Sergio Balbinot, Managing Director of the Generali Group, was unanimously elected president of the CEA at the European insurance and reinsurance federation’s General Assembly in Athens on June 16. He will serve for three years.
Setting out the priorities for his term, Balbinot focused on Solvency II, the regulatory regime for insurers that is due to come into force at the start of 2013. Referring to the complexities of drawing up the detail of the new regime, he stressed the need to ensure that the Solvency II rules
enhance the resilience of EU insurance companies.
"We must get Solvency II right and the whole insurance industry is firmly committed to aligning its levels of capital against the underlying risks. However, such a development should not harm the strategic role fulfilled by
the industry in the modern economy," said Balbinot. "In the current environment, the work of insurers is vital in removing risks from society, in filling the gap left by the reduced role of state pension systems in retirement provision, and in acting as long-term and conservative investors," added the newly appointed president.