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Nicolas Jeanmart

Nicolas Jeanmart. Head of Macro-Economics, Life & Pensions, INSURANCE ( BELGIUM ). Friday, 27.9.2013. Securing the future of pensions: The growing importance of supplementary pension funds. 15 th Hydra conference 26 – 28 September2013. Insurance Europe. Who?.

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Nicolas Jeanmart

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  1. Nicolas Jeanmart Head of Macro-Economics, Life & Pensions, INSURANCE (BELGIUM) Friday, 27.9.2013

  2. Securing the future of pensions: The growing importance of supplementary pension funds 15th Hydra conference 26 – 28 September2013

  3. Insurance Europe Who? • European insurance and reinsurance federation, • founded in 1953 What? • Represents around 95% of European insurance market by premium income Why? • Committed to creation of favourable regulatory and supervisory framework for insurers at European and international level.

  4. Members 34 national associations 27 EU member states 5 non-EU markets Switzerland, Iceland, Norway, Turkey, Liechtenstein 2 associate members Serbia, San Marino 3 partners Russia, Ukraine, Kosovo

  5. Contribution to the economy Insurance Europe represents more than 5 000 European (re)insurers, which: • generate premium income of more than €1 100bn • employ almost one million people • invest almost €8 400bn in the economy

  6. Publications How insurance works Annual Report The impact of insurance fraud European Insurancein Figures Funding the future: insurers’ role as institutional investors Indirect taxation on insurance contracts in Europe

  7. What is on our agenda? Stability issues SIFIs Data protection Financial conglomerates ADR Collective redress Accounting EMIR FTT Savings tax FATCA Climate change Natural catastrophes Omnibus II Solvency II Pensions IORP review IAIS ComFrame Anti-discrimination PRIPs IMD MiFID Anti-money laundering Credit rating agencies ELD Offshore oil safety

  8. Introduction Pensions - overarching objectives:  Guaranteeing the adequacy of pensions benefits • Guaranteeingthe sustainability of national pensions systems

  9. Pensions’ adequacy

  10. Pension systems in Europe : adequacy of pension revenue Data Source : OECD Pensions at a glance 2011

  11. Pension systems in Europe : adequacy of pension revenue • Longer life expectancy and falling birth rates: • How to address the problem of under-provision in retirement? According to a study, across the EU, the annual pensions gap stands at €1 900bn (or 19% of 2010 GDP). The most affected countries would be the UK (€12 300 per capita each year) and Germany (€11 600/cap.) This analysis also reveals that no single reform can close the gap completely on its own; non pension-assets may only fill as little as 20% of the pensions gap. (Source: Aviva)

  12. Pensions’ sustainability

  13. Pension systems in Europe : Sustainability Data Source : OECD Pensions at a glance 2012

  14. Multi-Pillar systems are the solution • No pillar on its own can respond to the challenges of the coming decades • Multiple pillar systems allow for better distribution of the risks (demographic vs economic) • Possible to distinguish between the goals of poverty reduction and income replacement • Pension reforms decreasing first pillar pension pay-outs could be countered by additional supplementary retirement income

  15. Finding the right balance

  16. Pensions systems in Europe : three pillars Data Source : Insurance Europe

  17. Supplementary pension schemes Data Source : Insurance Europe

  18. Second pillar across Europe Data Source : Insurance Europe

  19. Supplementary pensions : EU regulatory developments • Review of the IORP Directive: • level playing field between the different occupational pension providers • Same risks, same rules • Workstreams on personal pension products (PPPs) • Is their a need for a single market for PPPs? • European Commission (EC) aims for enhanced consumer protection • Insurance Europe is strongly engaged in discussions on possible regulatory pension changes with EIOPA and the EC

  20. For more information www.insuranceeurope.eu

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