The European insurance and reinsurance federation Comité Européen des Assurances, or CEA, has announced it has changed its name to Insurance Europe.
Making the announcement today, president Sergio Balbinot said the 'fresh' new corporate identity would 'reflect the dynamism and importance' of the European insurance industry.
According to Insurance Europe, the European insurance industry is the largest in the world, with a 37% share of the global market. Insurance Europe has 34 member associations and represents more than 5,000 insurance and reinsurance companies.
Together, these companies generate premium income of over 1,100bn a year and employ nearly one million people.
European insurers' investment of the premium income they receive makes them among the largest institutional investors, it said. The steady flow of capital they provide by investing almost 7,500bn in the economy is 'crucial' to the financial system, in particular providing stability to the financial markets.
Mr Balbinot said: 'Insurers offer protection and savings products that are not interlinked with the functioning of the economy and therefore have a stabilising, counter-cyclical effect on the financial markets.
'Against the background of current market volatility, the value of the insurance business model and investment strategy should not be underestimated
Michaela Koller, Insurance Europe's director general, added: 'Insurance provides cover for a huge range of risks, enabling consumers and businesses to go about their daily business with confidence. With a strong, new brand, Insurance Europe will be better positioned to represent this vital sector.'