The European Insurance and Occupational Pensions Authority (EIOPA) has outlined three strategic areas to reach its goals set out in its updated strategy.

EIOPA described a “complex landscape” of heightened geopolitical tensions, economic fragility, as well as environmental and technological challenges, which calls for “smart regulation and impactful supervision”.

Therefore, its three priorities towards 2030 will be to strengthen single market integration, enhance market and societal resilience against risks and better regulation and supervision by being simpler, bolder, and faster.

Strengthening the single market includes the promotion of high-quality, convergent supervision across the EU; robust, proportionate and effective supervisory actions; and deepening global engagement to address shared challenges.

The objectives related to greater resilience focus on strengthening risk assessment capabilities, improving both the availability of data on and awareness of critical protection gaps — including in pensions, natural catastrophes, and cyber threats — as well as enhancing cross-sectoral collaboration.

Finally, enhancements to the regulatory and supervisory frameworks will be driven by effective technical advice and regulatory simplification, the leveraging of SupTech and other digital innovations, and the promotion of strong, standardised infrastructures that treat data as a strategic asset.

These, EIOPA said, will help it strengthen societal resilience in Europe by ensuring the stability and sustainable development of the continent’s insurance and occupational pensions sectors at a time when demographic pressures, natural catastrophes, and digital vulnerabilities are becoming more acute.

Furthermore, it said it will operate in “supervisory unity” through the consistent application and effective enforcement of regulatory requirements. It aims to protect consumer rights and foster public trust in the EU’s insurance and occupational pensions sectors.

Commenting, EIOPA chair, Petra Hielkema, said: “This multi-year strategy builds on EIOPA’s previous plan of action, introducing new nuances and objectives that better align our focus with the evolving realities of today’s macroeconomic trends and societal needs.

“I firmly believe that supervision is not about systems, it is about people, their security, and their future. The strategic objectives outlined in this roadmap will guide our actions and inform our decisions in the years ahead, helping Europe’s insurers and pension providers maintain their relevance as they continue to deliver essential services to households and businesses during times of transformation.”

---