The executive director of the European Insurance and Occupational Pensions Authority (EIOPA) has warned that risk-based supervision and regulation is vital if the insurance industry is to progress.
Speaking to the Insurance claims management, Europe 2013 report, Carlos Montalvo Rebuelta said market movements and tightened regulations are dramatically altering the manner in which insurers seek profitability and develop a global approach.
He said EIOPA's Memorandum of Understanding would modernise the regulatory framework and bring benefits to more than Europe alone.
Interviewed for the survey, conducted by Clear Path Analysis, Rebuelta said: 'Take Turkey as an example, they are working together with the World Bank, they are an extremely dynamic market these days and big European insurance players are certainly targeting that market as an area of expansion.'
Elsewhere in the survey, Kevin Rousell, head of claims management regulation unit at the UK's Ministry of Justice discussed the crackdown against dishonest claims management companies and increased risk-based supervision.
'We have struck off a number of businesses, we have suspended more, put conditions on others, and we have issued a number of warnings,' he said.
The report canvasses views on how the Memorandum of Understanding will benefit the European insurance industry as well as recent developments in claims management strategies, and how insurers are responding. It also considers integration and co-operation between parties in the insurance claims process and how social media can be used in claims.
Other interviewees include: Carolyn MacKenzie, director of complex claims and strategy at RSA Insurance Group; Karl Helgesen, casualty claims director at Zurich Insurance; and Martin Henley, chief information officer for Central and Eastern Europe at AXA Insurance.