"Around the world, banking and insurance are essentially the same. There is no difference in risk management between banks and insurance companies, and in risk management there is no one like Eliahu Insurance Company. Compare Eliahu Insurance's results with the results of the large insurance companies. Insurance and banking is a profession, and a professional knows how to act," said Eliahu Insurance founder and owner Shlomo Eliahu yesterday at the Ninth Adif Conference, where he was presented an award for his service to the insurance industry.
Eliahu was referring to his intention of becoming a part of the controlling core of Bank Leumi (TASE: LUMI). The target of the message was the Bank of Israel.
Eliahu added, "I'll achieve this, and I'll celebrate taking control of Bank Leumi."
At the conference, Deputy Minister of Finance Yitzhak Cohen mentioned the interest rate hike. "We must realize that a low interest rate helps create bubbles. That is why Governor of the Bank of Israel Prof. Stanley Fischer's interest rate hike is a modest step in the right direction," he said.
At one panel, New Mivtachim Pension Fund CEO Yaakov Rosen said, "The great strategic problem that we have to deal with in the pension market isn't the operational-mechanical question, which will be solved, but instilling the concept of what a pension is amongst the public. That's the great challenge. It's important to make it clear to savers that it's important to begin putting aside money for a pension at a young age. It's important that the public realize that a temporary suspension in savings, or withdrawing compensation will dramatically slash a pension's payout for retirement."
Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) won the Best Insurance Company of the Decade Award, made by insurance correspondents. Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) was named best insurance company of the year, and the Meitavit Atudot Pension Fund, owned by Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), was named best the pension fund.
Published by Globes [online], Israel business news - www.globes-online.com - on November 24, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009