Carolina Lameiro (DGSFP): Insurance faces great challenges
The Deputy Director of Inspection of the General Directorate of Insurance states that the priority is to defend policyholders.
Carolina Lameiro Medina, the deputy director of Inspection at Spain's General Directorate of Insurance and Pensions, has highlighted that the insurance sector faces significant challenges in the coming years. These include inflation, volatility, sustainability, climate change, governance, and technological transformation. Speaking at the XVII Financial Encounter organized by EXPANSIÓN-KPMG, Lameiro noted that insurance companies have successfully addressed these issues thus far.
The regulator is particularly focused on safeguarding the interests of policyholders. Lameiro emphasized that insurance entities have a robust solvency of 238% and good profitability and business performance figures. However, the European Central Bank's interest rate hikes have implications for both sides. On one hand, they enable insurance companies to offer better savings products to their clients. On the other hand, they necessitate reassessing portfolios to adapt to the new situation.
Lameiro stressed that the regulator will closely monitor the quality of insurers' own funds, provisions, and solvency to protect policyholder interests. She also addressed the impact of technological transformation and artificial intelligence in the industry. Insurance companies must develop a system capable of detecting potential technological issues in advance while also having tools to address these problems and restore stability, all while ensuring policyholder protection.
Written by urgent.news from Expansion ES's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
