Insurance giant Generali celebrates 190 years

Founded in 1831 and still headquartered in Trieste, Italy, Generali’s position as a Fortune Global 500 entity and one of MIT’s ‘smartest companies’ in the world demonstrates that its continued success is based on more than just years.

Accordingly, to coincide with its near-bicentennial celebrations, the company has launched ‘Fenice 190’, a €3.5bn investment project in support of European economies blighted by COVID-19. Efforts will reportedly start in Italy, France and Germany, and then rolled out to all territories that Generali currently operates in.

2021: A decisive year

Fenice 190 marks only the latest of Generali’s efforts to mitigate the deleterious effects of the pandemic. In particular, the company has focused on helping SMEs to survive and investing in infrastructure, innovation and digitalisation via 10 funds (worth over €1bn total).

A further €500m will be spent over a five-year period to encourage sustainable growth.

“The 190th anniversary falls in a decisive year in which we must overcome the most serious global crisis of the post-war era and lay down the foundations for a wide-scale global recovery,” stated Philippe Donnet, CEO of Generali Group. 

“With Fenice 190, we want to be a leader in this journey, leaving a concrete legacy for the future, with significant support for the most innovative, sustainable and strategic sectors for the restart of the European economy, while at the same time encouraging the inclusion of those most heavily impacted by the crisis.”

Insurance for good

As the world continues to battle socio-economic disruption from the pandemic and exit-strategies for lockdowns are drawn up, the importance of insurance as a stabilising force has never been more pronounced.

Wholesale industry investment in digital technology is now commonplace, with some commentators even positing that insurance could play a part in solving yet another pressing global issue: climate change.

Generali, no less ambitious now after 190 years, is poised to be a core part of the ongoing societal regeneration that insurance can bring.

“Today more than ever, in an unprecedented context, the Generali Group intends to build a shared and sustainable vision for the future of all stakeholders,” said Gabriele Galateri di Genola, Chairman of Assicurazioni Generali.

“[W]e intend to build on the extraordinary legacy of skills and history in the Company so that it can stimulate knowledge and inspiration for future generations.”