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

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Published: November 03, 2023 Report Code: GDIS2763MR-ST

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Italy Life Insurance Market Report Overview

The gross written premium of the Italy life insurance market was EUR94.3 billion in 2022 and it is expected to register a CAGR of more than 1% during 2023-2027. The Italy life insurance market research report offers an in-depth market assessment by product category for Italy’s life insurance segments. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

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

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

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The Italy insurance market report entails a comprehensive understanding of distribution channels operating in the segment and also gives a detailed account of Italy’s economy and demographics. It further evaluates the competitive landscape, which includes information on segment dynamics and competitive advantages and profiles of insurers operating in the country. The report also encompasses particulars of insurance regulations, and recent changes in the regulatory structure.

Market Size (2022) EUR94.3 billion
CAGR (2023-2027) >1%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Trends ·        Sustainable Finance

·        Artificial Intelligence (AI)

·        Digitalization

·        Personalization
Key Lines of Business ·        Term Life

·        Endowment

·        Pension

·        Capitalization

·        Life Personal Accident and Health
Key Distribution Channels ·        Bancassurance

·        Agencies

·        Direct Marketing

·        Insurance Brokers
Leading Companies ·        Poste Vita

·        Intesa Sanpaolo Vita SPA

·        Generali Italia

·        Alleanza Assicurazioni SPA

·        Unicredit Allianz Vita SPA
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Italy Life Insurance Market Trends

The surge in popularity of sustainable finance, Artificial Intelligence (AI), digitalization, and personalization will shape the Italy life insurance market growth positively during the projected period.

Personalization: In May 2023, the Italian financial services company CRIF introduced a suite of open banking-powered AI solutions for the insurance sector. It enables insurers to provide increased personalized services, reduce costs, and accelerate decision-making. The solutions also help assess customers’ financial health, making it easier for insurers to decide on policies and payment methods. Furthermore, AI-enabled solutions are assisting in evaluating customers’ creditworthiness. As a result, insurers are equipped to make better-informed decisions about customers, reducing their risks.

There are myriad benefits to using open banking-powered suites. In addition to the above-mentioned effective solutions, insurers can determine if customers can pay for policies monthly that will ensure affordability and avoid the need to chase missed payments. Furthermore, the suite can streamline claims and offer personalized insurance options. Similarly, it can streamline the process of applying for insurance, which optimizes time for customers and fosters user satisfaction. This translates to enhanced customer loyalty. Furthermore, security and compliance are guaranteed.

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Italy Life Insurance Market Segmentation by Lines of Business

The key lines of business in the Italy life insurance industry are life PA&H, pension, term life, endowment, capitalization, and other life insurance. Term Life was the leading life insurance line of business in 2022, followed by endowment insurance. However, Life PA&H was the fastest-growing line of business (LOB) during 2018-2022.

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

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

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Italy Life Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Italy life insurance industry are bancassurance, agencies, direct marketing, insurance brokers, and other distribution channels. Bancassurance held the largest share in life insurance distribution in 2022, followed by agencies and direct marketing. The rise in bancassurance can be attributed to the number of acquisitions with the banking partners to increase the penetration of life insurance products in the market.

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

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

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Italy Life Insurance Market - Competitive Landscape

Leading life insurance companies in Italy are Poste Vita SPA, Intesa Sanpaolo Vita SPA, Generali Italia, Alleanza Assicurazioni SPA, and Unicredit Allianz Vita SPA among others. The Poste Vita SPA was the largest life insurer in 2022. The Poste Vita is a subsidiary of Poste Italiane Group. It offers traditional and managed insurance savings, retirement provisions, and person protection schemes. On June 3, 2023, Poste Vita Group activated a plan of initiatives to help and support its insured residents in the flooded areas that have affected the population of Emilia-Romagna and some municipalities in Marche and Tuscany.

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

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

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Segments Covered in the Report

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

  • Term Life
  • Endowment
  • Pension
  • Capitalization
  • Life PA&H

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

  • Bancassurance
  • Agencies
  • Direct Marketing
  • Insurance Brokers

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Italy

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

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

Key Highlights

  • Key insights and dynamics of Italy’s life 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 life insurance segment’s market structure giving details of lines of business.

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

  • Distribution channels deployed by Italy’s life 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 the Italy life insurance segment.

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

  • Assess the competitive dynamics in the life insurance segment.

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

Poste Vita
Intesa Sanpaolo Vita SpA
Mediolanum Vita
Unicredit Allianz Vita
Bnp Paribas Cardif Vita
Generali Italia
Alleanza Assicurazioni
Fideuram Vita

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Lines of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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