Dear participants,
It is a pleasure to join you at today’s conference, and I am grateful for the opportunity to share a few thoughts with you.
As I was thinking about what I would say today, I kept returning to the paradox of our modern societies – the world of contradictions we live in:
On the one hand, one of our greatest strengths – perhaps our greatest – is our diversity. What makes us extraordinary – as individuals, communities, and societies – is that we are not equal versions of the same. In varietate concordia, United in Diversity, that is the official motto of the European Union.
We bring different languages, identities, gender expressions, sexual orientations, family structures, beliefs, and lived experiences. These differences are not flaws to be fixed, nor problems to be tolerated. They are strengths to build on.
And in many ways, we have made real progress. Across Europe and beyond, we celebrate Pride Month. We pass anti-discrimination laws. We host inclusion panels and fly rainbow flags. Same-sex marriage is legal in many Member States. And young people are growing up with a broader sense of identity and belonging than ever before.
Each story, each step forward, adds to the mosaic of who we are. And at its best, this is what the European Union stands for: a unity that does not erase difference, but allows it to flourish – in dignity, in peace and in shared purpose.
Yet – on the other side of this paradox – we are reminded that these strengths are not always celebrated.
Time and again, societies have sought to erase differences, to impose sameness, to shrink the public space for those who do not conform. Too often, the response to what is unfamiliar is still exclusion, rather than embracement.
In some cases, discrimination is overt – visible and easy to spot.
But more often, discrimination is subtle. It hides in hiring decisions and unconscious bias. In algorithms trained on unequal data. In customer service interactions. In quiet assumptions embedded deep within the systems we are supposed to trust. It also whispers in policies that define one kind of “normal” and treat all others as deviations. It hides behind professionalism, objectivity, or tradition – yet its impact is real, and often harder to detect or confront.
This is not just political. It is personal.
Because for too many people in our societies – including those in the LGBTIQ+ community – discrimination means waking up each day with questions no one should ever have to ask: Will I be safe today? Will I be accepted? Will I be seen? Or will I be punished for simply existing?
[Why DE&I matters, also in financial services]
This is why we need to speak not just about diversity as a value, but about the systems that either support or suppress it.
Diversity, equity and inclusion – commonly referred to as DE&I – are not abstract ideals. They are not secondary to our mission, nor optional extras. They are central to how institutions build trust, deliver fair outcomes, and remain relevant in a changing world.
Society is diverse. And if our institutions are to serve society, effectively, they must reflect that diversity – in their structures, their cultures, their decisions, and in the way they operate.
Organisations – such as insurers, pension providers, and supervisors like EIOPA – play a critical role in shaping that service. Not just as market actors, but as employers, as service providers and as public-facing organisations. And with that visibility comes responsibility: to lead by example and ensure equitable outcomes.
When institutions foster inclusion – genuinely and structurally – they are not only doing the right thing. They are strengthening themselves. Inclusion builds resilience, responsiveness, and ultimately, legitimacy.
But let us be clear: fostering diversity is not achieved through statements or strategies alone. It requires creating environments where everyone feels seen, heard, and respected – every day, and at every level, and in every interaction. It requires taking action, within our mandate, to tackle the unfair treatment of some groups, albeit intentional or simply the result of unconscious biases in data and algorithms.
This is just true in financial services as in any other sector.
But let’s consider the insurers and pensions providers. They deal with life’s fundamental needs: protection, risk, and long-term security. If the services they provide do not reach everyone – if they are built on and shaped by outdated assumptions or exclusionary practices – they fail in their purpose.
At the same time, when we speak about inclusion, we must also speak about vulnerability — about consumers who, because of who they are or the circumstances they face, may find themselves at a disadvantage: people from ethnic or religious minorities; people living with disabilities; people in non-traditional families; LGBTIQ+ individuals; older people; women; and anyone whose lived experience does not align with the systems designed around a so-called “norm”. Here EIOPA, our commitment is clear: we work to ensure that insurance and pension sectors serve all Europeans. That they are not only technically sound, but socially responsive – ensuring that vulnerable consumers, regardless of background, identity, or circumstance, are also protected, represented, and treated with dignity.
Why does this matter? Because financial health and economic security should never depend on who you are, what you look like, or whom you love. This has also clear spillover effects: if society as a whole is financially healthy then there is more prosperity and economic stability.
And yet, the reality is telling: across the EU, many still face exclusion, bias, or barriers – both subtle and systemic – when accessing financial products and services.
