The life insurance market - Italy

Life policies provide an annuity to the insured if he or she survives beyond a certain age, while death policies provide a lump sum to the beneficiaries if the insured dies. Blended life policies combine both coverages, offering an annuity certain at the end of the contract or in the event of the insured's death. [IGB] Life insurance began to develop in the 16th and 17th centuries in England, France, and Holland. However, it was not until 1750 that it began to settle in America, after more than a century of colonial settlement. Over the centuries, insurance has evolved and adapted to the changing needs of society, becoming an essential tool for the financial protection of individuals and businesses.[Investopedia] In the ranking of the leading insurance companies in the life sector, we can see that Poste Vita is in first place, with premiums issued of 17,574,113 and a percentage change of 5.48 percent from the previous year. Intesa SP Vita and Generali Italia follow in second and third place, respectively, with premiums written of 8,910,676 and 8,869,440. Among the companies in the rankings, some showed significant growth, such as Mediolanum Vita with an81.88 percent increase in premiums issued, while others recorded a decrease, such as Generali Italia with a negative change of 12.23 percent.[MilanoFinanza] The size of the global life and non-life insurance market is estimated to be around $8100 billion in 2023 and is set to grow at a CAGR of more than 4 percent during the forecast period. Direct insurance providers are engaged in the primary underwriting and risk-taking of annuities and insurance policies. The study focuses specifically on the life insurance market in Italy. For information on complementary markets, such as health insurance, please refer to the specific studies available in the businesscoot catalog.