Brussels, 6th October 2023: Paulina Radgowska, Head of CSEE Business Development, attended the European Financial Congress Insurance Conference held in Warsaw, Poland, at the end of September. The conference featured a wide-ranging agenda focusing on Insurance: sales, innovations and risk - and Paulina reflects here on some of her key takeaways from the event.
Centred around the theme "For credibility and sustainable development of the insurance sector", the conference brought together representatives from insurance companies, intermediaries, regulatory and supervisory bodies, suppliers of technological solutions for insurance companies, as well as delegates from consulting and legal firms.
The event was a new initiative undertaken as part of the European Financial Congress Project, EKF, to discuss threats, challenges and opportunities and determine the potential future paths of development of the insurance sector.
The conference featured keynote speeches, debates and fireside chats covering diverse topics such as customer behaviour trends; AI and automation; economic, legal, and regulatory challenges; ESG risks; and the impact of evolving social structures on insurance sales.
There were a number of observations from the event that I found particularly insightful and thought-provoking, including:
- Insurance markets in Central Europe – while still developing - are now seeing strong growth momentum. Estimates at the conference put the size of the market at €35 billion.
- The most significant risks facing the market at this time include socioeconomic impacts (including, of course, the cost of living crisis); climate change mitigation; and widespread cyber crime and insecurity.
- Interestingly, consumer confidence and trust in the insurance sector in central Europe have shown a consistent upward trend in recent years, coinciding with an increased preference for online insurance purchases, indicating a positive development in the future.
- In terms of D&O, one of the most interesting discussion points at the conference related to resolution and bankruptcies in Europe - and the fact that one notable contributing factor could be a potential need for enhanced management best practices and a focus on strengthening the competencies of directors and officers.
- As cyber threats continue to advance, businesses are actively seeking affordable comprehensive coverage to safeguard their interests.
The conference provided a fantastic platform for forging meaningful connections with diverse stakeholder groups and I'd like to extend my sincere gratitude to The European Financial Congress for organising this captivating event.
Photos from the conference can be found here.