[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ link=” linktarget=” link_hover=” padding=’0px’ border=” border_color=” radius=’0px’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-2225lhq’]

[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-lu890f03′ admin_preview_bg=”]

Insurance news – March 2024

[/av_textblock]

[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-lu88tc7i’ admin_preview_bg=”]

Discover our summary of the major headlines in the insurance industry with just a scroll!

[/av_textblock]

[/av_one_full][av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ link=” linktarget=” link_hover=” padding=’0px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-lydb07′]
[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 25th 2024′ title=’Ageas announces that no offer will be made to Direct Line’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2024/01/Ageas_logo.svg_-290×300.png’ attachment=’17151′ attachment_size=’medium’ av_uid=’av-s3fjx3′]
Ageas had made an offer of €3.6 billion for its British competitor, Direct Line. According to the most recent figures, Direct Line generated a total of €3.3 billion in premiums. This is roughly equivalent to the combined total of all of Ageas’s European activities. However, Ageas announced that no offer will be made and continues to believe in the underlying attractiveness and future opportunities of the personal insurance sector in the UK. Ageas UK will continue to execute its focused personal insurance strategy alongside its valued distribution partners (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 22nd 2024′ title=’Europ Assistance presents its third Belgian Mobility Barometer.’ link=” linktarget=” linkelement=’icon_only’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2022/08/Europ-Assistance-1.png’ attachment=’13646′ attachment_size=’full’ av_uid=’av-klhm8n’]
With its ‘Mobility Barometer’, Europ Assistance Belgium aims to gauge Belgians’ perception of sustainable mobility and their adherence to the transition to alternative modes of transportation. The results of this 3rd barometer? Belgians are generally ready to transition to more sustainable and eco-friendly mobility. However, for the older generation and residents in areas distant from cities, this transition is more complicated. The safety aspect of soft mobility users in cities should remain a point of focus. Europ Assistance advocates for public support in terms of financing, infrastructure, and logistical support to gain the acceptance of the most skeptical users.

(Source)
[/av_timeline_item]

[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 19th 2024′ title=’Insurers are getting involved in mental well-being’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2024/03/mental-health-wellness-during-covid-19-300×175.webp’ attachment=’17441′ attachment_size=’medium’ av_uid=’av-66323b’]
Assuralia is partnering with two highly respected organizations. On the Dutch-speaking side, the industry is joining the ‘Expeditie Geluk’ project of the Flemish Institute for Healthy Living, which promotes mental well-being in primary schools. On the French-speaking side, the federation is supporting training and awareness-raising actions for teaching staff in schools through the CRéSaM (Mental Health Reference Center). These two projects aim to create an environment within schools that positively influences mental well-being (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 15th 2024′ title=’BNP Paribas is considering increasing its stake in the Belgian insurer Ageas’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2024/03/BNP-Paribas.jpg’ attachment=’17433′ attachment_size=’full’ av_uid=’av-14qyauv’]
The group led by Jean-Laurent Bonnafé is in search of targets, one year after selling Bank of the West for $16.3 billion (€15 billion). It plans to redeploy a portion of the €7 billion capital gain into acquisitions and investments. Acquiring a 10% stake in the Ageas group would be a good measure to protect the commercial agreement between BNP Paribas and Ageas. It remains to be seen whether BNP Paribas will confirm its interest in Ageas (Source).
[/av_timeline_item]
[/av_timeline]

ConsumerConnect (CC) is intended for consumers who encounter issues with a company, and replaces the ‘consumer’ section of the SPF Economy Contact Point in this regard. The site will help you understand your rights and obligations as a consumer and choose the actions you can take (Source).

[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 7th 2024′ title=’AXA: Record Number of Employees on Sick Leave Due to Mental Health Issues’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2022/02/langfr-280px-AXA_Logo.svg_-1.png’ attachment=’12519′ attachment_size=’full’ av_uid=’av-2xv8t3′]
The AXA Mind Health Report (2024) shows that the mental health of Belgians deteriorated in 2023. Today, 1 in 5 Belgians is struggling significantly and the causes include the pandemic, the uncertain geopolitical future, and the impact of AI on work. However, a positive finding emerges from the report. Belgians are more frequently seeking help from professional advisors. For instance, at Axa, the Doctors Online platform was created to allow policyholders to have a video call consultation with a doctor or psychologist 24/7 within 30 minutes (Source).
[/av_timeline_item]

