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Regulating insurtech in the European Union

Author

Listed:
  • Marano, Pierpaolo

    (Università Cattolica - Latvijas Universitate - University of Malta)

  • Siri, Michele

    (Università di Genova)

Abstract

The European Union (E.U.) is one of the world's leading financial and insurance markets. As a result, fintech and insurtech have also developed in the E.U. The European Commission has taken numerous steps to fully comprehend and evaluate the challenges of applying new technologies to the financial services sector. This study provides an overview of the E.U. approach to insurtech from a regulatory point of view. Thus, risk governance within the E.U. Solvency II regime, including the role of the actuarial and risk management functions when dealing with this risk, will be illustrated. In addition, this analysis outlines the need for fair treatment of clients, as protecting policyholders is the main objective of E.U. regulations and supervision in insurance.

Suggested Citation

  • Marano, Pierpaolo & Siri, Michele, 2021. "Regulating insurtech in the European Union," Journal of Financial Transformation, Capco Institute, vol. 54, pages 166-177.
    • Handle: RePEc:ris:jofitr:1679
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    File URL: https://www.capco.com/Capco-Institute/Journal-54-Insurance
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    Citations

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    Cited by:

    1. Marta Ostrowska, 2021. "Regulation of InsurTech: Is the Principle of Proportionality an Answer?," Risks, MDPI, vol. 9(10), pages 1-12, October.

    More about this item

    Keywords

    Insurtech; Insurance regulation; European Union; digital transformation;
    All these keywords.

    JEL classification:

    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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