The Insurance, Reinsurance, and Pension Funding sector in Italy has demonstrated notable fluctuations over the past decade. From 2013 to 2023, the gross value added (GVA) exhibited periods of significant growth and contractions. Specifically, the sector saw substantial growth in 2015 and 2018, followed by a remarkable surge in 2020. Although there were some contractions particularly in 2019 and 2021, the overall trend from 2013 to 2023 shows a notable increase, with the GVA standing at 14.55 billion Euros in 2023.
Regarding percentage variations, notable deviations were observed with a major peak at 38.05% in 2020 and significant declines in 2017 and 2019. The last two years experienced moderate growth rates of 3.65% and 3.49% respectively. The compound annual growth rate (CAGR) over the last five years up to 2023 stands at 4.6%, indicative of consistent albeit moderate performance within the sector.
Future trends point towards a steady growth trajectory with forecasted data suggesting a 12.59% growth rate and an expected five-year CAGR of 2.4% from 2024 to 2028. Trends to watch for include digital transformation in insurance processes, shifts in reinsurance strategies due to global risk assessments, and evolving pension funding policies to accommodate demographic changes.
