1) The Covid pandemic was clearly here to stay for a while At times the Covid pandemic showed signs of abating, only to return with a vengeance. It brought with it clear evidence of inequality whether that be at the rate of economic recovery or the status of healthcare. 

2) The global economy recovered more quickly and strongly than expected

But here again the story played out at a different pace market to market. And the lack of raw materials, transport, finished goods and even skilled employees put a break on the economy’s rehabilitation. 

3) There was a lot of talk about the rising challenge of climate change, becoming ever more tangible 

We experienced at first hand the reality of climate change, through the devastating impact of the floods in Europe, particularly in Belgium and the UK. The topics of sustainability, the climate and good governance continues to dominate the societal debate, elevated by COP26 which created a real sense of urgency. It led to agreements on several topics, but also highlighted gaps still to be filled. The insurance sector and Ageas can play an important role at different levels. One is helping communities to understand, prepare for and reduce climate risks.

The Impact24 strategy assumes the world will continue to move quickly, and we need to stay agile and flexible in response to stay relevant long term. And that is the aim. We have defined clear targets and plans, with a focus on action, not just pledges.

Making an impact is also about doing things the right way. Impact24 puts sustainability considerations at the heart of our decision-making to innovate, understand risk, drive growth, and build a more inclusive and sustainable future. 

• Firstly, we can use insurance products to respond to climate change and various other societal challenges. By making the right investment choices that fully tick the box of E, S and G, Ageas can mobilise capital to build a more sustainable economy. By 2024 we will have invested some EUR 10 billion. 
• Secondly, our products need to create economic and societal value. By 2024, 25% of GWP will come from products stimulating our customers in the transition towards a more sustainable world. 
• And finally, the management of our own carbon footprint is also a priority of course. Ageas has committed to carbon neutral operations by 2024 and to net zero carbon investments by 2050 at the latest

Within Ageas we are also permanently scanning the horizon for trends and evolutions that change our world and impact our activities so we can be prepared. Many high-impact trends of this year’s Horizon Scan are topics that are already high on the agenda of Impact24, such as: 

• Digital health 
• Platform economy & Scattering Distribution Landscape
• Customer trust
• Mental health and wellbeing
• Remote workforce
• Environmental impact reduction

To ensure long-term sustainable growth, the Horizon Scan results will continue to feed the Group’s strategic action plans and the local business plans.