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ARTICLE · 02 SEPTEMBER 2022

Shifting Patterns In Life Insurance Market

Arthur Cox
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Great overview of the impact of recent global events on the life insurance market from Petra Hielkema, Chair of EIOPA.

IrelandInsurance
Stephen D'Ardis
Stephen D'Ardis
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Great overview of the impact of recent global events on the life insurance market from Petra Hielkema, Chair of EIOPA.

The speech also sets out EIOPA's 5 key considerations when examining whether unit-linked products offer consumers value for money:

  1. Pricing - manufacturers should be able to present a structured pricing process with clearly identified and quantified costs and no undue charges
  2. Complexity - consumer information in insurance-based investment products to be simpler, shorter, more visual and free of unnecessary jargon
  3. Testing - before market introduction, after significant adaptations and whenever needs, objectives and characteristics of the target market or the risks have changed significantly

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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