意大利保险行业市场前景及投资研究报告-培训课件外文版2024.5人保友邦

INDUSTRIES

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MARKETSInsuranceindustryinItalyCHAPTER

01MarketoverviewNumberofinsurancecompaniesoperatinginItalyfrom1999to2022NumberofinsurancecompaniesinItaly1999-20223002502001501005001999

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20223Description:In2022,therewerelessthan200companiesoperatingontheItalianinsurancemarket.Inthatsameyear,thesectorcountedapproximately46,600employeesworkinginthedomesticmarket.

ReadmoreNote(s):Italy;1999to2022Source(s):ANIANumberoflifeinsurancecompaniesoperatinginItalyfrom2003to2022NumberoflifeinsurancecompaniesinItaly2003-20221201008060402002003

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20224Description:ThenumberoflifeinsurancecompaniesinItalyalmosthalvedoverthepast20yearsandfellto51by2022.In2003,therewerealmost100lifeinsurersoperatinginItaly,thoughthisnumberdroppedoverthefollowingtwodecades.

ReadmoreNote(s):Italy;2003to2022Source(s):ANIAValueoflifeinsurancepremiumsinItalyfrom2011to2022,byinsuranceclass(inbillioneuros)LifeinsurancepremiumsinItalybyinsuranceclass2011-2022LifeandcapitalizationInvestmentfundsOtherclasses1401201008060402002011201220132014201520162017201820192020202120225Description:In2022,lifeandcapitalizationinsurancepremiumsinItalyfellto61billioneuros,downfrommorethan80billioneurosafewyearsearlier.TheoverallvalueoflifeinsurancebusinessinItalyreached93billioneurosin2022,downfrom105.9billioneurosin2021.ReadmoreNote(s):Italy;2011to2022Source(s):ANIATotalnumberofdirectemployeesworkingininsurancecompaniesinItalyfrom2004to2022NumberofemployeesintheinsurancesectorinItaly2004-202260,00050,00040,00030,00020,00010,00002004

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20226Description:In2022,thenumberofpeopleemployedintheinsurancesectorinItalyfluctuatedbetween2004and2022.Afterpeakingatnearly48,000in2013,thenumberofdirectemployeesworkingintheinsurancesectorinItalydecreasedtoapproximately46,400in2022.ReadmoreNote(s):Italy;2004to2022Source(s):ANIA;InsuranceEuropeComparisonoftheenvironmental,socialandgovernance(ESG)scoresofthe26largestinsurancecompaniesbymarketcapitalizationworldwidein2023,byESGscoreproviderESGscoresoftheworlds'largestinsurancecompanies2023,byproviderSustainalytics58.669.464S&P

Global

(RobecoSAM)MSCI35.778.650BerkshireHathaway(U.S.)UnitedHealth(U.S.)1279PingAnInsurance(China)ChinaLifeInsurance(China)AIA(HongKongSAR)64.32549.274506278.678.5778.664.350ElevanceHealth(formerlyAnthem)(U.S.)Allianz(Germany)77.273.457.852.859.667.271.667.87089Marsh&McLennanCos.(U.S.)Chubb(Switzerland)3530Progressive(U.S.)2064.392.978.692.9AXA(France)91Cigna(U.S.)77ZurichInsuranceGroup(Switzerland)757Description:AcomparisonofstandardizedESGscoresofthe25largestinsurancecompaniesintheworldshowssignificantdifferencesbetweenESGscoreprovidersinmanycases.Theworld'slargestinsurerbymarketcapitalization,BerkshireHathaway,sawthelargestrangeofscores,withS&Pratingthecompanywiththescoreof12outof100(indicatingthecompanyhasahighlevelofESGrisk),whileSustainalyticsawardedtheequivalentscoreof58.6outof100(indicatingabelowaveragelevelofESG[...]

