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Summary
The global insurance market grew, with total premiums expected to exceed $7,000 billion in 2022-23, led by the USA with nearly $2,718 billion in premiums. U.S. life insurance premiums amounted to $609.6 billion, while non-life premiums, including basic medical coverage, totaled $2.1 trillion in 2021. Non-life insurance experienced more pronounced growth, with a rate of 5.77% between 2014 and 2021.
In Italy, despite a slowdown with a market value of 129 billion euros in 2022 versus 140 billion euros in 2021, the insurance sector continues to transform, mainly due to technological advances leading to insurtech innovations and demand for policies against cyber risks. Italy's aging population has sparked interest in health-related insurance, while movements in favor of environmentally-friendly transport have led to new demand for insurance policies.
With COVID-19, companies have adapted by offering extended cover and including quarantine benefits. The number of Italian insurance intermediaries has fallen slightly, but Italy still leads Europe with 231,446 registered intermediaries at the end of 2022. Premium distribution is dominated by the major insurance companies, with agencies leading in non-life distribution and banks in the life sector. The market is concentrated, with the top five Italian insurers accounting for over 62.8% of life insurance premiums.
Navigating changing trends
In Italy, insurance brokers play an essential intermediary role, facilitating the matching of supply and demand in a diversified and fast-changing insurance market. As the market undergoes a gradual transformation due to technological advances, the role of brokers is being redefined. The impact of insurtech is driving the proliferation of distribution channels that are challenging traditional brokerage systems. At the same time, concerns about data protection and cyber-attacks are amplifying demand for new forms of insurance. Historically, the Italian insurance sector has experienced patterns of growth and decline, gradually regaining its rate of expansion despite the setbacks of economic crises. The life insurance segment, while experiencing declines in recent years, still contributes around three-quarters of total premiums. However, an ageing population, vulnerable to health problems and rising healthcare costs, is driving a significant increase in demand for health-related insurance policies.
This demographic shift, reflected in an old-age index that has risen from 30-33.5% to 180-190% in recent years, offers brokers the opportunity to meet the insurance needs of an ageing society. The Italian insurance market is also responding to a series of factors influencing demand. The growing number of vehicles associated with environmental awareness has given rise to the need for specialized motor insurance products, including coverage for bicycles and scooters. Similarly, cyber risks associated with digital transformation are driving the need for comprehensive cyber insurance policies. Despite these opportunities, the Italian insurance landscape is marked by high market concentration, with the top five insurance companies holding a considerable share of around 70% to 85% in both the life and non-life insurance segments. This centralization represents a challenge for brokerage firms, especially for smaller players who have to compete with the dominant companies. On the supply side, there is a multitude of offerings to meet this rich mosaic of needs. Insurance policies are increasingly personalized and flexible, covering a broad spectrum from property and natural disasters to cyber risks and mobility.
For insurers, the imperative has become to constantly innovate, adapting to consumer demands reinforced by current trends. The market for motor insurance policies remains the largest in the non-life insurance category, accounting for between 40% and 45% of the total value. However, reflecting broader transitions in the sector, average premiums are lower for companies selling policies online or by telephone than for those using traditional channels, underlining the growing importance of digital distribution methods. In response to the 19-year-old bird flu pandemic, insurance companies set up online and telephone insurance systems.
As the Italian insurance market goes through the ups and downs of economic cycles, certain key players have emerged as formidable forces, setting the benchmark for excellence and innovation in the sector. These insurance giants have not only adapted to ever-changing market dynamics, but have also carved out niches for themselves, making a significant contribution to the sector's resilience and growth.
- Generali Group: the market leader The Generali Group is the embodiment of market dominance in the Italian insurance sector. With a dominant presence and a comprehensive portfolio covering a wide range of insurance products and financial services, Generali has cemented its position at the forefront of the market. It is not only the breadth of its offerings, but also the depth of its expertise and the extent of its market share that have positioned Generali as the leading player in the Italian insurance hierarchy.
- Intesa SanPaolo Vita: the power of bank insurance Intesa SanPaolo Vita represents a perfect blend of banking prowess and insurance acumen, and holds a substantial share of the market. Part of the Intesa SanPaolo banking group, this entity leverages its banking network to integrate insurance solutions, making them more accessible to its vast customer base. Its strategies have enabled it to establish itself in the life insurance segment, demonstrating how banking and insurance can combine to create a complete ecosystem of financial services.
