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Insurance news – May 2024

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

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[av_timeline_item date=’May 24th 2024′ title=’European Elections: Advocating for a Natural Disaster Protection Regime’ 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/2024/05/Elections-europeennes-1.jpg’ attachment=’17794′ attachment_size=’full’ av_uid=’av-tmsvgf’]
Thierry Derez, President of the mutual group Covéa, Carlo Cimbri, President of the Italian insurance group Unipol Gruppo, and Philippe Lallemand, CEO of the Belgian insurance company Ethias Group, are urging the establishment of a regulatory framework at the European Union level to collectively address the impacts of natural disasters. Despite insurance being a national product, natural disasters transcend borders. They are hopeful that this proposal will be taken into account by the future European Commission and Parliament. (Source)
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Starting from November 1, 2024, insurance companies can no longer exclude benefits resulting from a policyholder’s suicide attempt in health insurance contracts. To prevent an insurance company that is aware of a policyholder’s suicide attempt from refusing coverage or imposing an additional premium, the legislator also prohibits such refusals or additional charges. By adopting these measures, the legislator aims to break the taboo and stigma surrounding mental health issues in the insurance sector. (Source)

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– Home insurance premiums have increased by 41% over the past 10 years in Belgium.

– The total volume of home insurance premiums collected by insurers increased by 24% between 2018 and 2022, reaching €3.39 million.

– In 2021, the claims ratio in home insurance reached a record of 88.3% of earned premiums, compared to 45.7% in 2020.

– Belgium saw a 15.6% increase in burglaries between 2021 and 2022 – one of the main claims reported under home insurance in Belgium.

– AG, AXA, and KBC collectively hold 50% of the Belgian home insurance market share in 2022.

