The Italian insurance sector is in fourth place in Europe and seventh in the world for premium income, with a market share of 3,6%. In 2015, total premium income (life and non-life) reached 150 billion euro with an increase of 2,6% compared to the previous year. Life premiums in particular, with a growth of 4%, exceeded 115 billion. The positive dynamics of unit-linked policies contributed to supporting premium income, which more than offset the slight decrease in traditional products.
In 2015, the global insurance industry recorded an increase in premiums of 3,8%, a value slightly higher than the previous year (3,5%). The stock of premiums reached 4.550 billion dollars, of which 3.700 billion attributable to industrialized countries and 850 billion to emerging markets. Considering the total business (life and non-life), Europe with 32% of the total is the area that brings together the largest amount of premiums, followed by North America with 31% and Asia with 30%.
In 2015, the total premium income of the top 15 countries of the European Union remained in line with that relating to the previous year. Total premiums (life and non-life) amounted to 947 billion euro. Among the main countries of the Union, against a positive development rate in France (+3,9%), Italy (+2,5%) and Spain (+2,1%) there was a substantial invariance in Germany and a decline in Belgium and the United Kingdom.
Returning to Italy, as regards the non-life business, in 2015 premium income amounted to 32 billion euro, down by 2,4% compared to the previous year. The weight of the non-life business on total premiums fell to 21,8%. Motor liability, with over 14 billion euros in premiums collected, accounts for around two thirds of non-life collection. Excluding the compulsory motor liability, Italy has a coverage gap in the non-life sector compared to the main European countries.
Only 45% of Italian residential homes are insured for damage to property, compared to values that are approximately double in Germany, the United Kingdom and France. In the business sector, 15% of Italian SMEs are not even covered by fire risk. The percentages of SMEs insured are considerably reduced if policies covering more specific risks are considered.
