“A challenge for the insurance industry, without a doubt.” With these words, the general manager of ANIA Dario Focarelli commented on the application of the Solvency II directive, responding, during a hearing at the Senate Industry Commission, to a question from the president Massimo Mucchetti on the capitalization of the sector.
Focarelli then focused on analyzing the performance of Italian companies. A trend that in recent years has experienced "a different cycle from those of other countries and, in some ways, more positive", above all due to the numerous purchases of "Italian government bonds during the crisis period" which have yielded to the companies " 100 billion in three years of capital gains”.
Purchases which have therefore led to a greater solidity of the Italian insurance companies, from a financial point of view, so much so that Focarelli is convinced, also in the light of the stress tests for the insurance companies, that no Italian company would have problems, under normal conditions, in application of Solvency II.
In closing, the director general of ANIA said he was against the possibility that, within Solvency II, ad hoc regulatory powers be attributed to Ivass on TPL: an introduction that would assign "an absolutely generic and discretionary regulatory power in relation to particularly important and delicate matters” and which risks conflicting with the rules dictated by the Civil Code.
