Synopsis
The report provides in depth market analysis, information and insights into the Italian reinsurance market, including:
• The Italian reinsurance market’s growth prospects by reinsurance categories
• The Italian reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
• The competitive landscape in the Italian reinsurance market
Summary
During the review period, premium ceded to reinsurance by Italian direct insurers declined consistently, with the exception of a noticeable increase of 5% in 2010 as a result of the 2009 L'Aquila earthquake. The absence of obligatory insurance for natural disasters in the presence of government intervention to cover the losses through ad hoc financing, had the effect of decreasing the written premium value of the Italian reinsurance segment. The Italian reinsurance market is highly competitive and during the review period a number of mergers and acquisitions occurred. In the absence of any domestic reinsurance company, the segment is dominated by multinational reinsurers. Anticipating a significant improvement in the Italian economy, some of the country’s largest reinsurance providers, including Munich Re, Swiss Re and Hannover Re, are preparing themselves for further growth in the Italian reinsurance segment.
Scope
This report provides a comprehensive analysis of the reinsurance market in Italy:
• It provides historical values for the Italian reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
• It offers a detailed analysis of the key sub-segments in the Italian reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Italy and its growth prospects
• It profiles the top reinsurance companies in Italy
Reasons To Buy
• Make strategic business decisions using in depth historic and forecast market data related to the Italian reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Italian reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Italian insurance market and its impact on companies and the market's future
Key Highlights
• The Italian reinsurance market is highly competitive and during the review period a number of mergers and acquisitions occurred. In the absence of any domestic reinsurance company, the segment is dominated by multinational reinsurers.
• Inadequate financial support from the Italian government is also expected to support the growth of the Italian reinsurance segment over the forecast period.
• The absence of obligatory insurance for natural disasters in the presence of government intervention to cover the losses through ad hoc financing, had the effect of decreasing the written premium value of the Italian reinsurance segment.
• Regulatory changes in the reinsurance segment will expose new challenges and opportunities with respect to competitive differentiation. Italian reinsurers have become more rigid in terms their underwriting approach. Some of the ceding companies have shown a greater awareness, whereas others have adjusted minimally to meet the new Solvency II requirements.
Reinsurance Industry in Italy
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Italian Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance market size, 2007–2016
3.2.2 Reinsurance segment size by type of insurance, 2007–2016
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Segment Drivers
4.3 Non-Life Insurance Segment Drivers
4.4 Personal Accident and Health Insurance Segment Drivers
4.5 Recent Market Developments
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the Italian Reinsurance Market
5.3 Muenchener Rueck Italia SpA – Company Overview
5.3.1 Muenchener Rueck Italia SpA – key facts
5.3.2 Muenchener Rueck – key financials
5.4 Hannover Re Services Italy Srl – Company Overview
5.4.1 Hannover Re Services Italy Srl – key facts
5.4.2 Hannover Re – key financials
5.5 Swiss Re Italia SpA – Company Overview
5.5.1 Swiss Re Italia SpA – key facts
5.5.2 Swiss Re – key financials
5.6 SCOR Italia Riassicurazioni SpA – Company Overview
5.6.1 SCOR Italia Riassicurazioni SpA – key facts
5.6.2 SCOR SE – Key Financials
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Market capitalization trend – The Borsa Italiana Stock Exchange, Italy
6.2 Economic Performance
6.2.1 GDP at constant prices (US dollar)
6.2.2 GDP per capita at constant prices (US dollar)
6.2.3 GDP at current prices (US dollar)
6.2.4 GDP per capita at current prices (US dollar)
6.2.5 GDP by key segments
6.2.6 Agricultural net output at current prices (EUR)
6.2.7 Agricultural net output at current prices (US dollar)
6.2.8 Agricultural net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (EUR)
6.2.10 Manufacturing net output at current prices (US dollar)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (EUR)
6.2.13 Mining, manufacturing and utilities at current prices (US dollar)
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
6.2.15 Construction net output at current prices (EUR)
6.2.16 Construction net output at current prices, (US dollar)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Current account balance as a percentage of GDP
6.2.20 Exports as a percentage of GDP
6.2.21 Imports as a percentage of GDP
6.2.22 Exports growth
6.2.23 Imports growth
6.2.24 Annual average exchange rate US$–EUR
6.2.25 End-of-period exchange rate US$–EUR
6.3 Infrastructure Quality and Availability
6.3.1 Total airports and sea ports
6.3.2 Railways and roads
6.3.3 Passenger vehicle production volume
6.3.4 Commercial vehicle production volume
6.3.5 Automotive component export trends
6.3.6 Automotive component imports trend
6.3.7 Passenger car penetration
6.3.8 Healthcare expenditure
6.3.9 Healthcare expenditure as a percentage of GDP
6.3.10 Healthcare expenditure per capita
6.3.11 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Annual disposable income
6.5.2 Annual per capita disposable income
6.5.3 Total population
6.5.4 Urban and rural population
6.5.5 Italian females as a percentage of the total population
6.5.6 Italian males as a percentage of the total population
6.5.7 Mean age of the population
6.5.8 Median age of population
6.5.9 Population density
6.5.10 Age distribution of the total population
6.5.11 Age distribution of the male population
6.5.12 Age distribution of the female population
