AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.
Speaking to France Inter, Buberl said that everything must be done in order to avoid recession, no matter the difficulty.
He said: “We are immersed in a multi-crisis environment that we have never seen before. There is a geopolitical crisis, an energy crisis, and a social crisis that are all dependent on each other. We must do everything not to fall into recession after a long period of prosperity, but it will be difficult.”
He added: “We had, in July, inflation that stood at 6%. Insurance rates have gone up by 2.4%. Our goal is to stay below inflation and to make savings. Inflation is no one’s friend, especially for the most vulnerable.” Buberl said that the firm was in a different situation and that the question of huge profits does not exist for insurers.
He said: “If we are thinking about super profits, then we are also thinking about super taxes that the state can reverse. Is this the best way to distribute purchasing power from citizens? Companies are important so it’s in our interest that companies are strong and solid.” Buberl also talked about the firm’s transition to more-sustainable investing.
He said: “Axa was the first company to say goodbye to coal in 2015. A year ago, we said we were reducing our investment in oil. And in gas, we have reduced our exposure to shale gas by 70%, seeing it as a transition energy.”