Great overview of the impact of recent global events on the life insurance market from Petra Hielkema, Chair of EIOPA. 

The speech also sets out EIOPA's 5 key considerations when examining whether unit-linked products offer consumers value for money:

  1. Pricing - manufacturers should be able to present a structured pricing process with clearly identified and quantified costs and no undue charges
  2. Complexity - consumer information in insurance-based investment products to be simpler, shorter, more visual and free of unnecessary jargon 
  3. Testing - before market introduction, after significant adaptations and whenever needs, objectives and characteristics of the target market or the risks have changed significantly 
  4. Monitoring - manufacturers should regularly review their unit-linked products to identify events that could materially affect the main features, the risk coverage or the guarantees
  5. Supervision - national supervisory authorities should monitor manufacturers’ efforts to offer fair value for money to their customers

Navigating low rates, the pandemic and inflation – shifting patterns in life insurance | Eiopa (europa.eu)