At its annual general meeting, held earlier this week, representatives from the 24 national trade associations and 16 commercial groupings from the 22 EU member states, discussed the objectives of the association.
One of the FECIF’s biggest complaints in recent years has been the steady tightening of regulation across Europe which, it said, has often been made without engagement with intermediaries. FECIF believe this has damaged the industry, a fact chairman Vincent Derudder says is highlighted by the shift in business from Europe to Asia and the Middle East.
“The Luxembourg life insurance industry has seen collection of premium down by 34% in 2011 when Singapore life insurance industry was increasing its collect by 25% — guess where the problem is,” said Derudder.
Martin Klein, representing German intermediaries, highlighted a decrease in the assets under management in Europe during 2011, which he said fell from €8.1trn to €7.7trn – erasing any gains made in 2010. Klein said this was largely the result of “an unprecedented wave of new regulatory policies, which represent the public authorities’ reaction to the crisis [including] 30 regulatory initiatives that have a direct or indirect impact on the asset management industry”.
Derudder added that this strategy in turn has led to “restructuring, recruitment freezes and job cuts and consolidation” as well as the “risk that a number of small providers will exit the market [which will lead to] reduced competition among distribution channels”.
