the reviews of the standard formula and long - term guarantee package measures planned for 2018 and 2020 respectively, are important opportunities to make essential improvements. the work is already underway and i welcome the proposal published by eiopa early in november to reduce the capital requirement for unrated debts and unlisted equities under certain conditions. the commission specifically requested that it look at those unlisted or unrated investments. but we may want to look more widely and encompass other types of long - term investments with innovative proposals for amending solvency ii, with the aim of striking the right balance between effective supervision and the financing of the real economy. it is now up to the industry to seize this opportunity to share its views and experience : tomorrow ’ s regulation should benefit from your ideas. looking at the overall picture of solvency calculation, the correlation between assets classes, for example, to fully recognise the benefits of the diversification of long - term investments, could be an innovative way forward. 3. technological innovation let me now elaborate on my third and last point : technological innovation. the digital revolution is creating many opportunities for both financial players and consumers, including an increasing number of more accessible financial services, and more complete customer satisfaction. in france, the acpr is mobilised to support innovation, as demonstrated by the creation of the fintech innovation unit and the fintech forum with the french financial markets authority. within this fintech forum, we work closely with other public authorities to promote the development of fintechs and insurtechs in france. a year ago, the acpr authorised the first fully digital insurance company in the health sector, the insurtech “ alan ”. in the case of insurers, the digital revolution starts with a complete overhaul of customer relationships and user habits. but it goes further than that. in the digital revolution, the insurance sector can bring stability and protection – it is this that has always been the raison d ’ etre of insurance. i ’ d like to underline two topics that i think are essential : cyber - insurance and big data. coverage against cyber - risk, first, is a very real concern that affects all companies – both small and large – as cyber - attacks are becoming increasingly frequent and costly : in 2016, cyber - attacks were estimated to cost businesses about usd 450 billion a year at the global level, 3 / 4 bis central bankers'speeches according to a report by lloyd ’ s and cyence. despite these threats

, the cyber - insurance market is still underdeveloped. insurers can and should take inspiration from their own experiences in tackling cyber - risk, and use it to develop a more mature european cyber - insurance offering. the second subject i ’ d like to focus on is personal data and big data. naturally, the spread of connected objects that is triggering an exponential rise in the amount of data available on insurance policyholders represents an opportunity for the business of insurance, which consists precisely in collecting and exploiting data in order to quantify and put a price on risk. nonetheless, insurers should take a responsible approach : we need to strike the right balance between segmentation and the sharing of risk between policyholders. the basic principles of solidarity and risk - pooling that are intrinsic to insurance are at stake. and we must not lose sight of our collective values regarding individuals ’ right to privacy. to conclude, i wish to stress that all these innovations require some creativity, on the part of both supervisors and insurers. john maynard keynes, who profoundly renewed economic thinking, was well aware of this need to think “ out of the box ”. he wrote in the preface of the general theory : “ the difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds. ” 2 let ’ s have the courage to think differently. in this respect, as insurers, it ’ s up to you to shape the insurance of the future and, as i said, a lot has to be done. as supervisors, we also have to demonstrate enough flexibility so as to foster your innovations, while ensuring that the key principles that i mentioned earlier are respected. i am very happy that this very issue will be developed in the next panel discussion this afternoon. i wish you a fruitful reflection. thank you for your attention. 1 “ loi sapin ”, 9 december 2016 ; definitive framework adopted before december 2017 via “ ordonnances ” 2 j. m. keynes ( 1935 ), the general theory of employment, interest and money. 4 / 4 bis central bankers'speeches