The Italian insurance market - 2015 figures

€147bn
+2.5%


Gross Written Premium (GWP)

€647bn
+9.4%


Technical
reserves

€6.4bn
-0.4%


Underwriting
result

€12.7bn
+2.1%


General
expenses

The Italian insurance market at a glance

Key messages

  • In 2015, the Italian GWP rose by 2.5% to €147bn, representing 9% of the Italian GDP with a premium per capita of €2,423 (life: €1,895; non-Life €528)
  • The positive technical result in 2015 (€6,4bn) which decreased by 0.4%, can be ascribed to non-life business for 63.3% (or €4.1bn) and life business for 36.7% (or €2.3bn)
  • 2015 non-life profitability is in line with the previous year, despite a 2.4% decline in premiums; whilst life technical result declined by 0.9% despite the matching increase in premiums of 4.0%, as it was offset by higher incurred claims (10.2%)
  • Insurance players continue to be highly dependent on bonds (89% of the total investment portfolio), though a switch to alternative investment funds is in course with the aim to improve investment results in the current low interest rate environment
  • The adoption of Solvency II results in an overall estimated benefit for the whole insurance landscape
  • The insurance sector is on the brink of a major disruption: 43% of industry players claim they have FinTech at the heart of their strategies, but only 28% have explored partnerships with FinTech companies and less than 14% have participated in ventures/incubator programs

Contact us

Emanuele Grasso
Partner
Tel: +39 02 7785372
Email

Marco Falchero
Director
Tel: +39 02 7785951
Email

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