The European Insurance and Occupational Pensions Authority (EIOPA) has published its Annual Report for 2024. The report details the work of EIOPA and outlines its accomplishments in the past year.
2024 was marked by rapid advances in Artificial Intelligence, elections in many parts of the world, geopolitical instability, more frequent and intense weather events, and the rise of cyber threats. Despite a challenging environment, and aggravated by financial and human resource constraints, EIOPA remained committed to protecting the public interest by contributing to the stability, effectiveness and sustainability of the European financial system.
In line with its strategic priorities, EIOPA successfully delivered on its work programme to:
- Contribute to building up sustainable insurance and pensions, including by addressing protection gaps
- Support the supervisory community and the industry in mitigating the risks of the digital transformation and seize its opportunities, including by further promoting data-driven culture
- Promote sound, efficient and consistent prudential and conduct supervision throughout Europe, particularly in view of increased cross-border businesses
- Deliver high-quality advice and other policy work taking into account changing and growing needs of society as well as the effects of new financial regulation
- Further enhance financial stability, with a particular focus on analysing the risks, vulnerabilities and emerging threats within the EU’s financial sector
- Serve as a model EU authority with high professional standards, cost-effective governance, and a positive reputation within the EU and globally.
Beyond these strategic areas, EIOPA took note of the new political priorities of the European Commission in the current global context of macroeconomic and geopolitical uncertainty. Rethinking the Single Market, enhancing Europe’s competitiveness and achieving greater simplification and burden reduction are all areas to which the insurance and occupational pensions sectors can greatly contribute. In this context, EIOPA has introduced regulatory simplification in all areas of its work, while calling for prudence to avoid deregulation. The authority strongly believes that a robust framework is the basis of a sound industry – and, therefore, its long-term competitiveness. EIOPA will be working closely with the European Commission to enhance the Savings and Investment Union (SIU) by unlocking the potential of Europe’s savers and further develop capital markets.
Looking ahead, EIOPA will continue to make sure the industry remains robust, resilient and well-regulated for the benefit of policyholders and beneficiaries, businesses and the broader economy.