CEA and US join call to open up insurance markets

The insurance industries of Europe (represented by the CEA) and the US (represented by the American Council of Life Insurers and the American Insurance Association) have called for the opening up of insurance markets worldwide.

In the context of negotiations under way as part of the Doha Development Round, they have asked trade negotiators, insurance regulators and supervisors from Brazil, China and India, as well as WTO officials, to support social benefits, liberalisation would bring to consumers.

According to them, insurance provides society with many benefits essential to economic growth, well-being and sustainable development. It offers financial security for individuals and businesses, helps governments absorb the costs of major losses, invests in essential infrastructure and helps to prevent and mitigate damage.

"The presence of foreign insurers in emerging markets will benefit consumers through increased competitiveness, efficiency and diversity," CEA director general Daniel Schante said. "It will also provide access to capital through foreign investment and bring about a transfer of knowledge and skills."