandemic risk does raise insurability challenges across the board, European

45、insurers do cover certain elements of the risk in a number of business lines. Pandemic risk can appear on the balance sheet of insurers offering the following insurance lines: general liability medical, professional and directors the full effects of the COVID-19 pandemic may not be evident for many

46、years to come. What is clear, though, is that pandemic risk poses a huge challenge to governments, society and the insurance industry alike. Moving forward, whatever the role for the insurance industry may be, helping society to be better prepared for future pandemics will require new and innovative

47、 solutions, drawing on experience from the current pandemic. The insurance industry stands ready to play its part. “For insurers, tackling the challenges associated with insurability will be the precondition for participation in any pandemic solution.” Annual Report 20192020 13 Time for a sea change

48、 Insurers support the EUs increased focus on ways to adapt to the worlds changing climate CLIMATE ADAPTATION Thomas Hlatky Chair, sustainability working group, Insurance Europe Head of reinsurance, Grazer Wechselseitige, Austria Tackling the effects of changes in climate on eco-systems and populatio

49、ns is arguably the worlds most urgent challenge, requiring a concerted and shared global commitment. The scale of that challenge was brought into sharp relief by an analysis published in July 2020 by the World Meteorological Organisation (WMO), which showed a one-in-five chance that annual global temperatures will be at least 1.5C warmer than pre-industrial ti