Aviva today welcomes the publication of the European Commission’s Green Paper on retail financial services. As the largest insurer in the UK and with operations in 7 EU markets, Aviva is keen to see a strong debate on how increased competition, innovation and choice can further improve consumer outcomes across the European Union.
Aviva is committed to becoming a truly digital insurer: offering new digital services and new technology to make customers’ lives easier. Aviva believes that Europe should aspire to become a leading location for FinTech, creating the right infrastructure and regulatory environment to support high growth industries that improve customers’ lives.
Aviva believes that the Commission can play a vital role in reducing prices for consumers across Europe by tackling issues like motor insurance fraud: the average cost for an Italian motorist in higher premiums due to fraud is estimated at €76, [1] and premiums in the UK are £50 higher than they otherwise would be. [2] Aviva supports the establishment of national insurance fraud registers and the sharing of their data to combat fraud in motor insurance.
Mark Wilson, Group Chief Executive Officer of Aviva, said:
“Aviva is on the side of Europe’s consumers and businesses, and we very much agree consumers will be best served, not by ever more complex regulation, but by more efficient markets and measures that encourage innovation, especially harnessing new opportunities opening up through digital technology.
“I welcome the Commission’s publication of the Green Paper today and look forward to playing our part in the debate on how we inject more choice and competition into European markets for consumers from Vilnius to Barcelona.“
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Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £260 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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* Before the deduction of Aviva and Friends Life overlapping customers.
[1]European Motor Insurance Markets, Insurance Europe, November 2015
[2]Road to Reform: Driving our compensation culture, Aviva, March 2015