Gabriel Bernardino, Chairman of EIOPA, discussed several topics concerning the European insurance industry in an interview with Greek publication Asfalistiko Nai. He stressed the improvements to consumer protection brought in by Solvency II as well as the improvements that will be brought in by the upcoming Insurance Distribution Directive and the regulatory technical standards that EIOPA is currently drafting on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). The Chairman commented that the number of mergers and acquisitions in the insurance industry may increase due to the current macroeconomic environment; however, he also commented that there will still be room for medium and smaller sized insurance firms. Finally, he stated that, in order to proactively tackle issues that might lead to problems for consumers such as mis-selling, EIOPA is developing a framework to identify these issues at their inception rather than being reactionary. This includes conducting thematic reviews of specific segments of the market.
A link to the Interview here.