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  4. > Italy Insurance Report Q4 2016

Italy Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 63 pages

Includes 3 FREE quarterly updates

BMI View: Results registered by the major insurers in Q116 and H116 have been mixed. Generali posted a1.3% rise in premiums in the non-life sector, while reporting a 3.5% decline in life premiums. UnipolSai,the biggest player in the non-life sector, registered a 0.6% decline in non-life premiums in Q116 toEUR1.796bn. However, we retain our forecasts for modest growth in both sectors in 2016, before anacceleration in growth from 2017 and 2018, with growth in the non-life sector set to outstrip that in the lifesector. A gradually improving consumer environment underpins our forecasts for growth in Italy'sinsurance sector over the next few years. Falling unemployment, low inflation and rising disposableincomes will support demand for life insurance and other personal lines. We expect the health and personalaccident insurance markets to be the main beneficiaries of this environment in the non-life market as thegovernment's austerity measures and the scaling back of health and welfare provision encourages take-upof insurance products. However, we expect premium growth to be weaker in the motor and propertymarkets which are both mature and competitive.

Key Updates And Forecasts

- Poste Vita, the country's largest life insurance provider, confirmed its market dominance by expandingits market share in the life segment to 15.9% in 2015, thanks to writing premiums to a value ofEUR18.15bn, compared to EUR15.43bn and a market share of 13.6% in 2014. This feeds into ourexpectation that the major players will retain and consolidate their market dominance, in part due toacquisitions.

- Our forecasts are broadly unchanged from the previous quarter, with premiums expected to grow acrossmarkets in EUR terms. However, due to currency market fluctuations, growth will be limited in US dollarterms. We forecast life premiums to grow by 1.7% to EUR116.1bn, with growth expected to average1.8% over 2016-2020.

- We forecast non-life premium growth to accelerate from 2017; premiums will grow by 1.7% in 2016 andthen by an average of 3.0% per annum over the remainder of the forecast period.

Table Of Contents

Italy Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Italy 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Italy 2013-2020) 12
Table: Life Insurance Claims (Italy 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Italy 2013-2020) 16
Table: Non-Life Insurance Claims (Italy 2009-2014) 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Italy 2013-2020) 29
Insurance Risk/Reward Index 31
Developed States Insurance Risk/Reward Index 31
Table: Developed States Insurance Risk/Reward Index - Q416 32
Market Overview 33
Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Life Insurance Market (USDmn), 2008-2014 36
Non-Life Market Overview 37
The Product Offering 37
The Competitive Landscape 37
Table: Non-Life Insurance Market (USDmn), 2008-2014 40
Company Profile 42
Generali Italia 42
Intesa Sanpaolo Vita SpA 46
Mediolanum Vita SpA 49
Poste Vita SpA 52
UnipolSai Assicurazioni SpA 54
Methodology 57
Industry Forecast Methodology 57
Risk/Reward Index Methodology 60
Table: Indicators 62
Table: Weighting of Indicators 63

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