Market – Aug/Sep 2023
This month, keep up with the latest insurance news and read more about the ING barometer, AXA’s initiatives to tackle climate change, the NatCat intervention limit and a European rapport on protection gaps, as well as Assuralia’s new look.
- ING barometer
- Axa announces new initiatives to tackle climate change
- NatCat: Assuralia deplores the increase in the intervention limit
- European Commission publishes report on climate protection gaps
- Assuralia got a new look
- Reform of the travel agency insolvency regime
ING barometer
In its latest update, the ING Barometer reports that the proportion of stock market pessimists has risen from 23% to 27%. In addition, 31% of investors appear to be more risk averse, an increase of 5%.
Finally, the ageing of the population is seen as the most important challenge by 37% of investors, followed by global warming by 32%.
Axa announces new initiatives to tackle climate change
In its Climate & Biodiversity 2023 report, the insurer introduced new decarbonisation targets for its insurance and investment portfolios, aimed at steering the decarbonisation of its non-life business and the development of its insurance activities dedicated to the transition.
NatCat: Assuralia deplores the increase in the intervention limit
As we announced in July, the intervention limit for insurers will be multiplied by 4 from January 2024. The decision is not to Assuralia’s satisfaction, as Assuralia would like to see regional authorities take on more financial responsibility.
European Commission publishes report on climate protection gaps
In autumn 2022, a group of stakeholders from the sector (insurers, reinsurers, risk managers, public authorities and regions) was set up by the European Commission to discuss ways of protecting against climate risks. The dialogue will provide an opportunity to consider actions aimed at increasing the penetration rate of insurance against climate risks, as well as creating conditions favourable to increasing investment in appropriate adaptation solutions.
At the end of July, the group published an interim report, which you can consult here.
Assuralia got a new look
With a new, more modern and contemporary logo to reflect its new visual identity, Assuralia also has a new digital portal, Assuralia.be, which provides information and raises awareness tailored to different target groups. The new site is aimed directly at consumers and professionals in the sector.
Reform of the travel agency insolvency regime
The federal legislator has revised the travel agency insolvency regime to deal with the high risks associated with the insolvency insurance offered by insurers. The new system allows the insurance company to limit the total amount of compensation it must pay out. Above this ceiling, the State pays most of the compensation.
The scheme is financed by an annual advance contribution from insurers to an organic fund specially created for this purpose.
The scheme is applicable from 1 January 2023 to 31 December 2028.
Sources:
- ING, Baromètre ING des investisseurs : Le bon d’Etat alimente l’intérêt pour les investissements obligataires
- Assuropolis, AXA renforce son engagement dans la lutte contre le changement climatique
- Assuropolis, Catastrophes naturelles : Assuralia « déçue » par le relèvement du plafond d’intervention
- Assuropolis, Rapport intermédiaire du groupe de travail de la CE sur les lacunes en matière de protection climatique
- Assuralia, La fédération des assureurs enfile un nouveau costume
- Assuropolis, Nouveau régime temporaire d’insolvabilité pour les agences de voyages
