Klaus IOHANNIS, President of Romania, at #InsConf19: The future of insurance consists of finding the right balance between immediate needs and a long-term oriented approach

23 May 2019 — Adina TUDOR
"A fair and constructive debate on the future of the insurance industry is more than welcome now, in the context of the new challenges and opportunities that are arising". This is the official message sent by the President of Romania, Klaus IOHANNIS, with the occasion of The 11th International Insurance Conference, organized by Insurance Europe and taking place on 23 May in Bucharest.

The message was transmitted by Cosmin MARINESCU, Presidential Consultant - Economic and Social Politics Department.

"Congratulations to the National Association of Insurance and Reinsurance Companies in Romania on their 25th anniversary. It is my hope that your results in the coming years will be better and better. I would also like to welcome Insurance Europe in Romania, knowing that such a significant event will bring an important contribution to our national and European expertise", shows the official message.

Other key points of the Presidential message:

  • The Romanian insurance market has seen interesting development in the last decades. We can say that we now have a more competitive market, ready to face challenges, to stand firm and expect more accountability and transparency from the authorities.
  • Whether in Romania or elsewhere, all companies need a friendly business environment to develop and prosper. Investors need to benefit from economic predictability and institutional stability. As you well know, the sustainable development can only be built on economic responsibility, mutual respect and professionalism.
  • The current state of European financial markets, insurance included, indicates that the financial sector is at a crossroad. I strongly believe that strengthening their role is essential as the geopolitical, technological and financial landscape is changing.
  • The insurance industry is most aware of how risk prevention and risk reduction are key contributions to a well-functioning society, which is built on sustainable insurance, responsible investment and resilient markets.
  • When we speak about the European Single Market, it is important to acknowledge some differences between national systems. It is essential to understand how these differences could generate barriers, but also opportunities.
  • I am a consistent promoter of European economic convergence and good governance as the foundation of economic development, political stability, and security. Regulators, as well as the business environment, should be fully aware of the benefits of an open dialogue, as essential condition of the decision-making process.
  • Priorities regarding innovation already changed. Now, they will continue to evolve.
  • The major challenge of our generation is the data driven revolution. I think that a visionary perspective on the future of the global economy refers not only to smart regulations and flexible frameworks, but also new, more adapted working instruments.
  • Global data of the last years revealed multiple record highs across Fintech activity and investment. Still, as you know, research constantly showed low levels of financial education, not only in emerging economies, but also in countries with well-developed financial markets.
  • I am convinced that financial education is a crucial foundation of sustainability and progress, a set of core life skills that needs to be acquired and developed as early as possible. I can only hope that both authorities and financial industry will support and promote a financial education more adjusted to the modern, free-market economy.
  • Sometimes the urge to fast forward comes with the risk of losing focus on the big picture. In my view, addressing financial markets fragility should be a more visible topic on public agendas, with objectives related to prevention and consolidation.
  • The future of insurance consists of finding the right balance between immediate needs and a long-term, future oriented approach.
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