In 2017, the total premium income of national insurance companies and of the Italian representations of non-European companies exceeded 130 billion, thanks to a strong acceleration in the Life business in the second half of the year.
On the other hand, motor liability premiums were down for the sixth consecutive year (-2,2%), albeit in a context of decreasing reduction rates. From 2011 to 2017, premiums decreased by over 25% and the volume of premiums 2017 (equal to 13,2 billion) decreased by over 4,5 billion compared to the almost 18 billion recorded in 2011. Various factors contributed to the overall drop in the premium volume of the Motor TPL class, moreover, in the presence of a vehicle fleet rest assured that it has remained largely unchanged.
The data was provided by Ania in relation to communications received from individual companies.
For President Ania Maria Bianca Farina “these are results that demonstrate the vitality of the insurance sector which confirms the centrality of individuals, families, businesses in terms of savings and protection.”
“In the current Italian situation – continued Farina – characterized by a recovering economy and a still fragile socio-economic context, the insurance companies can contribute more and more to the sustainability of economic development and social cohesion”.
In like-for-like terms, a 2,4% drop in total premiums was recorded compared to 2016. The contraction in Life sector premiums (-3,6%) contributed to this decrease, only partially offset by the increase in Non-Life sector premiums (+1,2%).
The incidence of total premiums (Life and Non-Life) on the GDP remained however significant and equal to 7,6%; in particular in the savings sector, the first indications for 2017 confirm the central role of Life policies which continue to represent one of the most important forms of lending, equal to almost 16% of the stock of financial assets of Italian households, up from about 15% in 2016.
The representations of European companies operating in Italy under the permanent establishment regime recorded a positive change in premiums written in 2017 (+0,7%). The increase concerned both the Life sector (+1,2%) and the Non-Life sector (+0,2%). With a premium volume (for the sample of companies surveyed) of 8,9 billion, the representations of European companies account for approximately 6% of total premium income. It is estimated that this incidence would be close to 7% if the awards had been received from all the European representations.
The companies operating under the freedom to provide services that are part of insurance groups that took part in the survey (almost all) accounted for almost 13 billion in premiums, recording a decrease of 1,4% compared to 2016. These companies exclusively exercise class III – Linked policies and represent approximately 8% of total premium income.
With reference only to national companies and to representatives of non-European companies, in 2017 premium income in the Life business amounted to 98,6 billion, a slight decrease of 3,6% compared to 2016, after three years of premium income exceeding 100 billion. The data confirm, however, the good stability of the Life business for the end of the financial year despite the start of last year having been marked by significant falls in new premiums issued (mainly in the first four months).
In 2017, the most significant decrease in the collection of premiums written was found for traditional products: in particular, class I - Human life recorded a volume of premiums at the end of 2017 equal to approximately 63 billion euro, down by approximately 15% compared to the 'last year. The decline is linked to the ongoing scenario of low interest rates which compresses return expectations for customers and the ability of businesses to offer guarantees of minimum returns. Class V – capitalisation, with just over 2,5 billion premiums also decreased (-7%). Overall, the two classes (I and V) exceeded 65 billion, a volume lower than that accounted for in the previous four years.
As regards the representations of EU companies in Italy, the premiums written at the end of 2017 amounted to 4,4 billion with an increase of 1,2% compared to 2016, almost exclusively attributable to linked-type policies (approx. 80% of the total premiums collected by these companies). It should be emphasized that the results of this sector may be influenced by the incomplete availability of data, since these relate to a sample of companies equal to around 80% of the total.
