Italy General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Published: December 07, 2023 Report Code: GDIS2780MR-ST

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Italy General Insurance Market Report Overview

The gross written premium of Italy general insurance market was EUR35.7 billion (37.6 billion) in 2022 and is expected to achieve a CAGR of more than 3% during 2023-2027. The Italy general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Italy General Insurance Market Outlook, 2022-2027 (EUR Billion)

Italy General Insurance Market Outlook, 2022-2027 (EUR Billion)

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The Italy general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Italy’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) EUR35.7 billion (37.6 billion)
CAGR (2023-2027) >3%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·        Motor

·        Property

·        Liability

·        Financial Lines

·        MAT

·        Non-Life PA&H
Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Financial Advisors

·        Online Aggregators
Leading Companies ·        UnipolSai

·        Generali

·        Allianz

·        AXA

·        Societa’ Reale Mutua
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Italy General Insurance Market Trends

Cyber insurance, digital initiatives, and rising demand for EVs are a few of the recurring trends in the Italy general insurance market.

  • Allianz co-founded the Net Zero Activities Insurance Alliance in 2021 to promote the decarbonization of insurance portfolios. The company aims to reduce carbon emissions through repairs, instead of replacing them with new parts for vehicles, and to provide sustainable claims management by offering greener repair options.
  • In July 2023, the insurance company Wefox and Green and Advanced Transport Ecosystem (GATE) partnered to provide insurance based on the pay-per-use model. GATE provides electric commercial vehicles for long-term rental purposes.

Italy General Insurance Market Segmentation by Lines of Business

Motor was the leading general insurance line of business in 2022

The key lines of business in the Italy general insurance industry are property, motor, liability, financial lines, MAT, and non-life PA&H. A strong rebound in new car registrations, supported by the renewal of Ecobonus incentives on the purchase of electric, hybrid, and low-pollution cars, will drive motor insurance growth.

Italy General Insurance Market Analysis by Lines of Business, 2022 (%)

Italy General Insurance Market Analysis by Lines of Business, 2022 (%)

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Italy General Insurance Market Segmentation by Distribution Channels

Direct from insurers was the most preferred channel to purchase general insurance in 2023

A few of the key distribution channels in the Italy general insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers among others. The popularity of direct sales channels is attributed to the availability of digitized services. It was the most-demanded channel for the population aged between 75-80 years for both home contents insurance and motor insurance policies.

Italy General Insurance Market Analysis by Distribution Channels, 2022 (%)

Italy General Insurance Market Analysis by Distribution Channels, 2022 (%)

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Italy General Insurance Market - Competitive Landscape

UnipolSai was the largest general insurer in 2022

A few of the leading general insurance companies in Italy are:

  • UnipolSai
  • Generali
  • Allianz
  • AXA
  • Societa’ Reale Mutua

UnipolSai was followed by Generali and Allianz in 2022. However, AXA registered the fastest growth during 2018-2022 among all the top five players. The growth is attributed to the rise in investments in digital initiatives and focus on strategic partnerships during 2022.

Italy General Insurance Market Analysis by Companies, 2022 (%)

Italy General Insurance Market Analysis by Companies, 2022 (%)

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Italy General Insurance Market - Latest Developments

  • In September 2023, Unipol Gruppo raised its stake in Banca Popolaredi Sondrio after buying shares from investors. The increase in shareholding will help Unipol strengthen its strategic approach to increase bancassurance business.

Segments Covered in the Report

Italy General Insurance Lines of Business Outlook (Value, EUR Billion, 2018-2027)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • Non-Life PA&H

Italy General Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)

  • Direct from Insurers
  • Insurance Brokers
  • Financial Advisors
  • Banks
  • Online Aggregators

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Italy.

  • Historical values for the Italy general insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top general insurance companies in Italy and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Italy’s general insurance segment.

  • A comprehensive overview of Italy’s economy, government initiatives, and investment opportunities.

  • Italy’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

  • Italy’s general insurance segment’s market structure gives details of lines of business.

  • Italy’s general reinsurance business’s market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Italy’s general insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Italy’s general insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Italy’s general insurance segment.

  • Assess the competitive dynamics in the general insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

Unipolsai Assicurazioni
Societa' Cattolica
Generali Italia
Societa' Reale Mutua
Allianz Hungaria
Vittoria Assicurazioni
Groupama Assicurazioni
AXA Assicurazioni

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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