- Allianz Italia: a beacon of stability and innovation Allianz Italia's reputation as a steadfast provider of insurance solutions is well-deserved. It enjoys great respect in the marketplace, offering a wide range of insurance products to meet diverse needs, from personal to commercial. Allianz Italia's focus on customer satisfaction and technological integration has enabled it to maintain a substantial market share and a reputation for reliability combined with innovation.
- Poste Vita: Versatile insurer Poste Vita occupies a unique position in the insurance market thanks to its association with Poste Italiane, the Italian postal service provider. This affiliation has given Poste Vita access to a wide audience, offering life insurance solutions that resonate with a broad spectrum of Italian society. The company's strategic positioning within the postal network enables it to offer insurance products with a high degree of penetration and convenience.
- Unipol Group: The consumer-centric challenger The Unipol Group completes the top 5 with its focus on customer-centric insurance solutions. Unipol has carved out an important market segment by taking the pulse of consumers.
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Detailed content
Inforamtion
- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 15/09/2020
Summary and extracts
1 Market overview
1.1 Definition and presentation
Insurance brokers belong to the broader category of intermediaries, i.e. people who facilitate the matching of supply and demand in a given organizational context (e.g. real estate, insurance). Unlike insurance agents, who are employed by an insurance company, brokers work on behalf of the customer and have no working relationship with the insurance company.
The broker's role is therefore not to sell a particular policy, but to provide advice on a variety of solutions. Insurance brokers may work independently or for a brokerage firm, and may represent two types of customer: individuals or companies.
The market is inevitably linked to the insurance sector in Italy, which has performed poorly in recent years and is undergoing continuous transformation in order to adapt to the progressive impact of technology in all business sectors. Indeed, it is thought that insurtech will be responsible for a proliferation of distribution channels, to the detriment of traditional solutions. On the other hand, the rapid expansion of technology is giving rise to widespread concern about data protection and cyber-attacks, uncertainties on the demand side that can create considerable opportunities on the supply side.
1.2 A booming global market
According to the Swiss Re Institute's World Insurance Sigma, total premiums are expected to exceed $*,*** billion in ****-**. The United States has the highest premiums in both life and non-life insurance, with a payout of almost $*,*** billion.
Total worldwide premiums World, ****-****, in billions of dollars Source: ****
The increase is more ...
1.3 Slow growth in Italy's insurance market
Italy's insurance market has experienced cyclical waves of growth and decline since the **** crisis. After a strong downward trend since ****, the market has slowly begun to grow, reaching a total value of *** billion euros in ****, before falling back to *** in ****.
Premiums received in Italy Italy, ****-****, in billions of euros Source: ...
2 Demand analysis
2.1 Summary of demand factors
The European insurance market is extremely diverse. Over the last few decades, the number of European insurance intermediaries has fluctuated to meet the demands of different countries' populations, making it difficult to identify a general trend.
In Italy, the number of insurance intermediaries fell slightly between **** and ****, while the size of ...
2.2 Italy's population continues to age
Since brokers account for *.*% of the non-life insurance market, the main segments being motor, health and property insurance, it is particularly important to examine trends in these sectors in detail in order to understand the demand for insurance brokers.
The number of motor vehicles in Italy is a direct factor in ...
2.3 Car traffic decreases and environmentally-friendly transport increases thanks to Covid-19
Legislative measures put in place by the Italian government to limit the spread of Covid-** have reduced the mobility of citizens, and therefore car traffic. As a result, the number of road accidents also fell between February and May **** compared with the previous year, resulting in greater profitability for insurance companies. ...
2.4 Insurance is changing the world of insurance
The term"In surTech" is used to define companies, usually start-ups, that use technological innovations, such as artificial intelligence or blockchain, to improve the efficiency of the current insurance industry model and increase savings. The term comes from the combination of the words "insurance" and "technology" and was coined at the ...
2.5 The credit broker
Credit mediation is a booming business,an intermediary activity whereby a broker brings borrowers and lenders together, without using his or her own funds to initiate the loans. The role of brokers is therefore crucial in this type of transaction, as they are able to bring borrowers and lenders together, seeking ...