And we are not just speaking from principle - we are speaking from data.
Let me illustrate this with concrete examples.
Each year, EIOPA conducts a consumer sentiment analysis with approximately 27 thousand consumers participating. In 2023, for the first time, we introduced questions to better understand how exclusion and discrimination show up in financial services.
The results showed that a significant portion of EU consumers felt they were treated unfairly based on personal traits not conforming to the majority. Many believed that financial products do not adequately consider the diversity of consumers in their design or distribution.
To give you concrete figures:
When asked whether insurance policies available on the market contain a high number of exclusions that, in their view, target their particular situation – based on personal characteristics such as age, gender, nationality, or health status – the survey revealed that 55% of EU respondents identifying themselves as part of a minority group agreed. In the Netherlands, the figure was 46%.
Similarly, when asked if they felt treated fairly and equally when purchasing insurance or a personal pension, the results showed that only 55% of EU respondents belonging to a minority group felt they were treated fairly. This figure raises up to 59% of respondents belonging to a minority group in the Netherlands.
While one could argue the majority of consumers feel fairly treated, these are not just numbers. They reflect real people, in real situations, who do not feel fully protected or respected by the very systems that are meant to serve them.
This is why DE&I matters. Not as a box to tick on a compliance checklist. Not as an internal campaign. But as a standard. A standard for fairness. For effectiveness. For trust.
In financial services – including in insurance and pensions –, the stakes are particularly high. Because this sector does not merely reflect society – it also shapes it. Access to insurance, pensions and long-term financial protections is foundational to well-being, security and dignity.
So, when exclusion happens here, it is not contained. It ripples outward. It undermines trust. It fuels precarity. And it sends a damaging message: that some lives are less worthy of protection.
Let me make this more tangible – by focusing specifically on what this can mean in practice and specifically for LGBTIQ+ individuals:
- A same-sex couple may see their access to a survivor pension denied because their legal partnership is not recognized in the relevant scheme.
- A trans person may face repeated delays in processing an insurance application because their identity documents do not match across systems.
- A non-binary individual may hesitate to seek financial advice, fearing poor treatment in an office that displays “neutrality” but not inclusion.
These are not edge cases. They are reminders that inclusive systems are not automatic. They are built – deliberately, with courage, and collectively.
[The importance of data]
But, to address exclusion effectively, we must be able to identify where it is happening. And for that, we need data.
However, comprehensive data on LGBTQI+ experiences is still limited and inconsistently collected. This lack of data makes it difficult to accurately assess where exclusion occurs, leaving the lived experiences of discrimination unnoticed and unaddressed.
In other words: the absence of systemic data collection on LBGTIQ+ experiences hinders progress. It prevents us from designing effective solutions and leaves significant gaps in policy, protection, and accountability. Without this critical data, it is challenging to understand the scale of the issue and measure our progress.
This is not just our perspective. This is a message echoed by the European Commission and the European Union Agency for Fundamental Rights (FRA), both of which emphasize the need for accurate, comparable data to monitor progress and promote LGBTIQ+ inclusion. They also call for stronger anti-discrimination measures and targeted initiatives to combat prejudice, bullying and harassment.
The FRA’s third LGBTIQ survey, published in 2024 and based on over 100,000 respondents, highlights the ongoing challenges faced by LGBTIQ+ individuals in the EU, especially trans and intersex people. The survey found that:
- 36% of LGBTIQ+ individuals experienced discrimination in the past year.
- 14% reported experiencing physical or sexual attacks.
- Many LGBTIQ+ individuals avoid being open about their identity in certain settings – public space, healthcare, or the workplace – not due to lack of pride, but because of the fear for their safety.
The European Commission’s guidance note on data collection also makes it clear: we need robust, comparable, and inclusive data – especially on sexual orientation, gender identity, expression, and sex characteristics. We also must use respectful community-appropriate terminology, ensure anonymity, and include intersectionality – because no individual’s identity is defined by a single-axis.
Despite these efforts, there remains a significant underrepresentation of LGBTIQ+ individuals in official data, which – as said – impedes our ability to identify patterns of discrimination or bias. Without such data, inequalities remain invisible, making it difficult to address and rectify harmful practices.
We must therefore support the development of data frameworks that protect privacy and uphold dignity – while producing insights that lead to real change. We must work collaboratively - across supervisors, institutions, further financial actors, and consumers - to build a fuller picture of who is being served, and who is being left behind.
