Forecast: Turnover in Life Insurance Sector in Italy

The turnover in the life insurance sector in Italy showed significant fluctuation over the past decade. From 2013 to 2015, there was remarkable growth, peaking in 2015 with a value of €114.04 billion. However, from 2016 onward, a downward trend began, with minor upticks in 2019 and 2021 but an overall decline year-on-year up to 2023. By 2023, the value stood at €99.58 billion, reflecting a 0.33% decline from 2022. Over the last two years, the turnover struggled to maintain stability, indicating a market correction phase. The current 5-year CAGR stands at -0.28%, signaling a mild but persistent downturn in market growth.

Moving forward, additional forecast data suggest a continued gradual decline with the 5-year CAGR for 2024-2028 expected to be -0.26%, translating to a forecasted turnover of €97.96 billion by 2028. This long-term trend indicates a market stagnation or minimal negative growth in the Italian life insurance sector.

In the future, key trends to watch for include:

• Innovations in insurance product offerings and digital transformation.
• The impact of regulatory changes on market dynamics.
• Consumer behavior shifts towards non-traditional insurance products and services.