Insurance, the authority: “With the pandemic they saved 2.2 billion on reimbursements. But they only returned 800 million to customers”

Insurance, the authority: “With the pandemic they saved 2.2 billion on reimbursements. But they only returned 800 million to customers”
Insurance, the authority: “With the pandemic they saved 2.2 billion on reimbursements. But they only returned 800 million to customers”

The pandemic has not affected the profits of the insurance companies. The lockdown due to Covid-19 has in fact decreased the road accidents and, thanks to the Rca sector, the insurance companies have increased profits of the non-life business by 45%. Thus the overall economic result remained almost stable. Not all companies, however, have returned some of the rewards to customers on a voluntary basis. Not all those who have paid him then have done so in the same way or to the same extent. For this reason the president ofInsurance Supervisory Institute (Ivass), Luigi Federico Signorini, presenting the Report on the activity carried out by the institute in 2020, asked the groups that have not yet returned part of the prize to do so. And for consumers to evaluate their company’s behavior.

The substantial overall stability reflects opposite trends in the two main sectors, “life” and “non-life”. As explained by Signorini, in the branches other than the Rca, premiums, claims charges e useful overall they remained in line with the previous year. For example, in the “life” sector, which contributes to a greater extent to the profits of companies, profits fell by 20% and deposits also decreased, by around 4%. While in the car sector i awards I’m dropped by 5.5%, but the charges related to claims I’m dropped by 20%. In numbers, compared to the 2.2 billion euros saved, 800 million euros were repaid. But there are strong differences between the different companies.

President Ivass then cited the opinion of theEuropean Insurance Authority (Eiopa) who hopes that “when companies identify products that are no longer sufficiently aligned with the reference market, they will evaluate whether this fact involves a unfair treatment and where unfair treatment emerges, appropriate measures are taken, taking into account the existing laws at national level“. All expectations also shared by Ivass. Now that the limitations to mobility have almost completely disappeared – explains the president – latecomers should urgently re-examine the issue. Furthermore, it is consumer law that of informing and evaluating the behavior of individual companies. As pointed out by the president, the Italian insurance sector has experienced a difficult year, but it has “shown itself resilient alla crisi“. “A market turbulence severe and sudden like the one seen in the first months of 2020 could have had no secondary effects on the equity and solvency of insurance companies globally “he said, but the solvency of companies, which in the darkest periods were monitored, has end “confirmed and strengthened”.

As regards the distribution of dividends, “consistently with the decisions shared in Europe” by the European Systemic Risk Board and “with the action of Bank of Italy in the banking field, IVASS has issued precise recommendations for temporarily limit the distribution of dividends by the insurance companies ”, choosing – as Signorini recalls -“ a prudent and firm attitude, in line with the European guidelines that he had helped to outline “. The European recommendation on the restriction of dividends ceases to take effect in September, barring a worsening of the health situation. Furthermore, on the limitation “in other countries of the Union, divergences, sometimes serious, have also been seen in the approach of the supervisors to the issue” and this highlights “once again the importance ofmore coordinated action compared to that envisaged by the current institutional structure, in the interest of the integrity of the single market and the protection of its overall stability “.

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