ReadmoreNote(s):Worldwide;August30,2023Source(s):VarioussourcesCHAPTER

02SegmentsValueoflifeinsurancepremiumswritteninItalyfrom2017to2022,bydistributionchannel(inmillioneuros)ValueoflifeinsurancepremiumsinItaly2017-2022,bydistributionchannelPremiumsinmillioneuros2021

2020

2019

201820,000

30,00020222017010,00040,00050,00060,00070,00053,51058,61959,964BankbranchesLicensedfinancialadvisorsAgents64,73562,38960,42514,14813,85618,91113,98314,18414,75914,19815,91014,92215,31713,45913,69910,93810,31711,03610,41010,1838,789Directsales1,4742,1161,5511,5671,833939Brokers9Description:In2022,mostlifeinsurancepremiumsweresoldbybankbranchesinItaly.Inthatyear,lifeinsurancepremiumsbybankbranchesamountedtomorethan53.5billioneuros.Inaddition,licensedfinancialadvisorswereresponsiblefor14.1billioneurosinlifeinsurancepremiumswrittenduringthatyear.ReadmoreNote(s):Italy;2017to2022Source(s):ANIAValueofnon-lifeinsurancepremiumswritteninItalyfrom2017to2022,bydistributionchannel(inmillioneuros)Valueofnon-lifeinsurancepremiumsinItaly2017-2022,bydistributionchannelPremiumsinmillioneurosAgentsBrokers10,000Bankbranches15,000DirectsalesPhoneandonlinesales25,000Licensedfinancialadvisors30,00005,00020,00035,00040,00020172018201920202021202210Description:Almost75percentofpropertyandcasualtyinsurancepremiumsinItalyaresoldbyagents.InItaly,thevalueofnon-lifeinsurancepremiumswrittenin2022amountedtomorethan34billioneuros.Atotalofapproximately26.2billioneuroswastheresultoftheworkofinsuranceagents,whileonly142millioneurosweresoldbyfinancialadvisors.ReadmoreNote(s):Italy;2017to2022Source(s):ANIAValueofnon-lifeinsurancepremiumswritteninItalyin1sthalfof2021and1sthalfof2022,bysegment(inmillioneuros)Valueofnon-lifeinsurancepremiumsinItalyinH12021andH12022,bycategoryPremiumsinmillioneurosH12022H120213,00001,0002,0004,0005,0006,0007,0006,460.176,328.66LandmotorvehicleliabilityGeneralliabilityOtherpropertydamageLandvehiclehullAccidentSicknessFireandnaturaldisastersAssistance2,319.22,632.821,856.222,045.941,844.341,926.111,834.351,904.171,680.71,885.511,376.051,434.3479.84513.37356.81453.99MonetarylossesofvariouskindsBail323.71359.01307.11CreditLegalprotection399.35298.32318.8611Description:Non-lifeinsurancepremiums,orpropertyandcasualtyinsurancepremiums,inItalygrewbymorethanonebillioneurosin2022.In2022,thevalueofnon-lifeinsurancepremiumsinItalyreached20.67billioneuros,upfrom19.5billioneurosinthepreviousyear.Motorliabilityinsurancepremiumsforlandvehiclesreached6.3billioneurosandaccountedfor30percentofallnon-lifeinsurancepremiumsin2022.ReadmoreNote(s):Italy;H12021andH12022Source(s):Istitutoperlavigilanzasulleassicurazioni-IVASSValueoflifeandnon-lifeinsuranceclaimspaidinItalyfrom2004to2022(inbillioneuros)Valueoflifeandnon-lifeinsuranceclaimspaidinItaly2004-2022LifeNon-life120100806040200200420052006200720082009201020112012201320142015201620172018201920202021202212Description:Lifeinsuranceclaimsaccountedforalmost80percentofallinsuranceclaimspaidoutinItalyin2022.InsuranceclaimspaidoutinItalypeakedin2011beforefallinguntil2016.By2022,Italianinsuranceclaimshadalmostreturnedto2011levels.In2022,thevalueofclaimspaidamounted98billioneuros,ofwhich77.4billioneurosbelongedtothelifeinsurancesegment.ReadmoreNote(s):Italy;2004to2022Source(s):Istitutoperlavigilanzasulleassicurazioni-IVASSNumberofmotorinsuranceclaimssubmittedinItalyin2021and2022,byregion(in1,000s)MotorinsuranceclaimsreportedinItaly2021-2022,byregion2021202250045040035030025020015010050013Description:Almost150,000moremotorinsuranceclaimsweresubmittedfromLombardythanfromLazioinItalyin2022.In2022,justover450,000claimsweresubmittedbymotorinsuranceholdersintheregionthatincludesMilan,whereasonly300,000claimsweresubmittedfromtheregionthatishometothecapitalcityofRome,Lazio.ThisdisparityisunsurprisinggiventhedifferenceinGDPbetweenthetwoItalianregions.ReadmoreNote(s):Italy;2021and2022Source(s):Istitutoperlavigilanzasulleassicurazioni-IVASSCHAPTER

