The challenges and opportunities for the insurance sector in the US and EU related to cybersecurity risks, the cyber insurance market and the use of big data will be the core topic of discussion at a meeting of US and EU insurance supervisors in March.
The meeting is hosted by The Steering Committee of the EU-US Insurance Dialogue Project on 13 March 2020 in Washington, DC.
The meeting will comprise representatives of the National Association of Insurance Commissioners (NAIC), the Federal Insurance Office of the US Department of the Treasury (FIO), the European Commission (EC), the European Insurance and Occupational Pensions Authority (EIOPA) and other authorities.
Panel sessions will include discussions among regulators, industry and consumer representatives on approaches, practices and solutions to address the many challenges, risks and opportunities delivered by cyber and big data.
The EU-US Insurance Project started in 2012, when the NAIC, FIO, EC and EIOPA agreed to participate in a deeper dialogue project with the objective of enhancing the mutual understanding and cooperation between the EU and US for the benefit of insurance consumers, business opportunity and effective supervision.
Europe’s introduction of Solvency II and the need to align more closely with the US and the international supervisory community, particularly in relation to internationally active insurance groups, was the spark for the initiative.
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