[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 5th 2024′ title=’Crelan and AXA Banque are preparing to merge’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2022/01/Crelan-300×134.png’ attachment=’12272′ attachment_size=’medium’ av_uid=’av-13p59xz’]
The goal is to merge the two brands into a new bank that would continue its activities under the Crelan logo. After taking into account certain specific elements, including the costs of the integration and migration program from AXA Banque to Crelan, the group recorded a net profit of €207 million for 2023, an increase of €48.8 million or 31% compared to 2022 (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 5th 2024′ title=’The consequences of the ‘AI Act’ for the insurance sector’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2024/03/chat-GPT-300×169.jpeg’ attachment=’17443′ attachment_size=’medium’ av_uid=’av-1owpp9z’]
The Artificial Intelligence Act project has reached a milestone: Members of the European Parliament have given their green light to what will remain in history as the foundational text for a legal framework for the development and commercialization of products implementing artificial intelligence technologies (effective application in 2025). The benefits of AI include better adaptation of contracts to individual needs, improved interactions with clients, and better risk prediction, among others. However, AI also comes with challenges that need to be assessed and managed by policymakers and businesses. The effectiveness of an AI system depends on the quality, accuracy, and comprehensiveness of the data set used (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 4th 2024′ title=’The registration of 3 insurance intermediaries have been removal based on the ‘AML’ law ‘ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2024/03/Loi-ALM.jpg’ attachment=’17438′ attachment_size=’full’ av_uid=’av-15ckc47′]
This removal stems from the fact that the concerned insurance intermediaries did not respond to a request for information from the FSMA, despite their legal obligation to do so under Article 99, paragraph 2 of the law on the prevention of money laundering and terrorist financing and the limitation of the use of cash (‘AML law’). They haven’t completed nor submitted to the FSMA the questionnaire relating to the prevention of money laundering and terrorist financing, despite numerous reminders. The removal entails the deletion of the registration from the insurance intermediaries register and a complete ban on exercising the regulated activity of insurance distribution and using the title (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’March 3rd 2024′ title=’Baloise optimizes a run-off portfolio in the Belgian life segment’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2019/11/baloise-300×216.jpg’ attachment=’9224′ attachment_size=’medium’ av_uid=’av-mxz0zb’]
With this transaction, Baloise continues the implementation of its strategy to focus on modern insurance products in the life segment. This disposition has no decisive impact on the profit or solvency ratio of the Baloise group. This run-off portfolio comprises around 57,000 life insurance contracts for provisions totaling approximately €900 million (Source).
[/av_timeline_item]
[/av_timeline]

[av_timeline orientation=’horizontal’ placement_v=’left’ placement_h=’top’ slides_num=’1′ content_appearence=’boxshadow’ custom_date_size=’14’ custom_title_size=” custom_content_size=” contentbox_bg_color=” custom_contentbox_bg_color=” font_color=” custom_date=” custom_title=” custom_content=” icon_color=’custom’ icon_custom_bg=” icon_custom_font=” icon_custom_border=” av-mini-hide=’aviaTBav-mini-hide’ av-medium-font-size-title=” av-small-font-size-title=’10’ av-mini-font-size-title=’10’ av-medium-font-size=” av-small-font-size=’12’ av-mini-font-size=’12’ av_uid=’av-lu886hz0′ admin_preview_bg=”]
[av_timeline_item date=’February 29th 2024′ title=’40,000 Belgian members for Alan and its digital health insurance’ link=” linktarget=” linkelement=’all’ milestone_valign=’baseline’ milestone_color=” custom_milestone_color=” icon_image=’image’ icon=’ue800′ font=’entypo-fontello’ image=’https://www.asquarepartners.com/wp-content/uploads/2021/09/Alan-e1632918719500.png’ attachment=’11734′ attachment_size=’full’ av_uid=’av-29vh4n’]
Valued at over €2.7 billion, Alan continues its growth in Belgium and focuses on SMEs to become the leader in the Belgian health insurance market. In three years, it has reached 40,000 members, showing a 66% growth in the number of its members for 2023 and a 77% growth in its recurring revenues, reaching €15 million for the Belgian division. Alan aims for 100,000 Belgian members by 2025, knowing that its breakeven point in our territory is set at 160,000 members (Source).
[/av_timeline_item]
[/av_timeline]
[/av_one_full]

Tagged keeping up with the market