03LeadingcompaniesLeading15insurancegroupsinItalyfrom2020to2022,bygrosspremiumswritten(inbillioneuros)Largest15insurancegroupsinItalybygrosspremiums2020-2022Grosspremiumsinbillioneuros2022

2021

202010

150520253035GruppoGeneraliGruppoAssicurativoPosteVitaGruppoIntesaSanpaoloGruppoAllianzSEGruppoAssicurativoUnipolGruppoCNPAssurancesGruppoAXAGruppoAssicurativoMediolanumGruppoRealeMutuaGruppoBNPParibasGruppoCreditAgricoleGruppoZurich15Description:In2022,thebiggestinsurancegroupinItalyintermsoftotalgrosspremiumswrittenwasGruppoGenerali.Generalireportedthatthegroup`spremiumsinbothlifeandnon-lifesegmentsreachedavalueofalmost28billioneuros.Thisfigurewas10billioneurosgreaterthanthefigurereportedbyPosteVita,secondintherankingwithjustunder18billioneurosworthofgrosspremiumswritten.ReadmoreNote(s):Italy;2020to2022;DomesticpremiumsonlySource(s):ANIALeading15propertyandfireinsurancecompaniesinItalyin2022,bygrosswrittenpremiums(inmillioneuros)LargestpropertyinsurancecompaniesinItaly2022,bygrosswrittenpremiumsPremiumsinmillioneurosFireandnaturaldisasters400

600Otherdamagetoproperty800

1,000

1,20002001,4001,6001,8002,0002,200GeneraliGruppoAssicurativoUnipolGruppoAssicurativoAllianzRealeGroupZurichInsuranceAXAItaliaGrupoItasAssicurazioniAIGEuropeGruppoAssicurativoIntesaSanpaoloVitaXLInsuranceCompanyAssicurazioniRischiAgricoliVMG1857Groupama16Description:In2022,GeneraliwasthelargestpropertyinsurancecompanybygrosswrittenpremiumsinItaly.TheTrieste-basedinsurerledintermsofbothfireandnaturaldisasterinsurancepremiumsaswellasinsurancepremiumscoveringotherdamagetopropertyinthatyear.Grosswrittenpremiumsforotherdamagetopropertyreached1.1billioneurosandfireandnaturaldisasterinsuranceamountedto814millioneuros.GruppoAssicurativoUnipolandGruppoAssicurativoAllianzfollowed[...]

ReadmoreNote(s):Italy;2022Source(s):ANIALeading15motorinsurancecompaniesinItalyin2022,bygrosswrittenpremiums(inmillioneuros)LargestmotorinsurancecompaniesinItaly2022,bygrosswrittenpremiumsPremiumsinmillioneurosMotorhullinsurance

Motorliabilityinsurance1,000

1,500

2,000

2,50005003,0003,5004,0004,500GruppoAssicurativoUnipolGeneraliGruppoAssicurativoAllianzAXAItaliaRealeGroupGruppoVittoriaAssicurazioniGroupamaZurichInsuranceHDIAssicurazioniGruppoAssicurativoSaraGrupoItasAssicurazioniGreatLakesInsurance17Description:In2022,GruppoAssicurativoUnipolwasthelargestmotorinsurancecompanybygrosswrittenpremiumsinItaly.TheBologna-basedinsurerhadmotorliabilityinsurancepremiumsworth2.95billioneurosandmotorhullinsurancepremiumsworth874.7millioneurosinthatyear.GeneraliandGruppoAssicurativoAllianzfollowedbehindwiththreebillionand2.67billioneuros,respectively.ReadmoreNote(s):Italy;2022Source(s):ANIALeading15sicknessinsurancecompaniesinItalyin2022,bygrosswrittenpremiums(in1,000euros)LeadinghealthinsurancecompaniesinItaly2022,bygrosswrittenpremiumsGrosspremiumswritteninthousandeuros200,000

