EIOPA intensifies its efforts for the surveillance of European insurance market

Magazine Issue:

Loss of rationality [3]

Magazine date:

Jul 2017

Since Brexit was announced, several insurers established in the United Kingdom have been considering the prospect of getting settled on the old continent.

The creation of a new European subsidiary would provide them with full access to the entire market of the Economic Community. Some have already made their choice like Lloyd’s which decided to set up its new European subsidiary in Brussels.

AIG, FM Mutual and Hiscox have, on their part, chosen Luxembourg while Ireland remains one of the most attractive destinations. The latter will be hosting Admiral, Beazley and Royal London. European markets are competing, each trying to attract the highest number of companies.

In light of this situation, the European Insurance and Occupational Pension Authority, EIOPA, has stepped up its surveillance over the market. The supervisory entity has outlined guidelines for local regulators, ensuring their implementation.