Twenty-five years after units of account, a new generation of life insurance contract officially comes to see the day. Highly anticipated, the Decree and the decree establishing the rules for so-called "diverse" contracts were published in the "Official Journal" on 27 July. Therefore, it took a year to implement the provision of the Act Breton to transpose Fillon to life form "Euro diversified", born under the law on pensions and so far reserved for the PERP.
PERP euro diversified"being, in the view general, described as"gas factory", a single operator, Dexia, is launched in 2004 in the adventure. "Diverse" life insurance contracts should, logically, experience a more marked trend.
On paper, the formula appears in effect of the most attractive for the insured. In brief, the "diverse" is an intermediate contract between the classic Fund in euros and the units of account (see box). "It is a contract both in one, a unit of account with guarantees", explains Jean-Pierre Diaz, responsible of the French Federation (FFSA) insurance companies life insurance.
The idea is to enable the investor to combine security and performance and to choose himself the maximum exposure to the risk. "We look at this totally innovative product, we are convinced that it is technically brilliant: the insured chooses where he positions the cursor in terms of risk, by indicating the percentage of the premium he wishes to recover, and on what horizon", summarizes Laurent Doubrovine, technical director and product life to the AGF.
Insurers should also find their account. "To have, in a context of low interest rates, of significantly more efficient than the livret A life insurance contracts, it is necessary to have a more dynamic asset allocation, and therefore fewer constraints on liabilities", explains the FFSA. In a contract in euros, the company is reserves for at any time, to guarantee its commitments.
With the "diverse" contract, she commits (to render the entire paid-up capital, for example) upon expiry of contract, or in General after the eight years required to take advantage of the favourable tax provisions of life insurance. "We will sell our financial expertise to the insured, which will give us the keys to our work the best for the life of the contract," says Laurent Doubrovine.
Left to find the formula to commercialize this new generation of contracts in the best conditions. The "diverse" will be, "at least in the beginning, more a product of niche as the Office and the PERP, and it will require more explanation to the sale", prognostic the FFSA.
Insurers work to its placing on the market, but seem less eager than they were for the PERP, which the tax was to start a selling point. AXA said and the "diverse" "is not part of its plans in the short term" and CNP Assurances, told very interested, prefers to remain low-key about its intentions. The AGF to give "satisfactory one or two months to define a concept", but believe that it they will probably a little more time for this actually leads to a product.
"Each will have to find the right marketing package", summarizes an insurer. Remains whether the expected volumes will be sufficient to justify the heavy priori it investments required to "plug" in the "diverse" on existing management systems.