The mandate of Brandstetter, who is chair and CEO of UNIQA Group, had been due to expire in June 2021.
Commenting on his reinstatement, Brandstetter said: "I am deeply honoured to have been asked to continue in my role as president of Insurance Europe. Society faces many challenges and our industry has a key role to play. We also face a busy legislative agenda on a range of topics where insurers will be able to contribute, including climate change, the digital agenda and the review of Solvency II. I therefore look forward to continuing to ensure our voice is heard in these important discussions."
Panizza joined Generali Group in 2013 as group chief risk officer. Before taking this position, he was managing director and CFO of INA Assitalia from 2010, and prior to that had been managing director and CFO of Alleanza Assicurazioni from 2004.
Commenting on his appointment, Panizza said: "I am delighted to have been elected to represent our industry. Insurers play such an important role in delivering positive change and protecting our society, both as major long-term investors and as bearers of financial risk. I therefore look forward to working with my colleagues to represent our industry during my mandate as vice president."