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Klaus-Peter Röhler, Member of the Board of Management of Allianz SE: ”We welcome the EU Data Act.”Business Wire
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11th Allianz Motor Day: Allianz welcomes the EU Data Act – but sees further need for regulation on secure exchange of vehicle data
Vehicle owners should have full control and sovereignty: they decide who can use the data from their vehicle for specific purposes
Allianz calls for a regulated marketplace for data exchange and for vehicle manufacturers to demand fair prices for providing data
The new regulation can strengthen the European digital economy and make our transport systems more sustainable, safer and more effective
Allianz sees major customer benefits: the EU Data Act enables even more individualized and risk-based insurance premiums, improved accident prevention and smarter claims management in car insurance
An Allianz survey conducted in five European countries shows that a growing number of car drivers are willing to share their car data with their insurer
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MUNICH — A new EU law aims to make data from connected vehicles usable – for the benefit of vehicle owners, to improve road safety and to enable sustainable digital innovation.
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The EU Data Act was the main topic at the 11th Allianz Motor Day on October 17, 2023. Experts discussed the new regulation at the Allianz Center for Technology (AZT) in Ismaning.
Vehicle data, used wisely, makes the transport system safer, cleaner, smarter
Allianz’s assessment was clear: “We welcome the EU Data Act,” said Klaus-Peter Röhler, Member of the Board of Management of Allianz SE. “The new law stands for innovation and competition – it is a European initiative to strengthen the European digital economy. The new EU regulation follows a convincing principle: ‘My device, my data’ – we support this idea.” Users of a connected car, according to the new legislation, will in future be able to demand from the manufacturer that the data collected in the vehicle be transferred to third parties. For “easily accessible data,” the EU Data Act even requires the data to be made available in real time.
This, Röhler said, could lead to real innovations: “We want to convince our customers in car insurance, through attractive offers, to share their data with us. The EU Data Act would also give other companies and start-ups the chance to become inventive. Using millions of live camera and position data from vehicles could solve the parking-space problem in inner cities. This would not only be a win for drivers, it would also save significant amounts of energy, help climate protection and improve air quality. If vehicle data is used wisely, it has the potential to make our transportation system safer, cleaner and smarter overall.”
How the EU Data Act could change car insurance
With detailed data from the vehicle, completely new insurance offers can be provided and new services made available in the future. “In case of an accident, it would be possible to automatically record the extent of the damage in real time by evaluating position data and data from crash sensors. Allianz could immediately inform a towing service, reserve a rental car, order suitable spare parts and make a workshop appointment for our customer. In the case of serious accidents, medical assistance could be provided,” Röhler said.
“In the past, the customer had to inform us. In the future, we’d contact our customers proactively, providing relief when customers need us most.”
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Röhler also pointed out that by using car data, Allianz can offer the fairest possible price to every customer. “We can calculate insurance offers that are significantly more risk-adjusted, taking into account both the driving style and whether the vehicle is equipped with safety systems and whether those are switched on or off. At the same time, the sensor and camera data can be used for the proper, correct and fair investigation of an accident and for liability clarification,” Röhler said.
Data sent directly from the vehicle will take on special significance when autonomous and AI-supported systems control the vehicle in the future. “Those affected – as well as society – have a right to know whether the human or the machine caused the accident,” Röhler said.
A recent Allianz survey conducted in five European countries shows that a majority of car drivers are willing to share their car data with their insurer if they receive comprehensive service support in return: in Germany it’s 53 percent, in Great Britain even 61 percent. “This is a very important message for us, which we can be proud of: our customers know that they can trust us, because we will handle their data with care and in their own best interest,” Röhler said, commenting on the survey results.
True competition can exist only with fair prices
Discussions at the 11th Allianz Motor Day also revolved around the question of how third parties can access in-car data in practice. The EU Data Act stipulates that “easily accessible data” must be transmitted in real time – but what data is that? And what price may the car manufacturer charge for transmitting the data to third parties? “Real competition can only emerge if vehicle manufacturers demand fair prices. Otherwise, third parties have no chance to innovate,” Röhler said.
Legal framework for data transfer is missing
But what should an individual customer do with the data of their vehicle? And above all, how should they access the data and pass it on? This can only work if there is a very simple way for the individual to transfer the data in practice. “The EU Data Protection Act only creates the legal basis for the transfer of data from the vehicle to third parties. However, the legal framework is still missing that specifies in which technical way the data from the vehicle can be made usable for all market participants,” Röhler said. “Legislators must find a practicable solution for this as quickly as possible, otherwise the treasure trove of data cannot be mined for the benefit of customers and of all participants.”
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Regarding the use of vehicle data, Allianz demands the following:
1. Vehicle owners must be given full transparency about the data collected in their vehicle. Every car owner must be given a precise overview so that they know what data is being collected in their vehicle. In addition, it must be possible to see which of these data points can be transmitted to third parties in real time.
2. In order for car owners to be able to make good use of the newly acquired sovereignty over their vehicle data, a standardized minimum data set is needed to enable new services regardless of the car manufacturer and to allow data to be shared quickly and easily in real time via defined interfaces if the owner so desires.
3. Allianz calls for a regulated marketplace and an independent data trustee who ensures the secure exchange of vehicle data. This independent institution must ensure that authorized parties can access data.
4. So that drivers can benefit from the many conceivable innovations, we need fair prices for data transmission to third parties. The costs must be calculable to enable broad competition.
All press materials and the recording of the entire event, as well as information on the EU Data Act, can be found here:
About Allianz The Allianz Group is one of the world’s leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 714 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers. **As of June 30, 2023. *** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.
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These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
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