Insurance Europe published an insight briefing arguing that, even though digitalisation is shaping the way insurers innovate, distribute and interact with their customers, it cannot remove all barriers to increasing the volume of cross-border insurance.
While welcoming the European Commission’s efforts to strengthen the internal market for retail financial services, as set out in its recent Green Paper, Insurance Europe believes that the expansion of cross-border insurance within the EU is and should remain market-driven and based on demand.
Insurance Europe also highlights that the offering of cross-border insurance is functioning well, with over a third of insurance premiums written by foreign-controlled subsidiaries or branches.
It, however, also points out that the regulatory and socio-economic environment in which insurance products are sold vary greatly between — and even within — EU member states, which can make the portability of insurance products difficult.
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