2.5 Request for credit mediation services
At the end of ****, the credit mediation company ** Max has published a report containing the most important data on the credit mediation market. These include a profile of those who use credit mediation to apply for a mortgage. The most important data are summarized below:
Type of applicant Italy, ****, in Source: ...
3 Market structure
3.1 Number of Italian insurance intermediaries down slightly
In ****, Italy had ** domestic insurance companies and * representatives of non-EEA (***) companies, which contributed **% of premium collection. The remaining **% was collected by *** EEA insurance company representatives and **** non-EEA companies providing free services. Between **** and ****, the number of domestic companies gradually decreased from *** to **, a **% drop over the decade.
Distribution of insurance companies ...
3.2 The Italian insurance market is highly concentrated
The Italian insurance market is highly concentrated. The top five insurance companies hold a significant share of the market, with non-life and life insurance accounting for **.*% and **.*% respectively. If we extend this analysis to the top ten companies, these shares rise to **.*% and **.*%. It is interesting to note that the non-life ...
3.3 The industry's return on equity is rising
In the aftermath of the **** crisis, return on equity for the entire Italian sector was negative, reaching a low of -*.*% for the life sector and -*.*% for the non-life sector. For example, over the ****-**** period, ROE in the life sector rose from a low of -*.*% to an all-time ...
3.4 Main players in the brokerage and insurance agent sector
Insurance brokers are classified under the following ateco code: **.**.**. Insurance agents refer to the following ateco code: **.**.**. These two codes represent the category of those engaged in the activities of agents and brokers (***) in the sale, negotiation or solicitation of life annuities and insurance and reinsurance policies.
To give an overview ...
4 Offer analysis
4.1 Overview of insurance offers
In the insurance sector, the main distinction is between life and non-life insurance. These categories can be further divided into the following macro-zones and branches:
In particular, the following trends can be observed on the supply side:
Enrichment of the offering in the mobility sector, with traditional products being replaced by ...
4.2 Motor insurance policies lead the non-life insurance category
If we analyze the share of non-life insurance policies by macro-zone, we see that motor insurance policies account for almost half of the total value, or **.*%. This is followed by property and health policies, each accounting for around **% of the total.
Distribution of non-life insurance policies by macro-area Italy, ****, in Source: ...
4.3 Life insurance products
Among life insurance products, class I policies account for almost **% of the market, followed by class III (***) and other smaller insurance solutions.
Share of life insurance products by type Italy, ****, in Source: ****
When a customer approaches an insurance broker to take out life insurance, the broker analyzes the customer's risk profile ...
4.4 New offers to combat the Covid-19 pandemic
The insurance industry has introduced new measures to support the industry and users during the COVID-** pandemic. These measures include the suspension, extension and deferral of premiums for life, non-life and automobile policies. They also include the freezing of all actions to collect unpaid premiums and deductibles, the extension of existing ...
5 Rules and regulations
5.1 Italian insurance regulations
Legislative Decree ***/****, which transposed EU Directive ****/**/EEC on intermediation, established the new Private Insurance Code, replacing all previous legislation relating to the insurance sector. On October **, ****, ISVAP (***) published regulation no. * on the figure of the insurance intermediary, which defines the rules governing access to the activity, rules of conduct, areas of ...
5.2 Requirements to become an insurance broker
IVASS The Istituto per la Vigilanza sulle Assicurazioni (***) is the Italian authority responsible for supervising and issuing rules for all insurance entities in Italy. It is also responsible for defining the conditions under which brokers may be entered in the Italian register of insurance intermediaries.
For an individual, these conditions are ...
6 Positioning the players
6.1 Segmentation
There are three types of brokers:
Courtiergrossiste the broker who takes care of obtaining the best products from insurance companies, tries to negotiate conditions and sells them on to another broker Courtierclassique is the broker who selects and finds the most appropriate insurance solutions for the customer, trying to obtain the ...
- B.S.A. Srl
- Facile.it
- Yolo
- Assiteca
- AEC Master Broker
- Marsh
- Mansutti
- Reale Mutua Assicurazioni
- Allianz Italy
- UnipolSai Assicurazioni
List of charts
- Life and non-life insurance premiums
- Distribuzione premi assicurazione vita e danni in base ai canali distributivi
- Total worldwide premiums
- Leading countries in direct life and non-life premiums worldwide in 2021, in terms of premiums
- Awards received in Italy
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