6.5.13 Number of households
6.6 Political and Social Risk
6.6.1 Political stability
6.6.2 Terrorism index
6.6.3 Transparency index
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Italian Insurance Overall Written Premium by Segment (EUR Billion), 2007–2011
Table 3: Italian Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Italian Insurance Overall Written Premium by Segment (EUR Billion), 2011–2016
Table 5: Italian Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Italian Insurance Segmentation (% Share), 2007–2016
Table 7: Italian Reinsurance Segment by Category (EUR Billion), 2007–2011
Table 8: Italian Reinsurance Segment by Category (US$ Billion), 2007–2011
Table 9: Italian Reinsurance Segment by Category (EUR Billion), 2011–2016
Table 10: Italian Reinsurance Segment by Category (US$ Billion), 2011–2016
Table 11: Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2007–2011
Table 12: Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2007–2011
Table 13: Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2011–2016
Table 14: Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2011–2016
Table 15: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 17: Non-Life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Table 18: Non-Life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Table 19: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Leading Companies in the Italian Reinsurance Segment
Table 22: Muenchener Rueck Italia SpA, Key Facts
Table 23: Muenchener Rueck, Key Financials (EUR Thousands)
Table 24: Hannover Re Services Italy Srl, Key Facts
Table 25: Hannover Re, Key Financials (EUR Thousands)
Table 26: Swiss Re Italia SpA, Key Facts
Table 27: Swiss Re, Key Financials (EUR Thousands)
Table 28: SCOR Italia Riassicurazioni SpA, Key Facts
Table 29: SCOR SE, Key Financials (EUR Million)
List of Figures
Figure 1: Italian Insurance Overall Written Premium by Segment (EUR Billion), 2007–2016
Figure 2: Italian Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Premium Ceded to Reinsurance Segment by Category (EUR Billion), 2007–2016
Figure 4: Premium Ceded to Reinsurance Segment by Category (% Share), 2011 and 2016
Figure 5: Reinsurance Segment Dynamics by Category, 2007–2016
Figure 6: Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2007–2016
Figure 7: Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 8: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Non-Life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Figure 11: Non-Life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Figure 12: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Borsa Italiana Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 15: Italy GDP at Constant Prices (US$ Billion), 2007–2011
Figure 16: Italian GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 17: Italian GDP at Current Prices (US$ Billion), 2007–2011
Figure 18: Italian GDP Per Capita at Current Prices (US$), 2007–2011
Figure 19: Italian GDP by Key Segments (%) 2009 and 2011
Figure 20: Italian Agricultural Net Output at Current Prices (EUR Billion), 2007–2011
Figure 21: Italian Agricultural Net Output at Current Prices (US$ Billion), 2007–2011
Figure 22: Italian Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 23: Italian Manufacturing Net Output at Current Prices (EUR Billion), 2007–2011
Figure 24: Italian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 25: Italian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 26: Italian Mining, Manufacturing and Utilities Net Output at Current Prices (EUR Billion), 2007–2011
Figure 27: Italian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 28: Italian Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 29: Italian Construction Net Output at Current Prices (EUR Billion), 2007–2011
Figure 30: Italian Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 31: Italian Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 32: Italian Inflation Rate (%), 2007–2011
Figure 33: Italian Current Account Balance as a Percentage of GDP (%), 2007–2011
Figure 34: Italian Exports as a Percentage of GDP (%), 2007–2011
Figure 35: Italian Imports as a Percentage of GDP (%), 2007–2011
Figure 36: Italian Exports Growth (%), 2007–2011
Figure 37: Italian Imports Growth (%), 2007–2011
Figure 38: Italian Annual Average Exchange Rate US$–EUR, 2007–2011
Figure 39: Italian End-of-Period Exchange Rate US$–EUR, 2007–2011
Figure 40: Italian Airports and Sea Ports (Number), 2011
Figure 41: Italian Railways and Roadways (Kilometers), 2011
Figure 42: Italian Passenger Vehicle Production, 2007–2011
Figure 43: Italian Commercial Vehicle Production, 2007–2011
Figure 44: Italian Automotive Component Exports (US$ Billion), 2007–2011
Figure 45: Italian Automotive Component Imports (US$ Billion), 2007–2011
Figure 46: Italian Passenger Car Penetration (per thousand people), 2007–2011
Figure 47: Italian Healthcare Expenditure (US$ Billion), 2007–2011
Figure 48: Italian Healthcare Expenditure as a Percentage of GDP (%), 2007–2011
Figure 49: Italian Per Capita Healthcare Expenditure (US$), 2007–2011
Figure 50: Italian Internet Subscriptions (Million), 2007–2011
Figure 51: Italian Labor Force, 15–59 Age Group (Million), 2007–2011
Figure 52: Italian Unemployment Rate (%), 2007–2011
Figure 53: Italian Annual Disposable Income (US$ Billion), 2007–2011
Figure 54: Italian Annual Per Capita Disposable Income (US$), 2007–2011
Figure 55: Italian Total Population (Million), 2007–2011
Figure 56: Italian Urban and Rural Population (%), 2007–2011
Figure 57: Italian Females as a Percentage of the Total Population (%), 2007–2011
Figure 58: Italian Males as a Percentage of the Total Population (%), 2007–2011
Figure 59: Mean Age of the Italian Population (Year), 2007–2011
Figure 60: Median Age of the Italian Population (Year), 2007–2011
Figure 61: Italian Population Density (per Square Kilometer), 2007–2011
Figure 62: Italian Population Distribution by Age (%), 2007–2011
Figure 63: Italian Male Population Distribution by Age (%), 2007–2011
Figure 64: Italian Female Population Distribution by Age (%), 2007–2011
Figure 65: Number of Italian Households, (Million), 2007–2011
Figure 66: Global Terrorism Heat Map, 2011
Figure 67: Italian Transparency Index, 2007–2011
