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EIOPA Westhafen Tower, Westhafenplatz 1 - 60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: [email protected] site: www.eiopa.europa.eu
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EIOPA-BoS-15-233
18 11 2015
EIOPA Fourth Consumer Trends Report
mailto:[email protected]://eiopa.europa.eu/
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Table of Contents
Table of Contents ...............................................................................................1 List of Figures .....................................................................................................4 List of abbreviations ...........................................................................................5 List of National Competent Authorities (NCAs) ...................................................6 Executive summary ............................................................................................8 1. Introduction and scope .............................................................................. 10 2. Insurance sector ........................................................................................ 12 2.1. Key Figures ....................................................................................................... 12 2.1.1. Evolution of the insurance sector ....................................................................... 12 2.1.2. Consumer complaints in the insurance sector ..................................................... 13 2.1.3. Cross-border insurance complaints .................................................................... 15 2.1.4. NCA survey .................................................................................................... 16 2.1.4.1. Top 3 Consumer Issues ................................................................................. 17 2.1.4.2. Thematic Work ............................................................................................ 17 2.1.4.3. Financial Innovation ..................................................................................... 18 2.2. Recurring trends ................................................................................................ 19 2.2.1. Financial advertising and disclosure of contractual and pre-contractual information issues 19 2.2.2. Claims management issues .............................................................................. 21 2.2.3. Unit-linked life insurance products ..................................................................... 23 2.2.4. Cross-selling ................................................................................................... 25 2.2.5. Financial literacy of consumers ......................................................................... 27 2.2.6. New life insurance products with reduced guarantees and switching from life insurance guaranteed policies to policies without guarantees ........................................................... 29 2.2.7. Digitalisation of the insurance sector ................................................................. 31 2.3. Emerging trends in the insurance sector ................................................................ 33 2.3.1. Financial innovation and complexity ................................................................... 33 2.3.2. Increasing customisation of products and segmentation of consumers through consumer analytics and/or Big Data ............................................................................... 34 2.3.3. Training and professional competence standards of insurance intermediaries .......... 37 2.3.4. Management of conflicts of interests .................................................................. 38 3. Pensions sector .......................................................................................... 41 3.1. Key Figures ....................................................................................................... 41 3.1.1. Evolution of the pensions sector ........................................................................ 41 3.1.2. Pension Complaints ......................................................................................... 42 3.1.3. NCA survey .................................................................................................... 44 3.1.3.1. Top 3 Consumer Issues ................................................................................. 44 3.1.3.2. Thematic Work ............................................................................................ 44 3.1.3.3. Financial Innovation ..................................................................................... 45 3.2. Trends in the pensions sector .............................................................................. 46 3.2.1. From Defined Benefit to Defined Contribution ..................................................... 46 3.2.2. Transferability of pension rights ........................................................................ 48 3.2.3. Changes in the decumulation phase ................................................................... 51 3.2.4. Information and transparency issues, including the disclosure of costs and charges . 53 4. Conclusions and EIOPA's activities ............................................................. 56 4.1. Trends in the insurance sector ............................................................................. 56 4.2. Trends in the pension sector ................................................................................ 59 Annex I - Methodology ..................................................................................... 62 Annex II - Pension definitions and scope ......................................................... 65
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List of Figures
FIGURE 1: YEAR-ON-YEAR GROWTH GROSS WRITTEN PREMIUMS LIFE. MEDIAN, INTERQUARTILE RANGE AND 10TH AND 90TH PERCENTILE . 12 FIGURE 2: YEAR-ON-YEAR GROWTH GROSS WRITTEN PREMIUMS NON-LIFE. MEDIAN, INTERQUARTILE RANGE AND 10TH AND 90TH
PERCENTILE .................................................................................................................................................................. 13 FIGURE 3: 2014 INSURANCE COMPLAINTS BY CAUSE OF COMPLAINTS .............................................................................................. 14 FIGURE 4: INSURANCE CROSS-BORDER COMPLAINTS .................................................................................................................... 16 FIGURE 5: NCA SURVEY - TOP 3 CONSUMER ISSUES - INSURANCE................................................................................................... 17 FIGURE 6: NCA SURVEY - THEMATIC WORK - INSURANCE ............................................................................................................. 18 FIGURE 7: NCA SURVEY - FINANCIAL INNOVATION - INSURANCE ..................................................................................................... 19 FIGURE 8: EURO AREA - MONEY MARKET - EURIBOR 1-YEAR ........................................................................................................ 24 FIGURE 9 - EURO AREA 10-YEAR GOVERNMENT BENCHMARK BOND YIELD - YIELD .............................................................................. 29 FIGURE 10: USE OF ONLINE BANKING IN EUROPE ......................................................................................................................... 31 FIGURE 11: REGULATION OR BAN OF COMMISSIONS ..................................................................................................................... 40 FIGURE 12: ACTIVE MEMBERS IN THE OCCUPATIONAL PENSION SECTOR .......................................................................................... 42 FIGURE 13: PENSION COMPLAINTS BY CAUSE .............................................................................................................................. 43 FIGURE 14: NCA SURVEY - TOP 3 CONSUMER ISSUES - PENSIONS .................................................................................................. 44 FIGURE 15: NCA SURVEY - THEMATIC WORK - PENSIONS ............................................................................................................. 45 FIGURE 16: NCA SURVEY - FINANCIAL INNOVATION ..................................................................................................................... 45 FIGURE 17: IORPS AND ARTICLE 4 RING-FENCED FUNDS - ASSETS UNDER MANAGEMENT .................................................................... 46 FIGURE 18: INCREASE IN THE NUMBER OF MOBILE EU WORKERS ..................................................................................................... 49 FIGURE 19: PAY OUT OPTIONS HIGH LEVEL OVERVIEW ................................................................................................................ 51
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List of abbreviations
ADR Alternative Dispute Resolution
AM Active Members
DB Defined Benefit
DC Defined Contribution
EBA European Banking Authority
EEA European Economic Area
EIOPA European Insurance and Occupational Pensions Authority
ESMA European Securities and Markets Authority
ESA European Supervisory Authority
FIN-NET Financial dispute resolution network of national out-of-court
complaint schemes in the European Economic Area
IDD Insurance Distribution Directive
IORP Institutions for Occupational Retirement Provision
IRSG Insurance and Reinsurance Stakeholder Group
ITS Implementing Technical Standard
GWP Gross Written Premiums
KID Key Information Document
NCA National Competent Authority
OECD Organisation for Economic Co-o