CEA defends industry in competition inquiry

The competition commission at the EC has yet to publish its final report into business insurance but based on its interim report, the industry has a lot to prove if it is to protect itself from serious changes.

The insurance industry is fighting to protect its block exemption to EC competition law which has found itself at the centre of concern in the sector inquiry’s preliminary report published earlier this year. In its response to the European Commission’s report, the Comité Européen des Assurances (CEA) says it wants the current exemption to be retained and argues that the exemption “encourages the provision of insurance coverage to Europe’s businesses and citizens, it provides the legal certainty necessary for market efficiency and stability, to the benefit of policyholders and the wider economy”.