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Summary and extracts

1 Synthèse du marché

1.1 Introduction

The life insurance market represents a significant sector in the insurance landscape, focusing on long-term financial protection and death risk coverage.

The three types of life insurance are[IGB]:

  • life insurance policy;
  • term life insurance;
  • mixed policy.

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.

 

1.2 The global market

the size of the global life and nonlife insurance market is estimated to be around $**** billion in **** and is expected to grow at a CAGR of more than * percent during the forecast period. Direct insurance providers are engaged in the primary underwriting and risk-taking of annuities and insurance policies. The main ...

1.3 The local market

The value of the Italian life insurance market is **.* billion euros in ****. Life premiums are down-**% from the previous year and **.*% are through bank and post office branches , **.*% through agencies , and **% through promoters. **.* percent involve revaluable life policies and **.*% unit-linked policies.

Market composition - life insurance Italy, ****, % Ivass

Within the Life ...

1.4 Impact of Covid-19

The pandemic led to a significant impact on the insurance industry in Italy, especially in life insurance. In **** , Covid-** brought with it significant uncertainties related to income and the spread of the virus, which negatively affected premium income from Branch I life insurance policies, leading to a *.* percent decrease(***) policies grew ...

2 Analyse de la demande

2.1 Demand characteristics

In Italy, there is a decrease in average monthly household spending on life insurance compared to the **** value; this reduction is due to a consumer perception that the product may be of little use compared to their needs. In ****, however, there was a positive industry figure, with a **.* percent growth in ...

2.2 Demand drivers

The succession of changes and crises has increased Italians' perception of risk. Unforeseen events are part of the consumer's mental space, and he necessarily has to deal with them himself. Although the pandemic was indeed a shock now overcome, wars and geopolitical tensions increase the feeling of uncertainty, while the return ...

2.3 Geographical distribution of demand

To visualize the geographic distribution of demand, a map was created with monthly household spending on life and accident insurance. The North presents the highest figure, with *.** €/month, in the center spending is *.** €/month while, in the South, households spend an average of only *.** €/month.

3 Structure du marché

3.1 Market structure and size

The analysis of the size of the insurance market is carried out based on data belonging to the category related to the activities of insurance agents and brokers (***). Specifically, three different magnitudes are considered:

number of active enterprises number of employees legal form of active enterprises

Number of active enterprises

During ...

3.2 Value Chain

3.3 Distribution channels

The passage of product distribution through agents and brokers is a traditional practice in the insurance industry. These brokers play a key role in the insurance market, connecting insurance companies to customers' needs. Insurance agents are often affiliated with a specific insurance company, where they are responsible for selling the company's ...

3.4 Main actors

Overall, the insurance industry landscape has a number of players who play crucial roles. Insurance companies are at the center of this system and offer insurance policies to cover specific risks whether they are related to life, health, tangible assets, or other categories. Insurance intermediaries, such as agents and brokers, facilitate ...

4 Analyse de l'offre

4.1 Type of Offering

Life insurance (***) is a contract entered into between the policyholder and the insurance company that, in return for the payment of a premium, guarantees the beneficiary an annuity or lump sum in the event of the death of the insured or his or her survival at a certain date. Three determining ...

4.2 Prices

The final cost of a life insurance policy varies depending on several factors, such as age of birth, the health condition of the person who decides to take out the policy, technical costs of life insurance (***). So, since it does not have a fixed cost, life insurance varies depending on the ...

4.3 Artificial intelligence and the insurance industry

Artificial Intelligence can be considered a useful tool in the design, development, and use of data and algorithms for maximizing sustainable value creation and reducing risks to individuals and society. The technology can be applied to many different sectors and industries, and well-known insurance companies such as Generali make use of ...

5 Règlementation

5.1 Rules and regulations

Life insurance regulations are a key pillar in the financial legislative landscape, as they regulate the dynamics and obligations for both insurance companies and policyholders. This legislation was designed with the aim of protecting the interests of policyholders by establishing clear criteria regarding insurance contracts. In addition to the basic rules ...

6 Positionnement des acteurs

6.1 Segmentation

Italian enterprises

Foreign enterprises

  • Poste Italiane
  • Assicurazioni Generali
  • Mediolanum
  • UnipolSai Assicurazioni
  • Allianz Italy
  • Axa groupe
  • CNP Assurances (La Poste)

List of charts presented in this market study

  • Value of the global life insurance market
  • Global insurance industry market share
  • Market composition - life insurance
  • Average monthly household expenditure item in life insurance
  • Concerns according to age
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Latest news

AXA: an extremely balanced business model - 22/02/2024
  • - The business model is split equally between companies and individuals, with 50% each
  • - 17,000 people to be hired worldwide by 2021, including 6,000 in France
CNP sells its Spanish subsidiary to Medvida of Spain - 20/12/2022
  • The Minister of the Economy has authorized the transaction for a total of 128 million euros.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Poste Italiane
Assicurazioni Generali
Mediolanum
UnipolSai Assicurazioni
Allianz Italy
Axa groupe
CNP Assurances (La Poste)

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