And we must do so in a way that does not put the burden on LGBTIQ+ people to constantly explain or justify their experiences. The responsibility lies with institutions: to listen, to learn, and to serve all individuals – fairly and equally.
[What EIOPA is doing]
At EIOPA, we take these considerations seriously. We do not claim to have all the answers - but we believe that supervisors and further financial actors have a duty to lead - not just react.
That’s why our approach to diversity, equity and inclusion is grounded in a three-pillar perspective:
- Corporate governance and leadership
- Consumer protection and fair treatment
- Internal inclusion and culture
Corporate governance and leadership
First, we acknowledge that who sits at the table matters.
Leadership shapes outcomes. And for too long, the insurance and pensions sectors have lacked diversity at the top. Boards and management teams remain largely composed by males of a similar age, background, and professional experience.
That’s why we welcome the revised Solvency II Directive, which takes important steps to strengthen governance. Among them: stronger requirements for diversity policies; the promotion of gender balance in management and supervisory boards, and obligations for firms to notify supervisors of changes in key leadership roles.
Why does this matter? Because diverse boards are better boards. They broaden the range of perspectives, challenge conventional thinking, and build resilience. They help organizations avoid groupthink, identify blind spots, and build public confidence.
EIOPA is not just calling for change – we are also supporting it with concrete action:
Back in 2022, we addressed a letter to the co-legislators, urging greater emphasis on diversity of management bodies in insurance and pensions. We emphasized the opportunity to include such provisions in the Solvency II and IORPs II reviews. This call has been heard.
At the end of last year, we launched a public consultation on draft Guidelines on the notion of diversity. These Guidelines aim to help insurance and reinsurance undertakings to put in place a policy promoting diversity for the selection of members of their administrative, management or supervisory bodies, as well as the quantitative objectives related to gender-balance.
Looking ahead, we also expect the upcoming IORP II review to bring further progress in the pensions sector – a sector that has also historically lacked representation in leadership roles.
These developments are not symbolic. They reflect a growing recognition that diversity is not a threat to performance – it is a pathway to better performance.
Insurance and pensions, at their core, are about understanding and managing risk across all segments of society. But how can we truly achieve this if our leadership does not reflect the diversity of the people we serve? How can we innovate and adapt to emerging risks if we are missing half the talent pool? The answer is simple: we cannot.
Consumer Protection and Fair Treatment
But leadership alone is not enough. We also need to address how consumers – especially vulnerable ones – are treated in the market.
In this regard, EIOPA is currently conducting a Thematic Review on the fair treatment of consumers with chronic illnesses and disabilities – including people living with HIV.
Let’s consider what that means in practice. Despite major medical advances, consumers with HIV in the EU still face challenges when trying to access insurance products. They may be offered limited contract durations, face outright exclusions, or be charged disproportionate premiums.
We are asking a key question: are such practices truly justified by risk-based pricing – or are they unintentionally reinforcing outdated stigma and discrimination? Are we deepening protection gaps by failing to adapt our models to modern realities?
This is not just a regulatory issue – it is a human one. People living with HIV who are on regular treatment now enjoy life expectancies comparable to the general population. And yet, some underwriting models continue to treat them as high-risk – ignoring modern medicine and reinforcing historic bias.
Encouragingly, there are good practices in the EU. Some insurers have adopted underwriting models that better reflect model progress and fairness. Our aim is to identify those practices and help scale them across the market.
The thematic review is still ongoing, so we do not have conclusions yet. But one thing is already clear: HIV therapy has transformed a once-lethal diagnosis into a manageable chronic condition – similar to many others. This success story underscores the importance of evidence-based and fair treatment, recognising the improved health outcomes and quality of life that modern medicine makes possible.
The review is also examining the risks and opportunities linked to the use of data in underwriting, especially where sensitive consumer data is concerned. As consumer data plays a growing role in shaping insurance decisions, we must ensure it is used responsibly, transparently, and without perpetuating bias.
Through this work, EIOPA aims to provide practical insights that can guide national supervisors, and support the sector in implementing fairer, more inclusive practices – not in theory, but in the everyday decisions that shape access to (insurance) protection.
Because fair treatment is not an abstract principle. It is about ensuring that no one is excluded, penalised, or priced out – simply for living with a condition that science has already redefined.
Internal Inclusion and Culture at EIOPA
Finally, we also acknowledge that inclusion must begin from within.
At EIOPA, we are committed to upholding the core values of the European Union – values of equality, non-discrimination, and respect for diversity. These are not just principles we promote externally – they guide how we work, how we lead and how we show up as an employer.
