Italian Life Insurance is Moderately Concentrated with Top 10 Leading Players: Ken Research
Ken Research has introduced latest project titled, "Life Insurance in Italy, Key Trends and
Opportunities to 2020". Report provides key performance
indicators such as written premium, incurred loss, loss ratio, commissions and
expenses, total assets, total investment income and retentions during the
revaluation period i.e. 2011-15 and forecast period 2015-2020. The report also analyses allotment channels
operating in the sector, gives a wide-ranging indication of the Italian economy
and demographics, and provides comprehensive information on the cut-throat
landscape in the country. At last, replicating and investigation expertise,
giving insurers access to information on subdivision dynamics and spirited compensation,
and profiles of insurers operating in the country. The report closely examines
insurance regulations, recent changes in the regulatory structure and its
impact on Italy's overall growth.
Italy’s
insurance market remained upbeat in first half precisely, 2010-15 and is well
placed to continue to grow in the coming five years primarily driven by stipulate
for life products. Italy saw a second uninterrupted year of double-digit development
in gross written premium (GWP) came despite economic surroundings, although the
Italian government is seen taking steps to gradually develop and stimulate
productivity. Driven by demand for life insurance, low interest rates discouraged
investors away from conventional products such as bank deposits and investment
funds and towards substitute savings solutions. In particular, according to the
insurance trade association, the Associazione Nazionale fra le Imprese
Assicuratrici (ANIA), new products derived from the combination of segregated
funds and unit-linked investment funds gained momentum.
Key market players include-
·
Poste Vita
·
Intesa Sanpaolo
·
Genertel life
·
Generali
·
Fideuram Vita
The global
financial crisis of 2008 destroyed Italy’s economy. It has been struggling
since with GDP contraction in five out of the seven fiscal years. Political
instability, high debt and a large shadow economy are contributing to the slow
recovery. Furthermore, low labour productivity, which is significantly below
most of the major economies in the Organization for Economic Co-operation. Amongst
the life insurance market of Italy, long-term life insurance is the biggest
segments in 2014. In light of the low returns offered by fixed-income
instruments, investors and Italian families divested their savings from Italian
government and corporate bonds. While the Italian insurance sector has
committed more than a third of investments into equities, two of the largest
competitors, Allianz S.p.A. and Assicurazioni Generali S.p.A, tend to have more
conservative portfolios as compared to outside of Italy.
The Italian
insurance sector has seen some merger and acquisition (M&A) activity in
recent years, increasingly involving overseas market participants out of which 69
were of life insurers. Since 2012, M&A transactions within the Italian
market have included the integration of the Unipol and Premafin/Fondiaria-Sai
groups. Unipol Assicurazioni, Milano Assicurazioni and Premafin later were
merged into Fondiaria-Sai, which subsequently assumed the name UnipolSai
Assicurazioni S.p.A and became operative in January 2014. The major challenges
faced by the Italian insurance market are the uncertainty regarding regulatory
developments taking place in the country. “D.d.l. Concorrenza”, which is
currently being debated in the Italian parliament, aims to improve competition
and transparency for customers, with a significant focus on the insurance
industry. Total written premiums in 2015 rose considerably
§
Italy is the third European life
market by GWP, after UK and France
§
The Italian market remains
dominated by traditional distribution channels, such as the bancassurance model
§
Insurance companies still invest
mainly in Italian government bonds. Investments in corporate bonds have been
increasing steadily in the last few years
§
The
economic crisis led to rising unemployment and wage cuts during the review
period. These factors are expected to negatively affect the growth of the life
segment, as consumers with reduced disposable incomes are unlikely to invest in
voluntary insurance products.
Key Topics Covered in the Report
Italy Insurance industry research report
Life insurance sector Italy
Non-life insurance market research
Global insurance sector
Life insurance distribution channels Italy
Life insurance regulations Italy
Italy insurance industry trends
Insurance sector drivers Italy
For more coverage click on the link
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Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
query@kenresearch.com
+91-124-4230204
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