300,0000100,000400,000500,000600,000700,000GeneraliItaliaUnisaluteIntesaSanpaoloRBMSaluteAllianz607,378556,161519,713246,701232,046196,359186,787SocietàRealeMutuadiAssicurazioniUnipolsaiAssicurazioniPosteAssicuraAxaAssicurazioni136,171100,30988,01172,004IncontraAssicurazioniIntesaSanpaoloAssicuraArcaAssicurazioniMediolanumAssicurazioniZurichInsurance69,90668,92966,58163,386EuropAssistanceItaliaAllenzaassicurazioni18Description:In2022,insurancecompaniescollectedalmostfourbillioneurosingrosswrittenpremiumsfromhealthinsurancepoliciesinItaly.Threecompaniesstoodout,allreachingabove500millioneurosingrosswrittenpremiumseach:GeneraliItalia,Unisalute,andIntesaSanpaoloRBMSalute.Inparticular,GeneraliItaliarecordedthehighestvalueofhealthinsurancegrosswrittenpremiums,withover607millioneuros,correspondingto16.4percentofthetotalItalianmarketforhealth[...]ReadmoreNote(s):Italy;2022Source(s):ANIAKeyfinancialfiguresforGroupGeneraliinsuranceworldwidein2022KeyfinancialfiguresforGroupGeneraliinsurance2022In

euros519.05618Totalassets(billioneuros)Totalassetsundermanagement(AUM)(billioneuros)Grosswrittenpremiums(billioneuros)Netinsurancebenefitsandclaims(billioneuros)Revenue*(billioneuros)81.5450.946.51Shareholder'equity(billioneuros)Totalcomprehensiveincome(millioneuros)Netprofit**(millioneuros)18.14-11.442.91Expenses(billioneuros)76.7919Description:Establishedin1831,AssicurazioniGeneraliSPAa.k.aGroupGeneraliisanItalianinsurancecompanyoperatinginthelifeandpropertyandcasualty(P&C)businesslines.GeneraliisoneofthelargestEuropeaninsurancecompaniesintermsofsales,assets,andgrosswrittenpremiums.ReadmoreNote(s):Worldwide,UnitedKingdom;2022Source(s):GeneraliItaliaSpaKeyfinancialfiguresforAllianzGroupinsuranceworldwidein2022(inbillioneuros)KeyfinancialfiguresforAllianzGroupinsurance2022In

billion

euros1021.5152.677.18TotalassetsRevenue*Netincome**Operatingprofit**Expenses14.16113.0662.82NetclaimsandinsurancebenefitsincurredShareholder'equityGrosswrittenpremiums51.4794.1920Description:AllianzwasfoundedinBerlinin1890,buttheheadquarterswasmovedtoMunich,GermanyaftertheBerlinheadquarterswasdestroyedinthesecondWorldWar.Allianzofferspropertyandcasualtyinsurance,healthandlifeinsurance,assetmanagementandbusinessinsurance.Lifeandhealthinsuranceistheirmostprofitablesegment,followedbypropertyandcasualtyinsurance.ReadmoreNote(s):Worldwide,Germany;2022Source(s):AllianzCHAPTER