We want every member of our staff – regardless of sexual orientation, gender identity, ethnicity, disability, age or background – to feel safe, respected, and empowered to thrive. We strive to create a culture where performance and integrity matter – but where everyone has an equal opportunity to succeed. Not because of their identity, but never in spite of it.
And we are committed to a proactive diversity management approach, seeking to create a diverse working environment and an inclusive culture in which everyone feels valued and accepted and can live up to their full potential in the workplace.
In terms of the key actions taken:
- In 2021, EIOPA adopted a Diversity and Inclusion Strategy with targeted objectives and measures addressing cross-cutting diversity and inclusion matters as well as for certain specific groups: gender equality; persons with disabilities and staff with disabled dependents; LGBTIQ+; and underrepresented age groups among staff.
- EIOPA adopted the EU Agencies Network (EUAN) Charter on Diversity and Inclusion. EIOPA is part of the EUAN Working Group on Diversity and Inclusion, currently actively engaged in workshops regarding inclusion of persons with disabilities. EIOPA is also collaborating with the ECB on all matters pertaining to D&EI.
- Particularly for LGBTIQ+, EIOPA as an employer is committed to an inclusive culture in which everyone can be themselves and realise their full potential. Specific measures taken include:
- Increasing LGBTIQ+ awareness (e.g. internal messages and participation in events like the International Day against Homophobia, Transphobia and Biphobia – IDAHOT).
- Ensuring that managers prevent discrimination and bias and create favourable conditions for staff to feel comfortable and open about their identity.
- Enforcing a policy of zero tolerance against harassment or any other form of discrimination.
- Fostering a culture where no one feels the need to conceal their sexual orientation, and where everyone feels valued, can be their authentic selves, and can realise their full potential.
- Supporting LGBTIQ+ staff networks by providing a space for exchange.
Because inclusion is not something you declare. It’s something you build – through action, reflection, and humility.
[Inclusion through leadership]
So today, yes – we celebrate diversity. Not just as an idea, but as a living reality – one that shapes our workplaces, our economies, our public institutions, and our shared future. And we should be proud of how far we’ve come.
But there is something important to remember: the more we promote diversity, the more visible it becomes. This isn’t a side effect – it’s the goal. Visibility is a natural outcome of diversity; an outcome that then needs inclusion.
And that visibility may raise questions – not only in society as a whole, but in each of us. Because when we are confronted with difference, we are often also confronted with ourselves: our assumptions, our discomfort, our urge to make sense of what we’re seeing.
And so we might ask ourselves:
Am I comfortable with this? Do I understand it? Do I need to have an opinion? How do I respond?
These questions aren’t signs of failure. They are signs of growing awareness – moments when inclusion shifts from being merely an abstract principle to something deeply personal.
And it is in these moments that inclusive behaviour – and leadership, too – are also defined. Not in press releases or formal statements, but in the quiet, unscripted seconds when difference enters our space and invites us to reflect.
Inclusion isn’t about always having the right words. It is, first and foremost, about having the right posture: one of openness, humility, curiosity and respect. It’s about making space – even when it unsettles us. Especially when it unsettles us.
Because inclusion doesn’t mean eliminating discomfort where and if it exists. It means learning how to sit with it – and choosing not to let it close us down.
That is leadership, too. Quiet. Imperfect. Intentional. And it’s the kind of leadership we need to see more often – in our institutions, in our markets, and in our societies.
Let me now conclude.
As I was reflecting on the meaning of inclusion, I came across a simple analogy that stayed with me. Perhaps you’ve heard it before – or perhaps, like me, you’ll see it in a new light today.
I am alluding to the shoes metaphor. And it goes something like this:
- Equality is giving everyone the same pair of shoes.
- Diversity is recognising that there are many kinds of shoes.
- Equity is making sure everyone gets a pair that fits.
- Accessibility is making sure people feel respected – whether they wear shoes or not.
- And belonging is showing up, with or without shoes, and knowing you will not be judged.
This metaphor speaks volumes. Because ultimately, it speaks about inclusion. And inclusion is not about uniformity. It is not about making everyone the same or erasing differences to achieve comfort. It’s about ensuring that no one is left behind – not in our systems, not in our services, and not in our leadership.
That’s the world we must strive to build. A world where no one has to ask: “Will I be included?” – because the answer should always be clear: “You already are”.
With this, I look forward the discussions we will be having today.
Thank you for your attention.
Details
- Publication date
- 15 May 2025