Israel Desks - February 2020 Edition

Israel DesksMagazine: Howwould you describe the economic, regulatory or political challenges facing the insurance sector in Israel? Meni: “Theworldof insurance is undergoingvery significant changes that are creating major challenges. Firstly, being fashionably late per usual in relation to other industries, digitalization is finally starting to enter and impact the field. For example, in the past year two new digital insurance companies have been established in Israel, which are definitely increasing competition. Secondly, the macroeconomic environment, particularly the continued decline in long-term interest rates, presents great challenges to how the policyholder’s money is invested. Thirdly, insurance companies in Israel have switched over to a solvency regime centering on capital adequacy. The Solvency II Directive will cause insurance companies to rethink the products they sell and the devices in which they invest. This is similar to the process that banks went through when Basel II was implemented.” Israel Desks Magazine: Which key insurance networking events or conferences do you attend or are you aware of in Israel? Meni: “Most of the Israeli insurance companies in the elementary sector are members of the Israel Insurance Association and those in the health and life insurance sectors are members the Association of Life Insurance Companies of Israel. In addition, there are many professional conferences in the industry and I try to attend the main ones. I also go to professional conferences on legal issues that are usually organized by the various law firms. For example, about a month ago I gave a lecture at a conference on the role of institutional bodies in class actions in Israel and abroad.” Israel Desks Magazine: When you are not involved in major transactions, what do you do for fun in Israel? Meni: “I see great importance in balancing work and doing other things. Therefore, I try to spend time hanging out with my family, playing sports and volunteering.” 38