May 26, 2021
Generali has announced it has opened a representative office in Brussels to study the activities of European Union institutions and strengthen EU public affairs activities as well as contributing to sustainable recovery and the European Green Deal.
To mark its 90th anniversary, the firm launched the ‘Fenice 190’, a €3.5bn plan that will be delivered through a range of funds over the next five years focusing on infrastructure, innovation and digitalisation, SMEs, green housing, health facilities, and education, with €1bn being invested last year.
The insurance sector can also help to manage risks from unforeseen crises such as Covid-19, by transferring funds to individuals and businesses and supporting economic recovery by allocating capital to infrastructure investments and sustainable projects.
From this came a new proposal by Philippe Donnet for a multi-level international pandemic fund (Pandemic Risk Pool), that brings together European institutions, member states and the leading (re)insurance companies to create a public-private partnership and the means to protect against future risks.
In addition, insurers can support the EU’s ambition to make Europe the first climate-neutral continent. Generali states it is essential to ensure the right legislative framework to stimulate investment in long term sustainable projects.
The Solvency II Directive, which is currently under review, is a key instrument for freeing up capital and directing it towards projects in line with the Commission’s political agenda such as the Green Deal, the Capital Markets Union and, more generally, the long term investments that can support economic recovery.
Philippe Donnet, Generali group CEO: “Strengthening our presence in Brussels”, “will enable Generali to be even more actively involved in the EU’s key strategic issues. The European capital is where the recovery is orchestrated and the decisions that will determine the future of the insurance sector will come from – from Solvency II to sustainability regulations and the standards for Green Bonds. We want to give our contribution to the definition of these standards that will effective one of the world’s most significant economies and the lives of over 500 million citizens.”