Italy Insurance, Companies & Insurance Quote

The insurance in Italy is growing very fast and is showing a rising premium in the recent years. Major international companies have operations here and the largest multinational companies dealing with insurance in the United States also have begun working in Italy.

The Insurance in Italy includes companies dealing with life insurance and non-life insurance and this is done on their gross written premiums.

Market status

The insurance sector revealed good growth in 2003- 04 showing an increase of 12% premiums, yet many are under-insured. Life insurance is savings oriented and in 2004 the premium growth was 3.6% and this was a decline in comparison to 2003 with 13.8% and 2003 with 18.8%.

Yet, the overall return in 2004 on equity of life insurance business was profitable with 10.5%. Non-life insurance premiums also fell to 3.4% in 2004 from 10.6 in 2003 and 14.8 in 2002. However, the non-life products as well as motor insurance have shown profit though the combined ratio is steadily declining.

Insurance companies

The insurance in Italy includes major life insurance companies namely, Intesa Vita Insurance, Ina Vita Insurance, BNL Vita Insurance, Creditras Vita Insurance, Montepaschi Vita Insurance and CNP Capitalia Vita Insurance.

The non-insurance companies dealing with insurance in Italy are Assicurazioni Generali Insurance, Assitalia Insurance, Lioyod Adriatico Insurance, Fondaria- SAI Insurance, Aurora Assicurazioni Insurance, Compagnia Ass.Unipol Insurance and AXA Assicurazioni Insurance.

Insurance business

Italy houses many major companies and some big multinational companies have become an integral part of the Italy insurance business. Automobile insurance coverage was made mandatory in 1971 and it covered aircraft, hunters, powerboats, yachts and auditors.

The significant non-insurance companies in 2002 were Sai, Ras, Assitalia and Generali and the leading life insurance companies were Creitras, Alleanza, Roma and Generali. The premiums of life insurance in 2001 was US$68.988 billion in comparison to US $35.7 billion 1992. in 2001, life insurance premiums were US $41.481 billion, while the non-life insurance premiums were US $27.506 billion.

Insurance providers in Italy are many, but avoid companies reserving rights to cancel the policy unilaterally on reaching a certain age or on becoming seriously ill. There are foreign insurance companies namely, BUPA International, PPP International, Exeter Friendly Society, International Health Insurance and Columbus Healthcare.