Italy's insurance industry is a vital part of its economy, reflecting tradition and adaptability. Insurance and financial services have made up roughly nine percent of
as of 2023. The Italian insurance market is one of the largest in Europe. It is home to major players, such as Gruppo Generali, Gruppo Assicurativo Poste Vita, and Gruppo Intesa Sanpaolo.
has fallen over the past two decades due to mergers and acquisitions, with the number having remained below 200 in 2023. However, the industry has continued to offer stable employment, as in 2023 the sector counted just more than 46,000
. This figure has remained consistent since 2007.
A pillar of the Italian economy
The robust Italian insurance industry operates under ridged national, and European Union-wide regulations enforced on a local level by the Istituto per la Vigilanza sulle Assicurazioni (IVASS). Regulation compliance aids in ensuing industry prosperity. With giants such as Generali a subsidiary of
Generali Group, one of the leading insurers in the world, adding value to the Italian economy in terms of employment, taxes paid, and services provided. In 2023, Generali Italia also had among the highest
market share of health insurance companies by gross written premiums, reaching more than 17 percent. The large insurance corporation operates throughout Italy and the world, offering various services through its many subsidiaries, including Alleanza Assicurazioni, Cattolica Assicurazioni, and Generali Seguros to name a few.
Current trends and future changes
The insurance industry can be broken down into two main categories; life and non-life insurance. For
life insurance, the most popular distribution channel is banks. In fact, bank branches accounted for more than half of the total life premiums in Italy. On the other hand,
agents dominate the non-life insurance market, accounting also for more than 50 percent of written premiums. Non-life insurance includes products such as health insurance, motor insurance, travel insurance, and property/casualty insurance, among others. Looking ahead, the industry's path may be shaped by regulatory changes and market dynamics. Sustainability and
climate targets of the European Union have placed an emphasis on climate change, introducing mandates for local companies and their operations. Increasing technological adoption is also set to continue to impact the operational efficiency of insurance firms, expanding product accessibility. Italy's insurance industry balances tradition and innovation in a rapidly changing environment. As it evolves, the sector aims to address emerging risks while leveraging regulatory frameworks and technology. This dual approach aims towards resilience and continued contribution to the Italian economy.
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