- ABI responds to open letter from small business owners and representatives
- FERMA calls on EC to create an EU resilience framework for catastrophic risks to address the severe shortage of BI insurance without physical damage
- Verisk projects that the number of cases globally from the COVID-19 outbreak over the next four weeks may reach 50 million total cases, with 644,000 estimated deaths
- CII Public Trust Index indicates consumer and business trust in the insurance profession was improving before pandemic
- Better links between Insurance and Academia are critical to further understanding systemic risk says The Lighthill Risk Network
- High Court of England and Wales approves Lloyd’s EEA policyholder strategy
- Insurance Europe publishes comments on GDPR ahead of the European Commission’s upcoming review expired
- Cyber insurance becomes the new norm with spike in online sales in the UK, says GlobalData expired
- Take up of Warranty & Indemnity insurance in M&A deals is up from 6% to over 40% in the past five years says Lockton expired
- PRA publishes PS14/20-Solvency II: Prudent Person Principle feedback expired
- Hemphill appointed Catalina Non-Executive Chairman expired
- SCOR Board to propose that no dividend be distributed for the 2019 fiscal year-Chairman/CEO Kessler to accept remuneration cut expired
15th May 2019
“Europe’s insurers welcome the EIOPA's report acknowledging the vast opportunities that insurers’ use of big data bring for both consumers and our industry"
In response to the recent report by the European Insurance and Occupational Pensions Authority(EIOPA) on the use of big data analytics in motor and health insurance, William Vidonja, head of conduct of business at Insurance Europe, comments “Europe’s insurers welcome the report’s acknowledgement of the vast opportunities that insurers’ use of big data bring for both consumers and our industry. In fact, the availability of a greater volume of data and the use of increasingly sophisticated risk modelling allows insurers to provide consumers with significant benefits, such as products that are better tailored to consumers’ needs, more accurate pricing and better risk prevention.”
EIOPA’s report is the result of a thematic review which aimed to gather empirical evidence on the benefits and risks arising from the use of big data analytics by insurers. While the evidence gathered shows the many opportunities for both consumers and the insurance industry, the report also confirms that potential risks arising from the use of big data have not materialised.
Vidonja added “Europe’s insurers call on EIOPA to continue to monitor developments and engage with the industry on this important topic and, at the same time, abstain from regulatory measures that could hinder innovation and our industry’s ability to compete in a global market.”
While there is no specific regulation on big data, there are already many EU rules that are relevant and applicable to its use in insurance, such as EU rules on data privacy, insurance distribution, disclosures, distance marketing and equal treatment, as well as Solvency II governance requirements.
EIOPA’s report confirms that there is no evidence of exclusion issues for high-risk consumers and acknowledges the existing comprehensive set of EU rules and insurers’ data governance arrangements. As such, Europe’s insurers believe there is currently no need for further regulatory measures, as there is already effective protection in place to ensure the responsible use of big data analytics and to prevent possible undesirable outcomes.
Insurance Europe Trends(187 articles)
EIOPA Trends(354 articles)