The FIAR 2025 panel discussion on reducing the insurance protection gap brought together senior voices from across the European and Romanian insurance industry. From regulatory complexity and shifting consumer expectations to innovation and public communication, panelists examined the intertwined challenges that shape both the social relevance and growth potential of insurance in today’s uncertain world.

Thea Utoft Høj JENSEN, Director General, Insurance Europe & Secretary General, GFIA

The key threats to market stability stem from geopolitical, macroeconomic, and regulatory uncertainty. One major focus should be simplifying legislation while ensuring it respects national specificities. Regulation must adapt to cultural and developmental differences across markets.

Carlos GUINE, Head of Sustainability Unit, EIOPA
Short-term market volatility, driven by geopolitical tensions, and long-term climate risks are critical concerns. The lack of reliable data remains a major hurdle in closing the protection gap. Regulators must strike a careful balance between tailored local rules and regional coherence.

Alexandru CIUNCAN, President & General Director, UNSAR, Romania
The protection gap persists alongside an occasionally burdensome regulatory framework. While Romanian insurance regulation is largely in line with European standards—sometimes even exceeding them—greater emphasis is needed on aligning rules with real market dynamics.

Nic DE MAESSCHALCK, Director General, BIPAR
The pace of change is overwhelming. Reforms often appear rushed or imposed for their own sake, disregarding the costs and time needed for implementation. Distributors need breathing room to adapt effectively and sustainably.

Calin MATEI, CEO, GROUPAMA Asigurari, Romania
Geopolitical instability is disrupting investment and capital costs. The insurance gap risks leaving entire areas or risks uninsurable. Matei advocated for deregulation—not just simplification—to foster innovation, arguing that lighter regulatory frameworks enable faster product development.

Mihai TECAU, CEO, OMNIASIG VIG, Romania
Despite a stable market, insurers face an economically challenging environment. A new generation of customers demands better-tailored services. Simplification must not come at the cost of prudence. Innovation should be customer-focused, with clear priorities.

Nicoleta RADU, CEO, PAID Romania
Closing the protection gap is a shared responsibility. Regulatory clarity is vital, especially for compulsory insurance systems. Public communication and cross-sector collaboration - including with political and media actors - are crucial to making real progress.

Adriana MATACHE, Deputy CEO, ALLIANZ-TIRIAC Asigurari, Romani
Financial market stability is essential for insurers’ ability to meet claims. Financial education should target both consumers and industry professionals, especially the sales force, who must stay up to date with industry shifts.

Adrian MARIN, CEO, GENERALI Romania
The market must grow in size and diversity, with better balance between compulsory and voluntary insurance. Younger generations require flexible products aligned with their values, lifestyles, and risk perceptions.

Benjamin TURQUIN, CEO, BRD Asigurari de Viata, Romania
Insurers must improve communication and demystify their language. Insurance is complex, but it can offer a safer path to long-term financial planning than direct investment - something the public needs to understand better.

Dorel DUTA, President, UNSICAR, Romania
Frequent regulatory changes complicate sales and hinder predictability. A fair competitive environment is essential. Regulatory simplification must allow room for growth and experimentation, as innovation requires both time and financial resources.

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The panel’s core message was clear: reducing the insurance protection gap isn’t just about products or premiums - it’s about trust, clarity, and collaboration. Stability, flexibility, and innovation must go hand in hand if the insurance industry is to meet the needs of both today’s consumers and tomorrow’s risks.