EU agree to not standardise insurance policies

This week, The Economic and Monetary Affairs committee approved an opinion on the Insurance of Natural and Man-made disasters which highlighted the fact that insurance policies should not be uniform on the premise that different areas pose different risks. 

Maltese MEP Marlene Mizzi, who was the Socialists and Democrats group main spokesperson, said that she was "delighted" with the outcome of the vote. 

Mizzi explained that the opinion on the Insurance of Natural and Man-made disasters was in reply to the Commission's green paper on the same subject.  In its green paper, the Commission had proposed the creation of uniform rules and insurance liability when it comes to insurance policies of natural and man-made disasters.  The opinion by Parliament, argues however that such an approach was not needed due to different levels of risk that are present in Europe. 

"This result is a confirmation of the European Parliament's continuous fight to ensure that citizens are protected and knowledgeable about products that are meant to safeguard their interests," she said. 

"The opinion is a reflection of the reality that surrounds us.  Different areas have different risks associated to them when it comes to disasters.  Insurance policies must reflect this," Marlene Mizzi said. 

She said that the outcome of the vote should ensure that consumers will now benefit from more clear and simple information in order to be able to make informed choices about the type of insurance that they buy for themselves.

"It is our duty to ensure that the interests of the citizen are protected from all points of view, particularly from the financial hardship that can result from a lack of information," she said. 

This is the second report by Marlene Mizzi that has been approved over the last two weeks following the adoption last week of a Non-financial disclosure report.