Every month we help you keep up with the Belgian insurance market.
Partnerships, mergers and products
Integrale – Monument Re
In May we all thought Integrale found a happy ending with Monument Assurance Belgium. However, one of its investors, MGEN (Mutuelle Générale de l’Education Nationale), has filed a summary action before the Liège corporate court. The goal is to obtain the publication of a series of documents, but also to ask for the suspension of the sale while waiting for the justice to decide on the merits of the case. The MGEN invested €20 million in 2014 when Integrale issued bonds.
Since the beginning of this conflict, the bondholders wondered why the board of directors did not opt for the River Rock fund offer, which was a priori more favorable to the company’s creditors. In addition, the bondholders also criticize the total absence of justification for the choice made by the administrators to prefer Monument Re to River Rock.
However, both the NBB and Integrale disagree with MGEN, saying that the MAB offer was the best option. “River Rock’s offer did not amount to a realistic proposal that would safeguard all the rights of the insurance creditors.” argued Marc Fyon, one of the administrators appointed by the NBB.
Ethias – Masana
People’s well-being and peace of mind are at the heart of all Ethias’ activities. This is why Ethias goes beyond insurance and invests in innovative services that make life easier for its customers. This why Ethias partnered with Masana. It’s a platform that connects, through a mobile app, different types of health services and patients. Thus making it possible to optimize the monitoring of people receiving home care. Elderly, momentarily bedridden person and people suffering from chronical disease will now be able to receive full treatments and medical care from their home, liasing easily with them through this e-health service.
This solution will be tested for 6 months with 8 different partners: CHR Citadelle, Clinique André Renard, CHwapi and EpiCURA, for the hospitals, homecare coordination centers CSD and ASD, and finally, the teleassistance centres Solidaris and Vitate.
Ethias participates in the financing of the tests, from coordination to the provision of equipment kits. The data is stored in a secure environment and shared with the Walloon Health Network. Following the GDPR rules, Ethias will not have access to its customers health data.
This partnership confirms the trend we have been observing for some time: insurers are increasingly differentiating themselves by offering services in addition to their traditional coverage.
Qover – Monese
British banking app Monese and insurtech Qover announced their new partnership. It aims at providing a safety net to the app’s customers by offering them a guarantee on their bills and regular purchases. This protection offers to Monese customers to pay their bills for them in case of sudden unemployment or illness, for example.
Integrated with Monese accounts, this new Bills and Purchases protections provide additional support to their customers at a time when many of them are worried about their financial stability.
Monese chose Qover for their flexibility, extensive digitalization and ability to understand their needs quickly. A new step towards international growth for the Belgian insurtech.
Side note, Qover was recently in the top 10 of Belgian startup according to a LinkedIn ranking.
Flora by Ethias
Ethias launched a new insurance product: “Flora by Ethias”, a co-living protection. Concretely, Flora’s co-living insurance is a no-deductible insurance policy that provides all roommates with civil liability coverage for damage they cause to the roommate’s home or to neighboring homes.
This protection is completed by a contents insurance that intervenes to protect all the belongings of the shared living space (for example following a water damage or a fire). As an option, the roommates can also protect themselves against theft and vandalism. Finally, they can also insure themselves against bodily injury and material damage caused by a roommate to another flatmate.
Since the 2nd of September, 2021, Immoweb offers fire insurance for homeowners on its website. The product was developed in collaboration with insurer Baloise and fintech Qover, which specializes in developing digital insurance packages.
The insurance for homeowners is a next step on the fire insurance for tenants that Immoweb Financial Services brought to the market with the same partners in mid-2019. So far, Immoweb is pleased with the response to the insurance for tenants On the site, more than 260,000 simulations have been performed, which has led to several thousand contracts.
News of the market
Solvency II update
The European Commission (EC) published its long-awaited proposal on the update of Solvency II. The Commission’s objective? To make the capital requirements more flexible, so that insurers can inject cash to support the economic recovery.
Indeed, the Commission noticed that the insurers successfully weathered the turmoil of the crisis. They also applauded the insurers for managing their risks well and having capital “well above” the minimum requirement. As a result, the Commission would like to reduce and spread over time the capital requirements for long-term equity investments. Thus responding to a strong demand from the sector, notably in France and the Netherlands.
In addition, Brussels also announced their will to ease the pressure on the smallest players by removing them from SII. Consequently, they would have to comply with the national regimes, often more flexible. Also, the European executives announced that the updated regulation would take better account of certain risks, particularly climatic. They added that the norm “will be less sensitive to short-term market fluctuations”.
According to EC calculations, “up to 90 billion euros of capital could be freed up in the EU” in the short term. “This will allow insurers to play a stronger role in the recovery and the constitution of a capital markets union,” insisted Valdis Dombrovskis, vice-president of the European Commission.
Additional costs for the hospitalization insurance
In Belgium, the pandemic has already generated additional costs of €45 million for hospital insurance since March 2020. This total is expected to rise to €19 million euros in 2021, after a year 2020 at €28 million euros, has found a study led by hellosafe.be.
Indeed, Wallonia and Brussels are the regions where the extra costs of hospitalization insurance were the highest, while the two Brabant provinces turned out to be the provinces where the extra cost per insured inhabitant was the lowest.
Group purchase for car insurance is now possible
iChoosr, an expert in group buying, and Hopala, an independent insurance broker, are organizing a group purchase for car insurance.
Indeed, each participant in the group registers without commitment respecting a deadline. Then, the negotiations with the insurers begin. Two weeks later, each participant receives his personal proposal by e-mail, in hope of a cheaper quotation. The participant can then choose whether or not to accept the proposal. In case of approval, Hopala will contact the participants by phone to explain what the participants will do to transfer the insurance to the new insurer.
The 1st ever International Colloquium of Francophone Actuaries
It is a real event that will take place early October. The 1st ever International Colloquium of Francophone Actuaries takes place ! It is organized by the International Actuarial Association (IAA) in conjunction with various actuarial institutes and associations in the French-speaking world. For Europe, the one who responded to the call are: the French Institute of Actuaries, the Institute of Actuaries in Belgium (IABE), the Swiss Association of Actuaries (ASA). For the further away lands, the following countries are participating: Benin, Cameroon, Canada, Ivory Coast, Morocco, Senegal and Tunisia.
Organized from October 4th to 8th, this conference will offer presentations on various topics, ranging from cyber risks to national solidarity in insurance. In addition, 5 evenings of free webinars are planned.
This first conference shows a real desire to bring together the French-speaking actuarial profession and to discuss current issues. While we see risks becoming more and more global (cyber, climate change…) this gathering will be, we hope, the first of several.
- L’Echo, Des obligataires veulent suspendre la vente d’Integrale
- Hellosafe.be, [Covid] Plus de 45 millions de surcoûts pour les compagnies d’assurance hospitalisation depuis mars 2020 en Belgique
- Institut des actuaires, 1er Colloque International de l’Actuariat Francophone
- Communiqué de presse Qover, Monese partners with Qover to launch new insurance to protect customers bills and purchases amidst pandemic
- Argus de l’Assurance, Actions, taux bas, proportionnalité : les propositions de Bruxelles pour la révision de Solvabilité 2
- Les Echos, Assurance : Bruxelles veut libérer 120 milliards de capital en assouplissant les règles
- Assuropolis, Achat groupé d’une assurance auto possible via Hopala
- Ethias press releases
- Assuropolis, Immoweb lance une assurance pour les propriétaires