(2)The COVID-19 pandemic has caused tremendous socio-economic damage and left the economy of the Union in need of a sustainable, inclusive and fair recovery. Likewise, the economic and social consequences of Russia’s war of aggression against Ukraine are still unfolding. This has made the work on the Union’s political priorities even more urgent, in particular ensuring that the economy works for people and attaining the objectives of the European Green Deal. The insurance and reinsurance sector can provide private sources of financing to European businesses and can make the economy more resilient by supplying protection against a wide range of risks. With this dual role, the sector has a great potential to contribute to the achievement of the Union’s priorities.