The European Insurance and Occupational Pensions Authority (EIOPA) is organising a round-table with external stakeholders on 5 March 2020, ahead of its launch of an EU-wide thematic review looking into consumer protection issues with mortgage life and other credit protection insurance sold through banks.
“Mortgage life and other credit protection insurance, when adequately developed and targeted, can be beneficial for consumers, offering policyholders and their estates protection in the event that they become unable to pay a loan.”
This being said, issues and risks related to these types of insurance products may lead to consumer detriment, as reported in EIOPA’s 2019 Consumer Trends Report. These risks include conflicts of interests, aggressive sales techniques and high commissions.
Axel Kleinlein, BETTER FINANCE President, will address the round-table to discuss the issues and risks, as well as benefits, for consumers, related to the insurance products within scope.