Le Italian insurance are ready “a to contribute in order not to make a lack of funding for the real economy”, but “three conditions must be met”. She said it the president of Ania, Aldo Minucci, responding in the course of its annual report to the recent appeal by the president of IVASS (the insurance supervisory institute), which invited companies to play a more active role in financing small businesses.
“In the first place – Minucci underlined – we need to equip our financial market with an adequate range of tools consistent with the principles of safety, liquidity, diversification and profitability which are the basis of the prudential rules of the sector".
Secondly, for the number one of ANIA “it is essential that future supervisory regulations do not penalize investments long-term. It is evident, in fact, that the presence of excessively high capital requirements under Solvency II would make investments of this type difficult, if not impossible. For this reason we strongly ask the Government and IVASS to continue their action so that the European rules are modified which, as they are written today, would dramatically increase the need for capital for companies in the sector”.
Finally, according to Minucci “we need to predict a tax regime that encouragesi effectively all forms of savings and long-term investment”.
The president of ANIA also remarked how insurance companies in their portfolios have about 11% of the public debt Italian, “an impressive stock that is close to i 220 billion".
According to the data provided by Minucci, between 2008 and 2012 the share of Italian government bonds in insurance portfolios increased from 33% to 50%: the new law which reduced the impact of capital losses on government bonds "was help, but in the investment choices made by the companies, the signal of confidence in the country's ability to overcome the emergency must above all be understood and appreciated".
Attachments: Report-President-Aldo-Minucci-Assembly-ANIA-2013.pdf
