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Synopsis
Timetric’s 'Life Insurance in Italy Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Italian life insurance segment, and a comparison of the Italian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Italian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Italy Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Italian life insurance segment, including:

- An overview of the Italian life insurance segment

- The Italian life insurance segment’s growth prospects by category

- A comprehensive overview of the Italian economy and demographics

- A comparison of the Italian life insurance segment with its regional counterparts

- The various distribution channels in the Italian life insurance segment

- Details of the competitive landscape in the life insurance segment in Italy

- Details of regulatory policy applicable to the Italian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Italy:

- It provides historical values for the Italian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the Italian life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Italian life insurance segment with its regional counterparts

- It analyzes the various distribution channels for life insurance products in Italy.

- It profiles the top life insurance companies in Italy and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Italian life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Italian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Italian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The Italian life segment is moderately concentrated, as the 10 leading insurers accounted for 67.5% of the direct written premium in 2015.

- Government bonds accounted for the largest share of investments made by life insurers during the review period.

- Due to the low interest rate, insurers are terminating products with guaranteed interest and launching linked insurance products.

- 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.

Table Of Contents

Life Insurance in Italy, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Gruppo Assicurativo Poste Vita - company overview
7.1.2 Intesa Sanpaolo Vita - company overview
7.1.3 Generali Italia - company overview
7.1.4 Genertellife - company overview
7.1.5 Fideuram Vita SpA - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third party liability insurance
8.4.2 Civil liability insurance for motor boats and yachts
8.4.3 Social insurance system
8.4.4 Air carriers and aircraft operators' insurance
8.4.5 Professional indemnity insurance for healthcare professionals
8.4.6 Professional indemnity insurance for alternative investment fund managers
8.4.7 Clinical trials liability insurance
8.4.8 Liability for ships with respect to oil pollution
8.4.9 Professional indemnity insurance for insurance brokers and agents
8.4.10 Third-party liability insurance for remotely piloted aerial vehicles
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.5.3 Federation of European Risk Management Associations (FERMA)
8.5.4 Istituto per la Vigilanza sulle Assicurazioni (IVASS)
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premiums paid overseas
8.8.3 Corporate tax
8.8.4 Branch remittance: ExemptCaptives
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life - Single vs. Non-Single Premium
9.12 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer


List of Tables
Table 1: Italian Life Insurance - Key Facts, 2015
Table 2: Italian Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Italian Government Credit Ratings
Table 4: Italian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 5: Italian Life Insurance - Penetration (%), 2011-2015
Table 6: Italian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 7: Italian Life Insurance - Penetration (%), 2015-2020
Table 8: Italian Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 9: Italian Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 10: Italian Life Insurance - Premium per Capita (EUR and US$), 2011-2015
Table 11: Italian Life Insurance - Premium per Capita (EUR and US$), 2015-2020
Table 12: Italian Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 13: Italian Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 14: Italian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015
Table 15: Italian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020
Table 16: Italian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015
Table 17: Italian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020
Table 18: Italian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2011-2015
Table 19: Italian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2015-2020
Table 20: Italian Life Insurance - Investment Portfolio (EUR Billion), 2011-2015
Table 21: Italian Life Insurance - Investment Portfolio (EUR Billion), 2015-2020
Table 22: Italian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2015
Table 23: Italian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020
Table 24: Italian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015
Table 25: Italian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020
Table 26: Italian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015
Table 27: Italian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020
Table 28: Italian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Billion), 2011-2015
Table 29: Italian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Billion), 2015-2020
Table 30: Italian Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 31: Italian Insurance Industry - Market Shares of Leading Insurers (%), 2015
Table 32: Gruppo Assicurativo Poste Vita - Key Facts
Table 33: Intesa Sanpaolo Vita - Key Facts
Table 34: Generali Italia - Key Facts
Table 35: Genertellife - Key Facts
Table 36: Fideuram Vita SpA - Key Facts
Table 37: Italy - Insurance Regulatory Framework Key Features
Table 38: Italy - Life Insurance Regulatory Framework
Table 39: Italy - Property Insurance Regulatory Framework
Table 40: Italy - Motor Insurance Regulatory Framework
Table 41: Italy - Liability Insurance Regulatory Framework
Table 42: Italy - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 43: Italy - Taxation on Insurance Products
Table 44: Italy - Corporate Tax Rates for the Financial Year 2016
Table 45: Italian Life Insurance - Policies and Premium, 2011-2015
Table 46: Italian Life Insurance - Policies and Premium, 2015-2020
Table 47: Italian Life Insurance - Claims and Expenses, 2011-2015
Table 48: Italian Life Insurance - Claims and Expenses, 2015-2020
Table 49: Italian Life Insurance - Assets and Investments, 2011-2015
Table 50: Italian Life Insurance - Assets and Investments, 2015-2020
Table 51: Italian Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 52: Italian Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 53: Italian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 54: Italian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 55: Italian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 56: Italian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 57: Italian Life Insurance - Individual Life Insurance, 2011-2015
Table 58: Italian Life Insurance - Individual Life Insurance, 2015-2020
Table 59: Italian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 60: Italian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 61: Italian Life Insurance - Group Life Insurance, 2011-2015
Table 62: Italian Life Insurance - Group Life Insurance, 2015-2020
Table 63: Italian Life Insurance - Group Life Insurance by Product, 2011-2015
Table 64: Italian Life Insurance - Group Life Insurance by Product, 2015-2020
Table 65: Italian Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 66: Italian Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 67: Italian Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 68: Italian Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 69: Insurance Industry Definitions



