Generali opens Brussels office to lobby the EU on key strategic issues
Generali has opened a representative office in Brussels, led by Fabio Marchetti, as it looks to influence policy in the European Union.
Philippe Donnet, chief executive officer at Generali Group, said strengthening its presence in Brussels will give it more of a voice in the EU’s key strategic issues. The Brussels office will also represent Generali’s business priorities at the EU level.
Generali has already been an active voice in the European policy debate. To contribute to the recovery with a focus on sustainability and to mark its 190th anniversary, it launched the Fenice 190 investment plan, to invest €3.5 billion on infrastructure, innovation and digitalisation, SMEs, green housing, health facilities and education. The investment will be delivered through a range of funds over a five year period, with €1 billion of that having already been invested in 2020.
Donnet has also proposed a multi-level international pandemic fund (Pandemic Risk Pool), to bring together European institutions, member states and leading re/insurance companies to create a public-private partnership to protect against future risks.
He also argued that Green Bonds be treated as an asset class in their own right, given their distinct characteristics and lower risks when compared to other types of bonds. Investments in long term green bonds should be considered separately, Donnet said, with reduced capital requirements for longer holding periods.
Generali noted the importance of the Solvency II Directive as an instrument to free up capital and direct it towards projects that serve the Commission’s political agenda, such as the Green Deal, the Capital Markets Union and other long term investments that support economic recovery.
Donnet said: “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.”
The Brussels office reports to Generali’s group international affairs.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