04Salesmetrics&consumptionConsumptionexpenditureofhouseholdsoninsuranceservicesinItalyfrom2011to2021(inmillioneuros)Consumptionexpenditureofhouseholdsoninsuranceservices2011-202130,00026,648.124,98725,00023,686.123,646.721,815.321,433.420,456.819,715.319,271.520,00015,00010,0005,000018,724.217,8622011201220132014201520162017201820192020202122Description:In2021,theannualconsumptionexpenditureofhouseholdsoninsuranceinItalydecreasedby1.7billionmillionEuro(-6.23percent)since2020.Nevertheless,thelasttwoyearsinthisindustryrecordedasignificanthigherannualconsumptionexpenditureofhouseholdsthantheprecedingyears.ReadmoreNote(s):Italy;2011to2021Source(s):OECDMostcommoninsurancesbytypeinItalyasofJune2023MostcommoninsurancesbytypeinItaly2023Shareofrespondents0%10%20%30%40%50%60%70%70%CarinsuranceHealthinsurance53%Home/dwellinginsuranceLifeinsurance30%26%Accidentinsurance21%Contents/personalpropertyinsurancePersonalliabilityinsuranceLegalexpensesinsuranceIdonothaveanyinsurancepoliciesOther14%11%8%9%5%Don'tknow3%23Description:70percentofItalianrespondentsansweroursurveyon"Mostcommoninsurancesbytype"with"Carinsurance".Thesurveywasconductedin2023,among2,032consumers.

ReadmoreNote(s):Italy;July2022toJune2023;2032respondents;18-64yearsSource(s):ConsumerInsightsInsurancestakenoutonlinebytypeinItalyasofJune2023InsurancestakenoutonlinebytypeinItaly2023Shareofrespondents0%10%20%30%30%40%50%CarinsuranceHealthinsurance26%Accidentinsurance7%7%LifeinsuranceHome/dwellinginsuranceContents/personalpropertyinsuranceLegalexpensesinsurancePersonalliabilityinsuranceIhavenottakenoutanyinsurancepoliciesonlineOther6%4%3%3%49%1%2%Don'tknow24Description:30percentofItalianrespondentsansweroursurveyon"Insurancestakenoutonlinebytype"with"Carinsurance".Thesurveywasconductedin2023,among2,032consumers.

ReadmoreNote(s):Italy;July2022toJune2023;2032respondents;18-64yearsSource(s):ConsumerInsightsInsurancepremiumsperinhabitant(density)ofthedomesticmarketinItalyfrom2004to2020(ineuros)InsurancedensityinItaly2004-20203,5002,9013,0002,8582,7772,6722,6822,6662,6242,4562,5002,0001,5001,0005002,3742,3332,1522,1072,0812,0301,9891,9041,78402004200520062007200820092010201120122013201420152016201720182019202025Description:Thisstatisticshowsthelifeandnon-lifeinsurancedensityinItalyfrom2004to2020.Insurancedensityisusedasanindicatorforthedevelopmentofinsurancewithinacountryandiscalculatedastheratiooftotalinsurancepremiumstowholepopulationofagivencountry.In2020,thelifeandnon-lifeinsurancepremiumsamountedto2,666eurospercapitainItaly.ReadmoreNote(s):Italy;2004to2020Source(s):InsuranceEuropeGrossdirectpremiumswrittenontheItalianmotorinsurancemarketfrom2013to2021(inbillioneuros)MotorinsurancegrossdirectpremiumswritteninItaly2013-20212018.6817.61816141210816.6716.3616.1616.2216.0315.6315.27642020132014201520162017201820192020202126Description:GrosswrittenpremiumsinthemotorinsurancesegmentinItalydeclinedoverallsincethepeakreachedin2013.Infact,theirtotalvaluedecreasedfromnearly18.7billioneurosinthatyeartoapproximately15.3billioneurosin2021.Despitethedecreaseexperienced,writtenpremiumsinthemotorinsurancesegmentstillaccountforapproximatelyhalfofthetotalgrosswrittenpremiumsinthenon-lifeinsurancesectorinItaly.ReadmoreNote(s):Italy;2013to2021Source(s):Istitutoperlavigilanzasulleassicurazioni-IVASSHealthinsurancedensityinItalyfrom2004to2020(ineuros)HealthinsurancedensityinItaly2004-2020555352504846454140373737373635353534353025203130272004200520062007200820092010201120122013201420152016201720182019202027Description:Despiteexpandinginrecentyears,thehealthinsurancesectorremainsmarginalinItaly,duetothefactthathealthcareisfree.However,inefficiencyandlongwaitingtimesinthepublichealthsystemledtoanincreaseinpopularityoftheprivatesectorand,hence,healthinsurancescheme.Asdatashow,healthinsurancedensityinItalyincreasedfrom27eurospercapitain2004to52eurospercapitain20120.

