François Villeroy de Galhau: Towards the insurance of tomorrow

Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudentiel et de resolution/ACPR), at the 8th International Insurance Conference "Towards the insurance of tomorrow", Paris, 14 October 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen,

I am very happy to be here today for this 8th International Insurance Conference - the first to be organised under the aegis of the French Insurance Federation - and I would particularly like to extend my regards to the federation's Chairman, Bernard Spitz, as well as to its vice-chairmen. Although I have met you all several times in the past year, this is the first time I have participated in an event in my capacity as Chairman of the ACPR, the Autorité de Contrôle Prudentiel et de Résolution. Rest assured that at the ACPR, I - indeed we - regard the insurance sector as every bit as important as the banking sector. With a total of 826 licensed firms in France in 2015, oversight of the insurance sector is a vital part of our mission to safeguard financial stability - which, alongside monetary strategy and the provision of services to the economy, forms part of my threefold mandate as Governor of the Banque de France.