Insurance Europe urges Member States to include insurance solutions for savings and investment accounts success

Insurance Europe welcomes the European Commission's efforts to help mobilise more household savings for investments that support long-term growth and citizens' financial security. The two measures unveiled today under the Savings and Investments Union package - the recommendation on savings and investments accounts (SIA) and the EU Financial Literacy Strategy - are important steps in this direction.

However, Insurance Europe regrets that the Commission's recommendation on SIAs does not sufficiently acknowledge the critical role of the insurance sector. Insurers are key players in helping consumers save for the long-term and in channelling investments into the real economy. With around €9.5 trillion in assets under management, insurers are Europe's largest institutional investors. They offer a wide range of long-term savings and investment products, including life insurance and pensions, through diverse and well-established distribution channels - both digital and face-to-face. The advice and protection insurers provide are crucial in encouraging all types of savers to invest.

"We urge Member States to ensure that, in implementing the Commission's recommendation, insurers are explicitly recognised as eligible providers, and that insurance products can be offered through SIAs," said Thea Utoft Høj Jensen, Director General of Insurance Europe. "This is essential to ensure consumers have access to the widest possible range of solutions to meet their needs, preferences, and risk profiles."

Insurance Europe also strongly supports the Commission's new EU Financial Literacy Strategy. Enhancing financial and insurance literacy is key to empowering consumers to make informed decisions and benefit from the full spectrum of available products and services.

"Financial literacy is the foundation of financial wellbeing," added Utoft Høj Jensen. "The new strategy is an important step and we look forward to working with policymakers and stakeholders to raise awareness and understanding of insurance and investment products across the EU."