ReadmoreNote(s):Italy;2004to2020Source(s):InsuranceEuropeHealthinsurancepenetrationinItalyfrom2004to2020HealthinsurancepenetrationinItaly2004-20200.2%0.2%0.2%0.2%0.2%0.19%0.18%0.17%0.16%0.15%0.2%0.1%0.1%0.1%0.1%0.1%0.14%0.13%

0.13%0.13%

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0.13%0.12%20060.11%

0.11%200420052007200820092010201120122013201420152016201720182019202028Description:ThehealthinsurancesectorremainsmarginalinItaly,duetothefactthathealthcareisfreeinthecountry.However,inefficiencyandlongwaitingtimesinthepublichealthsystemledtoanincreaseinpopularityoftheprivatesectorand,hence,healthinsuranceschemes.Asdatashow,healthinsurancepenetrationremainslowinItalyandreached0.19percentin2020.ReadmoreNote(s):Italy;2004to2020Source(s):InsuranceEuropeLifeinsurancepremiumstoGDP(insurancepenetration)onthedomesticmarketinItalyfrom2004to2020LifeinsurancepenetrationinItaly2004-20209%8%7%8.38%8.21%7.37%7.21%7.09%6.97%

6.97%6.5%6.34%6.1%6%5%4%3%2%1%0%5.51%5.22%5.12%4.91%4.79%

4.76%3.83%2004200520062007200820092010201120122013201420152016201720182019202029Description:ThisstatisticshowsthelifeinsurancepenetrationinItalyfrom2004to2020.InsurancepenetrationisdefinedasinsurancepremiumsasapercentageofGDP,andisdeemedthestandardmeasuretocheckthedevelopmentofacountry'sinsurancemarket.In2020,Italyreachedalifeinsurancepenetrationofapproximately7.21percent.ReadmoreNote(s):Italy;2004to2020Source(s):InsuranceEuropeAttitudestowardsinsurancesinItalyasofJune2023AttitudestowardsinsurancesinItaly2023Shareofrespondents0%5%10%15%20%25%24%ItrustmyinsuranceprovidertotakecareofmyclaimsI'mwellinformedaboutmypersonalinsurancepoliciesIcouldimaginemanagingmyinsuranceexclusivelyonline26%26%IcouldbenefitifItookadvicebyaninsuranceexpert(e.g.,onpremiums,coverage)18%I'mworriedthatImightnothavetherightkindsofinsurancepolicies16%Iamwillingtoautomaticallyshareinformationaboutmybehaviorwithmyinsuranceinexchangeforbetterrates14%Icouldimagineconsultingaalgorithm-baseddigitalprogram(RoboAdvisor)for12%adviceoninsuranceIcouldimaginegettingallmyinsurancesfromatechcompanysuchasGoogleorApple8%Noneoftheabove23%30Description:Whenaskedabout"Attitudestowardsinsurances",mostItalianrespondentspick"Itrustmyinsuranceprovidertotakecareofmyclaims"asananswer.26percentdidsoinouronlinesurveyin2023.

ReadmoreNote(s):Italy;July2022toJune2023;2032respondents;18-64yearsSource(s):ConsumerInsightsCHAPTER

05InvestmentsInvestmentassetsoflifeandnon-lifeinsurancecompaniesinEuropefromQ42019toQ42022,bycountry(inbillioneuros)TotalinvestmentbyinsurancefirmsEurope2019-2022,bycountryQ42019Q42020Q42021Q420222,5002,0001,5001,000500032Description:Inthefourthquarterof2022,theinsuranceindustryinFrancesawthehighestvalueofinvestmentinEurope,followedbyGermanyandItaly.Combined,theinsurancemarketinthethreecountriesaccountedforoverfourtrillionoutofthealmostsixtrillioneurosworthofinvestment(otherthanassetsheldforindex-linkedandunit-linkedcontracts)inEurope.Thisincludesinvestmentinpropertyotherthanforownuse,holdingsinrelatedundertakings,suchasparticipations,equities,bonds,[...]ReadmoreNote(s):Europe;Q42019,Q42020,Q420