ACA Luxembourg releases its 2022 annual report
ACA Luxembourg (standing for Association des Compagnies d’Assurance et de réassurance, and meaning insurance and reinsurance companies association) just released its 2022 annual report. LUXHUB recently joined the association to take an active part in the digital transformation of the (life and non-life) insurance sector.
Key figures & milestones
- 144 members, including 9 new memberships, one of which being LUXHUB
- 1008 meeting have been organized in 2022
- 44 working groups, ranging from AML and Digital Regulations to Brexit and Distribution, for instance
- 1584 participants to the 10th ACA Insurance Day event (academic session and webinar)
- ACA was awarded the ESR “Socially Responsible Business” label from INDR for the second time
- ACA and LuxFLAG jointly presented the new “LuxFLAG Insurance Product” label to life insurance executives
- ACA was involved in the negotiations that lead to the Tripartite Agreement of September 28th, 2022
As explained by Marc Lauer, president of ACA, “we will continue to strongly defend the interests of the insurance and reinsurance industry. The collaboration with ABBL is a real opportunity to strengthen the Luxembourg financial center”. The two associations signed a partnership agreement in February 2022 to further exploit existing synergies and increase their overall impact. If necessary, they will issue common positions on certain topics, notably in the fields of sustainable finance, taxation, financial education, etc.
Achievements & Priorities
- Professional secrecy: “an urgent reform is needed” and the ACA stepped up its actions in 2022, with the Ministry of Finance
- The ACA worked on raising awareness and assisting the members in the fight against money laundering and terrorist financing
- European Single Market: the ACA keeps on advocating a harmonized approach at the EU level and sees it as a key element for the success of an industry, for a competitive and integrated insurance market
- Solvency II and IRRD review: in 2022, ACA engaged intensively with the Ministry of Finance and participated in the development of the EU industry positions, driven by Insurance Europe.
- Sustainable finance: a road map including the points identified as priorities has been prepared by ACA staff (ESG preferences, SFDR regulation and European ESG Template reporting).
Recap of the ACA Insurance Day 2022
Source: ACA Luxembourg
Photo by Gabor Koszegi on Unsplash