Insurance news – March 2024

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).

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).

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). 

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).

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).

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).

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).