The years 2009 and 2010 began with a storm

The years 2009 and 2010 began with a storm. How much will cost Xynthia

We have so far received 10,000 statements of claims. There should be around 20,000 in fine, for an invoice of EUR 60 million. The big difference with other floods, is that it is saltwater. Sea water will leave behind houses sunk and the cost will be probably two to three times more important than for a conventional flood.

What are you going to draw from the recurrence of these climate disasters

Should pay the reality of the risk. If you look at a map of France, there is obviously a diagonal that is often crossed by strong winds. It must be taken into account. Similarly, people who settled in flood area must be aware that they are exposed to a risk and that this risk has a cost. Automobile insurance rates already have a very fine "zoning". In the immediate future, a responsible insurer must take technical remedies. We found our rates in January, we the back in April and probably this summer. The period of falling prices in property and casualty is finite. Auto insurance loss experience is bullish last summer, there is also an increase in theft and serious incidents and one can imagine that fraud does not fall in times of economic crisis. Necessities are therefore, while financial markets do more to compensate for these technical imbalances. We are entering a cycle of generalized increase in damage insurance rates.

Do you still believe the potential of this activity

If you know the practice, it is a job that is results. Year after year, we win market share, even if it is less dramatic than in life. We therefore continue to develop on this branch. This is a cyclical and highly competitive market. It is also a very healthy market because insurers can react very quickly. Finally, it is the heart of the traditional distribution system business. The future of General officers is on the "middle market" companies and professionals. But this does not mean that we abandon the ballast on the insurance of individuals.

Have you changed your allocation of assets in this time of crisis

The out of the crisis is well eventually arrive and it is not excluded that it goes through a phase of inflation. What are the asset classes that best protect against inflation Real estate and stocks, where we are more invested than our competitors. Generali France was EUR 1.3 billion of real estate unrealised gains, that he does not because the market is frozen. In 2009, we have sold 2.6 billion euros in shares and to have purchased 2 billion. We have lowered our portfolio stalled actions to 3.900 points and we are now in a situation of unrealised gains.

The approach of Solvency II grows but not to invest in shares.

Before changing our policy for the allocation of assets, are waiting to see what will Solvency II in the final. All is not yet fixed. There is no point to rush. The paradox of Solvency II, it is that it encourages insurers to buy State bonds, which are used to finance the public debt, by discouraging them to go to the markets, including the economy have yet the greatest need.

In July, the authority of control insurance and mutual (Acam) pinned three insurers on guaranteed life insurance rates. Bercy wants more control these practices. Are you positive

It is a good reform. Play a game, to know the rules. The CMAA has made a good decision. All insurers offering promotional rates, we like the others. In Generali France, they represented the year last only 3 of the total beneficiary participation paid to insured persons.

AXA and Aviva wish that dependency insurance be made mandatory in the construction of the fifth branch. What is your position

Public authorities must clarify their position, then adapt. Something seems safe to me, it will pass through the articulation of a public-private system. National solidarity must obviously play - which implies to have the courage to lift the tax rather than increase social contributions-, but insurers also have their role to take. We did not expect reform to work on it. This is a market where there is a place to take, but which progresses slowly.

You are an administrator of Generali. April 24, end the mandate of President of Antoine Bernheim

The subject was not addressed to the Council and I have no crystal ball. But, in Italy, culturally, age is not an obstacle to the choice of leaders, especially when they have had good results.