Nicolas Zozor [email protected]. Nicolas Zozor [email protected].
Nicolas Jeanmart
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Nicolas JeanmartHead of Macro-Economics,
Life & Pensions, INSURANCE(BELGIUM)
Friday, 27.9.2013
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Securing the future of pensions: The growing importance of supplementary pension funds
15th Hydra conference 26 – 28 September2013
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Insurance Europe
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Who?
What?
Why?
European insurance and reinsurance federation, founded in 1953
Represents around 95% of European insurance market by premium income
Committed to creation of favourable regulatory and supervisory framework for insurers at European and international level.
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Members
34 national associations
27 EU member states
5 non-EU marketsSwitzerland, Iceland, Norway, Turkey, Liechtenstein
2 associate membersSerbia, San Marino
3 partnersRussia, Ukraine, Kosovo
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Contribution to the economy
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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
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Publications
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Funding the future: insurers’ role as institutional investors
How insurance works
European Insurancein Figures
Annual Report The impact of insurance fraud
Indirect taxation on insurance contracts in Europe
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What is on our agenda?
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Omnibus II Solvency II
Pensions IORP review
IAIS ComFrame Anti-discrimination
Stability issues SIFIs Data protection Financial
conglomeratesADR
Collective redress
Accounting EMIR FTT Savings tax FATCA
Climate changeNatural
catastrophes
PRIPs IMD MiFID
Anti-money laundering
Credit rating agencies
ELDOffshore oil safety
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IntroductionPensions - overarching objectives:
Guaranteeing the adequacy of pensions benefits Guaranteeing the sustainability of national pensions systems
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Pensions’ adequacy
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Pension systems in Europe : adequacy of pension revenue
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Data Source : OECD Pensions at a glance 2011
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Longer life expectancy and falling birth rates: How to address the problem of under-provision in retirement?
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Total EU annual pension gap for individuals retiring 2011-2051
Source: Aviva
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)
Pension systems in Europe : adequacy of pension revenue
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Pensions’ sustainability
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Pension systems in Europe : Sustainability
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Data Source : OECD Pensions at a glance 2012
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Multi-Pillar systems are the solutionNo 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
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Finding the right balance
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Pensions systems in Europe : three pillars
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IT FR ES SE DE NL UK0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Distribution between the different pillars
Pillar 3Pillar 2Pillar 1
Data Source : Insurance Europe
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Supplementary pension schemes
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DE UK NL ES FR IT SE0
20,000
40,000
60,000
80,000
100,000
120,000
Supplementary pensions in absolute numbers
Pillar 3Pillar 2
Bene
fits
paid
in €
m
Data Source : Insurance Europe
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Second pillar across Europe
18Data Source : Insurance Europe
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Supplementary pensions : EU regulatory developments
Review of the IORP Directive: level playing field between the different occupational pension providersSame 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
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For more information
www.insuranceeurope.eu