European Commissioner for Financial Services Maria Luís Albuquerque called on the insurance industry to support a truly European insurance market and embrace digital innovation, in a speech at the German Insurance Association annual reception on 3 June 2026. Speaking in Berlin, she highlighted the need for collective ambition to build the Savings and Investments Union (SIU) and warned against resisting change driven by technology and data.
Albuquerque reviewed progress since the SIU strategy was published a year ago, noting the first legislative package on securitisation, a recommendation on Savings and Investments Accounts, the European Financial Literacy strategy, the Solvency II delegated act, a pensions package, and the Market Integration and Supervision Package. She announced that a report on the competitiveness of the European banking sector is due in July 2026, with legislative proposals in early 2027.
The Commissioner stressed that insurance is integral to the SIU, particularly for supplementary pensions, long-term investments, and reducing administrative burdens. She questioned whether stakeholders are ready to move towards a single European insurance market where companies operate seamlessly across borders, offering citizens broader choice and enabling scale for innovation and competitiveness.
On pensions, Albuquerque noted the review of the pan-European Personal Pension Product (PEPP) to make it more attractive for providers while maintaining high standards. She acknowledged resistance to change in negotiations but urged keeping the interests of future retirees central.
Regarding Solvency II, she said the revised framework is more proportionate, with preferential treatment for long-term equity investments and improved risk sensitivity for securitisations. The Insurance Recovery and Resolution Directive (IRRD) applies from January 2027, and a report on minimum common standards for insurance guarantee schemes is due in early 2027, with EIOPA consulting until 26 June 2026.
Albuquerque highlighted growing insurance protection gaps in climate-related risks, cybersecurity, and access for groups such as cancer survivors. She called for collective action to narrow these gaps, emphasising economic resilience and social inclusion.
On digital innovation, she advocated for data-driven business models under the proposed Financial Data Access (FiDA) regulation, which would give citizens control over their financial data. She warned established players that resisting change will not stop it, and that the future belongs to those embracing innovation and offering tailored solutions.
the PEPP review, the IRRD implementation, the guarantee schemes report, and the FiDA regulation. It also set a policy orientation towards deeper integration, digitalisation, and consumer empowerment, with a conciliatory but firm tone urging industry cooperation.