List of Figures
Figure 1: Italian Real GDP (EUR Trillion), 2011-2020
Figure 2: Italian Consumer Price Inflation (%), 2011-2020
Figure 3: Italian Current Account Balance as Percentage of GDP (%), 2011-2020
Figure 4: EUR-US$ Exchange Rate, 2011-2020
Figure 5: Italian Unemployment Rate, 2011-2020 (%), 2015
Figure 6: Italian Population by Age Group, 1991-2025
Figure 7: Italian Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Italian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Italian Life Insurance - Gross Written Premium (EUR Billion), 2011-2020
Figure 10: Italian Life Insurance - Penetration (%), 2011-2020
Figure 11: Italian Life Insurance - New Business Direct Written Premium (EUR Billion), 2011-2020
Figure 12: Italian Life Insurance - Premium per Capita (EUR), 2011-2020
Figure 13: Italian Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 14: Italian Life Insurance - Paid Claims (EUR Billion), 2011-2020
Figure 15: Italian Life Insurance - Total Assets (EUR Billion), 2011-2020
Figure 16: Italian Life Insurance - Total Investment Income (EUR Billion), 2011-2020
Figure 17: Italian Life Insurance - Investment Portfolio (EUR Billion), 2011-2020
Figure 18: Italian Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19: Italian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2020
Figure 20: Italian Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 21: Italian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 22: Italian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2020
Figure 23: Italian Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 24: Italian Individual Life Insurance - Penetration (%), 2011-2015
Figure 25: Italian Individual Life Insurance - Penetration (%), 2015-2020
Figure 26: Italian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2020
Figure 27: Italian Group Life Insurance - Direct Written Premium Share by Category (EUR Billion), 2011-2020
Figure 28: Italian Group Life Insurance - Direct Written Premium Dynamics by Category (EUR Billion), 2011-2020
Figure 29: Italian Group Life Insurance - Penetration (%), 2011-2015
Figure 30: Italian Group Life Insurance - Penetration (%), 2015-2020
Figure 31: Italian Life Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 32: Italian Insurance Industry - Market Shares of Leading Insurers (%), 2015
Figure 33: Italy - The Three Pillars of Solvency II
Figure 34: Italy - Insurance Supervision and Control at Various Levels
Figure 35: Italy - Insurance Regulatory Frameworks for Company Registration and Operation

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