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Insurance news – June 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=’June 19th 2024′ title=’AG Insurance SA redeemed €450 million in subordinated bonds’ 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/2024/06/AG-insurance-logo-carre.png’ attachment=’17889′ attachment_size=’full’ av_uid=’av-1r538al’]
Leveraging its strong capital position, AG Insurance SA exercised its right to early redeem, at the first available date as outlined in the prospectus, €450 million of subordinated bonds with a fixed-to-floating interest rate of 5.25%. (Source).
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[av_timeline_item date=’June 18th 2024′ title=’AG Insurance sets sights on billions in government bonds with summer campaign’ 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/2024/06/AG-insurance-logo-carre.png’ attachment=’17889′ attachment_size=’full’ av_uid=’av-l59rx’]
After BNP Paribas Fortis launched three new bonds and a certificate on Monday, insurer AG is now launching its own summer campaign by increasing the guaranteed interest rate on one of its most popular savings insurances: Future Invest Bon and AG Invest+. New customers can expect a guaranteed interest rate of 3.50% for the first two years of the contract, with returns reaching 2.25% in subsequent years. Existing customers who have already invested in Future Invest Bon/AG Invest+ will not benefit from the higher guaranteed interest rate. However, they retain the opportunity to receive additional profit sharing bonuses in the future (Source).
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[av_timeline_item date=’June 13th 2024′ title=’The insurer NN now offers non-life insurance through credit brokers’ 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/2024/04/Design-sans-titre-3.png’ attachment=’17575′ attachment_size=’full’ av_uid=’av-1aul49p’]
For years, NN has successfully provided non-life insurance, such as car insurance or home insurance, through ING. By now also distributing these through credit brokers, NN aims to offer a complete package to its individual clients through their trusted advisors. NN chooses to primarily work with credit brokers, as taking out a mortgage is a “logical moment” to purchase insurance, whether “life” or “non-life.” The implementation will be gradual, allowing NN to increase its capacity proportionally. This aligns perfectly with their growth strategy in Belgium (Source).
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[av_timeline_item date=’June 10th 2024′ title=’Aon’s new study “Pension Survey 2024″‘ 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/2024/06/save-up-4666418_1280-1030×686.jpg’ attachment=’17892′ attachment_size=’large’ av_uid=’av-170zud9′]

Aon’s “Pension Survey 2024“, analyzes over 550 pension plans from 285 Belgian companies across 14 sectors, providing a comprehensive view of pension plan developments. Key findings include that the statutory pension typically covers only 56% of the final gross salary after a full career, underscoring the importance of supplementary pensions in offsetting potential income drops post-retirement. Consequently, companies increasingly integrate supplementary pensions, especially defined contribution plans, into their compensation packages. (Source).

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[av_timeline_item date=’June 10th 2024′ title=’Recap of the 14th International Conference of Insurance Europe’ 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/2024/06/Insurance-europe.jpg’ attachment=’17891′ attachment_size=’full’ av_uid=’av-wuf97h’]

The 14th International Conference of Insurance Europe in Helsinki on May 30th focused on the themes of “Protect, Connect, and Invest.” Key priorities included advancing climate-related insurance through new technologies for better data on events like floods. The conference emphasized the financial sector’s responsibility to manage its carbon footprint from investments. It highlighted the need for improved financial education in Europe and noted challenges with the regulatory framework favorability. While embracing new technologies to engage younger, connected generations was encouraged, the conference cautioned against underestimating the impact of continuous regulatory changes on insurers transitioning to greener, digital futures (Read Insurance Europe Report). 

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[av_timeline_item date=’June 7th 2024′ title=’Recap of the 5th European Congress of Actuaries’ 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/2024/06/ECA-202-1030×1030.jpg’ attachment=’17887′ attachment_size=’large’ av_uid=’av-14iutdp’]
The European Congress of Actuaries (ECA) is a significant event that brings together professionals from the actuarial field across Europe. Held biennially, the congress serves as a platform for actuaries to discuss the latest trends, challenges, and innovations in their profession. The 5th edition of the ECA was hosted in Rome on the 6th and 7th of June by the Actuarial Association of Europe together with the Italian Society of Actuaries and organised by the European Actuarial Academy. This year’s congress attracted nearly 400 delegates who participated in a program featuring 4 plenary sessions and 35 concurrent presentations by over 70 speakers, panelists, and moderators. (Source).
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[av_timeline_item date=’May 29th 2024′ title=’New Insurance Report by Allianz Global ‘ 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/2024/06/Allianz-carre-logo-1030×1030.png’ attachment=’17896′ attachment_size=’large’]

Allianz Group has released its latest “Global Insurance Report,” analyzing the evolution of insurance markets worldwide. Here are some key observations:

– Exceptionally strong growth: Global insurance premiums increased by 7.5% in 2023, marking the fastest growth since 2006, just before the global financial crisis.

– Focus on insurability: Prevention measures, new technologies, and strategic partnerships have the potential to redefine the boundaries of insurability without eliminating them altogether. 

– Bridging the gap: Premiums are expected to grow by 5.5% annually over the next decade, correlating with economic expansion.

– Adoption of generative AI is transformative: Facilitating breakthroughs, cost savings, and efficiency gains.

– In France, the Life insurance segment has made a significant comeback, contributing to a 4.6% growth in premiums in 2023

(Read the full report). 

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