(Source)
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[av_timeline_item date=’May 20th 2024′ title=’Partnership between Ageas and Taiping for retirement solutions’ 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/2024/01/Ageas_logo.svg_-997×1030.png’ attachment=’17151′ attachment_size=’large’ av_uid=’av-12yy7lr’]
Ageas has announced that it has reached an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to the capital increase of its wholly-owned subsidiary, Taiping Pension Co., Ltd. (“TPP”), for a total consideration of RMB 1.075 billion (approximately €137 million). Upon completion of the transaction, Ageas will hold a 10% stake in TPP’s expanded share capital. This investment will enable Ageas to capitalize on significant growth opportunities in the Chinese retirement market, leveraging the increasing demand for personal retirement products in China. It will also help Ageas strengthen its presence in the largest growing market in Asia, diversify its business offerings, and consolidate its longstanding strategic partnership with China Taiping. (Source)
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[av_timeline_item date=’May 17th 2024′ title=’KBC: First quarter 2024 results’ 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/2024/05/KBC-logo-carre.jpeg’ attachment=’17862′ attachment_size=’full’]
The result of insurance services (revenue from insurance activities before reinsurance – charges from insurance services before reinsurance + net result of reinsured contracts) amounted to 134 million euros, with 94 million euros for non-life insurance and 41 million euros for life insurance. The combined ratio for non-life insurance for the first quarter of 2024 stands at an excellent 85%, compared to 87% for the full year 2023. Non-life insurance sales have increased by 9% on an annual basis. Life insurance sales, on the other hand, have grown by 12% compared to the previous quarter, and the increase even reaches 60% compared to the same quarter of the previous year.(Source)
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[av_timeline_item date=’May 16th 2024′ title=’Ethias expands its range of savings insurances’ 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/2024/05/Ethias-logo-carre.jpeg’ attachment=’17861′ attachment_size=’full’]
Ethias is expanding its range with two new savings insurance policies, lasting three and nine years respectively, which customers can subscribe to starting this Friday. Depending on the duration, these insurances will offer an annual gross return of 3.10 or 3.20%. By the end of the summer, Ethias will also launch two other savings insurances with durations ranging from 18 months to three years, each promising a gross interest rate of 3.10%. This initiative comes a few years after Ethias faced difficulties with its First accounts. The interest rate environment that emerged after the crisis made it impossible for Ethias to guarantee customers the high lifetime interest rates of their First policies. Ethias eventually addressed the issue by carrying out several redemptions. (Source)
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[av_timeline_item date=’May 5th 2024′ title=’Belgian elections: Advocating for the removal of retirement age’ 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/2024/05/hand-3666974_1280-1030×686.jpg’ attachment=’17796′ attachment_size=’large’ av_uid=’av-upk6xr’]
According to insurer NN, the time has come to abandon the traditional pension system. The current pension model is largely outdated, notably due to new forms of cohabitation or careers, where employees more frequently transition between jobs, statuses, and personal events such as caring for a third party. The insurer therefore calls for the legal retirement age to be replaced by a system based on years of career, wherein those who work longer are entitled to a higher pension. NN’s new Financial Peace Barometer shows that one-third of the Belgian population (32%) already supports this idea. Among those over 65 (44%) and the self-employed (45%), nearly half believe in the potential of the career length model. (Source)
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[av_timeline_item date=’May 2nd 2024′ title=’AG invests 12 Billion euros for a more sustainable world’ 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/2024/05/definition-durabilite-chez-ag-esg-320×200-1.jpeg’ attachment=’17841′ attachment_size=’full’ av_uid=’av-wq72qn’]
In its 4th sustainability report, AG announces an investment of 12 billion euros for a more sustainable world, along with the launch of Go4Impact – a platform supporting brokers in their sustainable projects – and AG College, an internally developed training program for individuals without a higher education degree. Additionally, the report highlights other AG actions such as reducing the carbon intensity of its investment portfolio (AG has joined the Net Zero Asset Owner Alliance) and reducing its CO2 footprint. (Full sustainability report)
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[av_timeline_item date=’April 30th 2024′ title=’Adopted Law: Compensation for victims of terrorism’ 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/2024/05/Hommage-Victimes-Attentats-22-mars-2016-Schuman-1-Belga-Laurie-Dieffembacq-384×216-1.jpg’ attachment=’17793′ attachment_size=’full’ av_uid=’av-s2h9mn’]
The Parliament has passed the law regarding compensation for victims of terrorism. This legislation aims to ensure that every victim of such an act receives full compensation for their bodily (including psychological) injuries, even if they are not covered by insurance (for example, if the attack occurred in a public place with a weapon). (Source)
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[av_timeline_item date=’April 27th 2024′ title=’Touring ventures into used car sales’ 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/2024/05/touring_logo_700x700.png’ attachment=’17795′ attachment_size=’full’ av_uid=’av-zholxb’]
The company is launching a platform for selling pre-owned vehicles. One of the objectives is to offer buyers insurance products from Touring and AG Insurance. With its new platform, Touring aims to stand out from the competition by focusing solely on recent and “quality” new vehicles. The company does not work with private sellers, but only with dealerships. Each vehicle comes with a one-year warranty. (Source)
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[av_timeline_item date=’April 25th 2024′ title=’Navigating DORA: A challenge 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/2024/05/EU-DORA-Digital-Operational-Resilience-Act-regulation.png’ attachment=’17792′ attachment_size=’full’ av_uid=’av-qbfgnz’]
In the context of cybersecurity and incidents involving information and communication technologies (ICT), European legislators have developed a clear and coherent framework for operational risk management: the Digital Operational Resilient Act (DORA). DORA, directly applicable within the European Union, aims to enhance the digital operational resilience of insurance companies. DORA disrupts the internal organization of insurance companies on certain aspects, and its implementation will pose a challenge in the months ahead. Compliance is costly, and meeting the stringent deadlines of this legislation undoubtedly presents a significant challenge for many companies. (The DORA regulation came into force on January 16, 2023, and must be implemented by January 17, 2025.) (Source)
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