|
An increase in the number of insurers which are installing telematics - known as “black box” technology - to record variables such as a car’s location and speed, the addition of various underlying funds to unit-linked policies or the embedding of guarantees in the policies in order to attract consumers, or the increase in the development by business firms of new channels for sales and marketing were just some of the interesting findings of the Consumer Trends Report by EIOPA.
Since the beginning of 2013, EIOPA has been approaching NSAs requesting information for 2012 as outlined in this report which identifies key issues in the area of consumer protection and financial innovation and highlights the trends and the areas for further potential investigation. Whilst not providing a complete picture of all relevant risks, this report identifies the following ‘top’ trends which may warrant further investigation, from a consumer protection perspective:
Insurance Europe comment: Questionable conclusions in EIOPA consumer trends report
The Consumer Trends report published today by EIOPA appears based on anecdotal evidence and undefined methodology, making it impossible to draw accurate and meaningful conclusions about the sale and purchase of insurance products in the EU.
As EIOPA acknowledges, since this is its first year of gathering quantitative information from national supervisors, it was “not possible to establish an informed pattern” or “a complete picture”.