EIOPA – Report on consumer treatment and financial well-being

On January 23rd, EIOPA (European Insurance and Occupational Pensions Authority) released its report on consumer trends in 2023, which analyses inter alia the financial well-being of consumers – with regard to insurance and pensions – in the context of the cost of living crisis affecting them.

The report reveals that one-third of consumers have renounced or suspended insurance products due to the increase in the insurance premiums of certain lines of business.

Furthermore, compared to the previous year, consumers in the EU have less confidence in achieving a financially comfortable retirement.
Moreover, the data indicates a gender gap in the access to insurance and pension products. According to the report, women have 10 percentage points less financial confidence in retirement.

EIOPA proposed initiatives aimed at developing products that meet the needs of discriminated and vulnerable consumers, ensuring fair treatment.