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  4. > Home Emergency Insurance and Assistance in Italy

Home Emergency Insurance and Assistance in Italy

  • June 2014
  • -
  • Finaccord
  • -
  • 30 pages

Home Emergency Insurance and Assistance in Italy is a report plus an associated PartnerBASE™ dataset and market data file about the market for this type of cover in Italy. In essence, the term ‘home emergency insurance and assistance’ encompasses policies that are sold on a stand-alone basis, or bundled with utility services, household insurance or banking products, that cover one or more of the following home-related problems:

- malfunctioning of gas boilers, gas supply pipes or gas central heating;
- problems with plumbing, drainage or water supply pipes;
- electrical emergencies or breakdowns.

Key features of this report include:

- quantification of the market size for home emergency insurance and assistance in Italy: how much is the market worth, how does it break down by policy type, and how is it likely to have grown by 2017?

- identification of providers of home emergency insurance and assistance that have established relationships with energy firms, water companies and household insurers and calculation of their share of partnerships in both unweighted and weighted terms;

- analysis of the degree to which home emergency cover is provided automatically or cross-sold as an optional extra - this can have a very significant impact on household penetration rates and market values in any given country, including Italy;

- assessment of the potential for marketing home emergency insurance and assistance through alternative channels including online aggregators and brokers, other online brands and banking products as well as gas boiler manufacturers, direct sales and automotive clubs.

Types of organisation that may be able to use this report, plus the PartnerBASE™ dataset and market data file that accompanies it, include entities in the following categories:

- assistance companies: this study constitutes a unique guide to an under-researched yet significant and continually evolving market - be fully appraised of what growth could mean for your organisation;

- insurance companies: as a concept that can be made distinct from regular household insurance, home emergency insurance and assistance can either be sold stand-alone or packaged within household insurance policies;

- electricity, gas and water companies: growth in the market for home emergency cover, allied to apparently high profit margins, presents a revenue enhancement opportunity for electricity, gas and water companies as well as insurance and assistance firms;

- management consultancies: are you helping an insurance or assistance provider to develop its business in Italy, or are you advising an energy or water firm with regards to how it can improve its profitability? If so, this research will provide you with important insights into the market for home emergency insurance and assistance.

Table Of Contents

Home Emergency Insurance and Assistance in Italy
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
1.0 INTRODUCTION 3
What is this report about?..3
Rationale.3
This report updates and expands upon Finaccord's previous ground-breaking research..3
Methodology...4
Primary research.4
The survey includes almost 90 utility companies and home insurance brands ..4
Market data .4
External sources .5
Definitions ...5
Terms and abbreviations5
Operating models ...6
Currencies and inflation..6
PartnerBASE..7
Finaccord7
2.0 MARKET ANALYSIS.8
Introduction.8
Dwelling stock data 8
Slightly over 50% of Italy's dwelling stock takes the form of flats.8
Owner-occupied dwellings easily outnumber privately or socially rented dwellings ...8
Distribution through key partner organisations ...10
Summary of organisations researched10
Provision rates ..11
The majority of Italian energy suppliers provide comprehensive home emergency cover...11
...whereas water companies are less active in distributing this product 12
The vast majority of Italy's household insurers provide home emergency cover as a standard policy feature ...12
Operating models .15
Around two thirds of distributors work with a single external provider for home emergency cover..15
...but a number of household insurance brands make use of captive assistance firms ...16
Partnerships with energy companies...17
The leading provider in this distribution segment benefits from its group-level deal with A2A... ..17
...and leading energy supplier Enel collaborates with two providers for different products here..17
Partnerships with water companies.18
Subsidiaries of AXA and HomeServe have both established partnerships in this area ...19
Partnerships with household insurance brands ..19
Europ Assistance holds the largest number of partnerships with household insurers..19
...although Allianz Global Assistance and IMA Italia Assistance are also very active here..19
Captive home emergency providers include Blue Assistance and AXA Assistance20
Weighted competitor share of partnerships with key partner organisations..21
Six assistance providers are likely to account for over 95% of the value of the total market21
Other distribution channels..22
Gas boiler manufacturers.22
Nine out of ten companies researched offer extended warranties for up to five years.22
Direct sales23HOME EMERGENCY INSURANCE AND ASSISTANCE IN ITALY
© FINACCORD (05/2014) II
Some direct providers promote a single product covering multiple types of emergency..23
...whereas Assistenza Casa offers separate policies for water, gas and electrical problems ..23
Online aggregators and brokers ..23
Italy's aggregators do not offer home emergency cover as a distinct product... ...23
... although at least one broker does...23
Other online brands ..23
Payment cards and bank accounts .23
Almost 20% of credit card products feature automatically bundled home assistance..24
Automotive clubs...24
ACI acts as a provider to several household insurance brands but does not sell directly 24
Other types of distributor ..24
One major specialised lender has introduced a stand-alone home assistance product...24
Market size, growth and forecast 25
A rising stock of dwellings and increasing consumer awareness cause the market value to grow .25
Comprehensive cover (packaged automatically) accounts for the vast majority of policies in force26
Distribution via household insurers accounts for close to a half of the market value27
Packaging with credit cards generates a large number of relatively low-value policies27
In spite of Italy's economic troubles, further growth is forecast for the home assistance market.29HOME EMERGENCY INSURANCE AND ASSISTANCE IN ITALY
© FINACCORD (05/2014) III

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ...1
Key market data for home emergency insurance in Italy.2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS.8
Dwelling stock in Italy, segmented by type of dwelling and by type of occupant, 2013 .9
Key metrics regarding dwelling stock in Italy, 2009, 2013 and forecast for 2017.10
Summary of potential distributor organisations researched in Italy, segmented by type, 2014...11
Provision rates for home emergency insurance in Italy, segmented by type of organisation and by type of
policy, 2014...13
Extent to which home emergency insurance schemes in Italy are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 201414
Extent to which home emergency insurance schemes in Italy are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 2014 (table)15
Operating models used for home emergency insurance in Italy, segmented by type of organisation, 2014
...16
Operating models used for home emergency insurance in Italy, segmented by type of organisation, 2014
(table)17
Unweighted competitor share of partnerships for home emergency insurance in Italy, 2014: energy
companies 18
Unweighted competitor share of partnerships for home emergency insurance in Italy, 2014: water
companies 19
Unweighted competitor share of partnerships for home emergency insurance in Italy, 2014: household
insurance brands..21
Weighted competitor share of partnerships for home emergency insurance in Italy, 2014.22
Estimated gross written premiums from home emergency insurance in Italy, 2009 and 2013...25
Estimated gross written premiums from home emergency insurance in Italy, 2009 and 2013 (table) ...26
Estimated number of home emergency insurance policies in Italy, segmented by type of policy, 2013 27
Estimated gross written premiums from home emergency insurance in Italy, segmented by distribution
channel, 2013...28
Estimated number of policies and gross written premiums for home emergency insurance in Italy,
segmented by type of policy and by distribution channel, 201329
Forecast gross written premiums from home emergency insurance in Italy, 2017..30
Forecast gross written premiums from home emergency insurance in Italy, 2017 (table) ..30

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