At the same time, Albuquerque recognises the industry's legitimate concerns about the cost and complexity of new regulations and developments. But appreciates the open attitude and the ability to see opportunities. As far as she is concerned, this attitude should be reflected more often in the European debate, "where the reflex is sometimes still too defensive".
Open attitude
This openness is important, not least because Europe is facing major challenges. Albuquerque gave the example of the steadily growing protection gaps. Either that people run financial risks due to climate damage or due to a pension that is too low.
According to Albuquerque, more private capital is also needed to finance the energy transition and digitisation, among other things. She expects a lot from the recent revision of Solvency II, which she believes will give insurers more opportunities to invest in alternative assets and less in government bonds.
Social role
The Association indicated that the social role of insurers extends much further. For example, the Dutch sector is investing more and more explicitly in prevention and risk management in order to keep risks insurable and affordable. But this requires room for European innovation and technology. Also to become less dependent on technology and infrastructure from countries outside Europe.
Albuquerque agrees that the European Commission's focus has so far been mainly on banks and asset managers. That is why she will take a closer look at the supervisory framework for insurers during her mandate: does it still fit the sector and what is required of the sector?
Wealth accumulation
Finally, the European Savings and Investments Union (SIU) for which Albuquerque is responsible was discussed. The Association emphasised that the Dutch insurance sector would like to make a valuable contribution to this, because insurers play an important role in the capital accumulation and pension provision of consumers and entrepreneurs.