Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Date of publication 5 July 2016 Hester Brink, Retno Kusumaningtyas, Michel Riemersma, Joeri de Wilde Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail: [email protected] Website: www.profundo.nl Contents Samenvatting ............................................................................................................ i Summary ......................................................................................................... vii Introduction ........................................................................................................... 1 Chapter 1 Background ...................................................................................... 3 1.1 What is at stake? ....................................................................................... 3 1.2 Themes ...................................................................................................... 4 1.2.1 Organisation................................................................................................ 4 1.2.2 Policy .......................................................................................................... 7 1.2.3 Investments................................................................................................. 8 1.2.4 Reporting .................................................................................................... 9 1.2.5 Complaint mechanisms ............................................................................. 11 Chapter 2 Methodology ................................................................................... 12 2.1 Approach ................................................................................................. 12 2.1.1 Research goal ........................................................................................... 12 2.1.2 Research approach ................................................................................... 12 2.1.3 Research questions .................................................................................. 13 2.2 Scoring .................................................................................................... 16 2.2.1 Investments for the own account ............................................................... 16 2.2.2 Asset management ................................................................................... 16 2.3 Selected insurance groups .................................................................... 17 Chapter 3 Assessment of insurance groups ................................................. 18 3.1 Achmea .................................................................................................... 18 3.1.1 Company profile ........................................................................................ 18 3.1.2 Scores ....................................................................................................... 18 3.1.3 Analysis of results ..................................................................................... 23 3.1.4 Response .................................................................................................. 24 3.2 Aegon ....................................................................................................... 25 3.2.1 Company profile ........................................................................................ 25 3.2.2 Scores ....................................................................................................... 25 3.2.3 Analysis of results ..................................................................................... 31 3.2.4 Response .................................................................................................. 32 3.3 Allianz ...................................................................................................... 32 3.3.1 Company profile ........................................................................................ 32 3.3.2 Scores ....................................................................................................... 32 3.3.3 Analysis of results ..................................................................................... 38 3.3.4 Response .................................................................................................. 39 3.4 APG (Loyalis) .......................................................................................... 39 3.4.1 Company profile ........................................................................................ 39 3.4.2 Scores ....................................................................................................... 39 3.4.3 Analysis of results ..................................................................................... 44 3.4.4 Response .................................................................................................. 45 3.5 ASR .......................................................................................................... 46 3.5.1 Company profile ........................................................................................ 46 3.5.2 Scores ....................................................................................................... 46 3.5.3 Analysis of results ..................................................................................... 49 3.5.4 Response .................................................................................................. 49 3.6 Delta Lloyd............................................................................................... 49 3.6.1 Company profile ........................................................................................ 49 3.6.2 Scores ....................................................................................................... 49 3.6.3 Analysis of results ..................................................................................... 55 3.6.4 Response .................................................................................................. 56 3.7 Generali ................................................................................................... 56 3.7.1 Company profile ........................................................................................ 56 3.7.2 Scores ....................................................................................................... 56 3.7.3 Analysis of results ..................................................................................... 62 3.7.4 Response .................................................................................................. 62 3.8 Legal & General ....................................................................................... 63 3.8.1 Company profile ........................................................................................ 63 3.8.2 Scores ....................................................................................................... 63 3.8.3 Analysis of results ..................................................................................... 68 3.8.4 Response .................................................................................................. 69 3.9 NN Group ................................................................................................. 69 3.9.1 Company profile ........................................................................................ 69 3.9.2 Scores ....................................................................................................... 70 3.9.3 Analysis of results ..................................................................................... 75 3.9.4 Response .................................................................................................. 76 3.10 Vivat Verzekeringen ................................................................................ 77 3.10.1 Company profile ........................................................................................ 77 3.10.2 Scores ....................................................................................................... 77 3.10.3 Analysis of results ..................................................................................... 82 3.10.4 Response .................................................................................................. 83 Chapter 4 Conclusions and recommendations ............................................. 84 4.1 Overview of scores investments own account ..................................... 84 4.1.1 Organisation.............................................................................................. 85 4.1.2 Policy ........................................................................................................ 85 4.1.3 Investments............................................................................................... 85 4.1.4 Reporting .................................................................................................. 86 4.1.5 Complaint mechanism ............................................................................... 86 4.2 Overview of scores