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Life insurance, the new locomotive for solidarity savings

A sudden enthusiasm. In 2021, the outstanding amount of solidarity-based life insurance grew by almost 50%, reaching 3.5 billion euros, according to figures published by the FAIR association in June. A drop of water, for sure, among the 1,800 billion euros invested in total in life insurance in France, but the dynamism welcomes this structure that promotes solidarity financing, which sees the premises for a “gradual increase”.

“Last year we saw the first effects of the 2019 Covenant Act”, explains Frédéric Tiberghien, chairman of FAIR. Since 1eh January 2020, the law requires each multi-support life insurance contract (contracts that allow investment in units of account, these supports for which there is no capital guarantee) to offer at least one support labeled SRI (socially responsible investment), a “green” fund ( branded Greenfin) or a so-called “solidarity” account unit, i.e. to use 5% to 10% of its assets to finance social structures, social and solidarity economy (ESS).

The obligation has been strengthened since 1eh January 2022, as the contracts must now offer these three types of billing units. “The Solidarité Habitat et Humanisme fund is now mentioned in about a hundred life insurance contracts compared to less than thirty years ago”, confirms, for example, Lydie Crépet, director of the development of financial resources in Habitat et Humanisme, an association that acts in the field of housing and integration. However, the test needs to be transformed: convincing savers to subscribe.

“Convince the insurance companies”

In addition to these solidarity units of account, two life insurance contracts are stamped with “Finansol”, the mark that is a reference in solidarity financing, administered by FAIR: the solidarity contract of Crédit Agricole Assurances and the responsible and solidarity contract of MAIF.

This means that their fund in euros (support that offers a capital guarantee) is also solidary. “To be eligible for the Finansol label, funds in euros must be invested at least 2.5% in solidarity activitiesexplains Mr. Tiberghien. The challenge now is to convince the insurance companies to act honestly, for example by converting existing euro contracts into solidarity contracts. »

In addition to its solidarity euro fund, MAIF’s responsible and solidarity contract offers fourteen units of account, including two solidarity companies, managed by several management companies. As for the Crédit Agricole Assurance solidarity contract, branded Finansol since its launch in 2013, it offers eight units of account, seven of which are solidarity-based. Its fund in euros allocates 5% to 10% of its assets to the financing of the social and solidarity economy (ESS) of the 100% solidarity fund Amundi Finance et Solidarité.

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