Regulation tops agenda for new CEA president

Sergio Balbinot will serve as president for three years after being elected at the European insurance and reinsurance federation’s general assembly in Athens yesterday [16 June].

Setting out the priorities for his term, Mr Balbinot focused on Solvency II, the regulatory regime for insurers that is due to come into force at the start of 2013.

Referring to the complexities of drawing up the detail of the new regime, he stressed the need to ensure that the rules enhance the resilience of EU insurance companies: “We must get Solvency II right and the whole insurance industry is firmly committed to aligning its levels of capital against the underlying risks.

"However such a development should not harm the strategic role fulfilled by the industry in the modern economy."

He added: “In the current environment, the work of insurers is vital in removing risks from society, in filling the gap left by the reduced role of state pension systems in retirement provision, and in acting as long-term and conservative investors.

“All of these key roles could be undermined if Solvency II is not properly calibrated. The correct implementation of Solvency II is therefore vital for Europe’s insurers, for its economy and for consumer protection. The CEA will contribute to ensure that the principles of the Solvency II Framework Directive are upheld and that the new regulatory framework is appropriate and fit for purpose.”

Mr Balbinot went on to explain that his presidential strategy will involve working with CEA member associations to "develop the best possible business environment for Europe’s insurers, championing best practice and creating an environment in which they can innovate and grow".

“Here I would highlight the macro-economic debates on systemic risk, the discussions on pensions and the level playing field with pension providers, the development of global standards and accounting rules as challenges,” he stated.

He added: “The federation is keen to cooperate with the public and private sector wherever possible in setting up risk management frameworks to deal with natural disasters.

"The industry has a wealth of expertise and knowledge, and I will be seeking to facilitate ways that insurers can collaborate with government bodies to reduce the devastating effects of catastrophes.”

He succeeds Tommy Persson, senior advisor to Sweden’s largest non-life insurer Länsförsäkringar.

Mr Balbinot joined Generali in 1983, building his career in several companies within the group in Italy and abroad. Returning to Generali's head office in Trieste in 1996, he was appointed deputy general manager in 1998 and general manager in 2000. Since April 2002 he has held the position of managing director with responsibility for all Generali’s international insurance business and its technical and actuarial activities in Italy and abroad, as well as research and development.