About a quarter of the nearly one million jobs by the insurance industry could be lost in Europe in the next decade, including positions such as issuing insurance contracts and complaint handling damages typically, according to consulting firm McKinsey & Co. said. The European insurers have become more vulnerable because the state can not predict the number of complaints and requests for compensation, while premium revenue is stagnant and declining investment yields in the context of a low interest rate environment are lasting record. At Ergo, most of the new budget amount mentioned above will be used to modernize the computer system. Sales force and corporate governance will also be streamlined, generating total net savings amounted to 280 million euros in 2020, according to the CEO of Ergo, Mr. Markus Riess, said in a press conference in Dusseldorf. These changes will help Ergo can contribute 500 million euros annually in Munich Re's profits, at least since 2021, he said.
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