Inflation, Solvency II and sustainability at the heart of the conversation between the Chairman of Generali, Gabriele Galateri, and the European Commissioner for Financial Services, Mairead McGuinness

Paris – Higher interest rates and inflation could partly change the EU scenario. "The outlook is positive, with GDP growth of 3 to 4%. Inflation is the only worrying factor. We have European resources, customers with excess savings for the consumer market, and the pandemic is becoming endemic. We have to be careful and convey resources towards essential objectives: competitiveness, productivity, innovation", shared Chairman of Generali, Gabriele Galateri di Genola, speaking today at the Politico Finance Summit 2022 in Paris.

Galateri also spoke with the European Commissioner for Financial Services, Mairead McGuinness on Solvency II revision, systemic risks coverage, financial education, and the just transition. 

In regards to Europe’s long-term investment needs and Solvency II, Galateri highlighted that “the insurance sector is managing € 11 trillion of assets which can be directed towards the real needs of the European economy. We are experts in big, long-term projects and can help advise and invest. We can use our firepower to support projects in green and digital that need this capital.”

Concerning the role of European insurers in supporting a sustainable recovery, “I am happy to see that in the European context there is talk of objectives to be achieved in terms of green, education, innovation: we must invest more in the real economy, support investments in strategic sectors, such as infrastructure with patient and long-term capital,” he said.

“What Generali has proposed is a pandemic fund which can have the capacity to answer to the requirements of the market. Insurers, re-insurers, financial markets, national governments, and the EU can take part. The future in a global world cannot be mastered by only one actor,” underlined Galateri reflecting on protections from future pandemics.

Regarding the EU’s energy taxonomy, Generali’s Chairman also stressed the importance of a “Just Transition” to consider the social impact and planning involved to deliver the energy transition. Galateri also highlighted that for Generali “green is really part of our strategy. Our new plan is built on this concept. ESG is part of our products and processes.”