Del Valle (Unespa): "El sector asegurador es un garante de protección en tiempos de incertidumbre"

Mirenchu del Valle, president of the industry association Unespa, emphasized the importance of insurance in mitigating economic volatility, aging populations, and climate change impacts during the XVII Expansión-KPMG Financial Meeting. In an unstable global landscape, insurance serves as a pillar of stability for citizens and the economy.

Del Valle highlighted the sector's role in providing protection during uncertain times, noting that geopolitical tensions, trade disruptions, and shifting social habits have altered economic foundations. She argued that decades-old notions of progress and stability have given way to an uncertain new normal characterized by increasing volatility, not as a short-term phenomenon but as a structural factor.

The president of Unespa outlined three main pillars of the insurance sector's contribution, aligning with European Commission President Ursula von der Leyen's vision. The first pillar focuses on channeling long-term savings to finance the energy and digital transitions while strengthening strategic sovereignty and security within the European Union.

She proposed implementing automatic enrollment mechanisms, similar to those in the United Kingdom, to ensure that 50% of the working population holds a pension plan by 2030. Del Valle called for European economies, including Spain, Germany, France, and Italy, to lead this effort to avoid a zero percentage.

The second pillar emphasizes sustainability in the face of extreme weather events, following a summer marked by fires, droughts, and navigational issues in European rivers. Del Valle urged the establishment of an alliance for climate insurance, transitioning from reactive to proactive measures. This includes not only responding to disasters but also preventing them, implementing mitigation strategies, and closing the protection gap.

The third pillar places regulation as a driver of competitiveness, provided it is adjusted and free of unnecessary administrative burdens. Del Valle praised the 12 bundled directives aimed at saving 17 billion euros in bureaucratic costs and supported the European federation's request to integrate competitiveness formally into the mandates and missions of European and national financial supervisors.

Ultimately, promoting competitiveness in insurance can close the assurance gap, generate more protection, and generate more savings, positioning the sector as a key lever for the economy.