Insurance, 2023 collection stabilizes at almost 145 billion

Insurance confirm in Italy a crucial role for familiesboth as a tool protection against adverse events, both as savings catalyst and alternative form of social security. This is what emerges from the annual report ofAniaaccording to which the sector has collected almost 145 billion euros, in line with the previous year. Considering only Italian companies and the representations of foreign companies in Italy, there was a collection of around 130 billion.

However, a opposite trend in the two main macro-sectors: the expansion of the volume of premium income in Non-Life sector (+6.6%) contrasted with the smaller decline recorded in Life segment (-3.5%). The incidence of total premiums (Life and Non-Life) on the Gross Domestic Product also remained stable, standing at 6.6%.

Life insurance collection decreasing with Unit-Linked

In 2023 the premium collection in Life branches was slightly higher than 91 billion, down 3.5% compared to 2022 when premiums decreased by 11%. The impact of total Life premiums on Gross Domestic Product decreased slightly and was 4.7% in 2023 (it was 4.8% in 2022).

The decline was essentially determined by the policies Unit-Linked (branch III)which are cast peaking at 32% for an amount that fell below 20 billion, and from the policies of capitalization (class V), which have decreased by 24%. A trend that is the consequence of a generalized one market volatility stocks and bonds which has distanced – in a moment of strong uncertainty in the financial markets – savers from this type of investment.

On the contrary, the prizes relating to traditional life contracts of branch I – Human life are increased by 9.2% with a volume of over 66 billion. In an economic/financial scenario characterized by sustained inflation and high interest rates, but also by high uncertainty, the possibility of investing in forms of savings that guarantee at least the maintenance of the invested capital (often combined with minimal returns).

They also grew, albeit with a still very limited impact on the overall volume of the Life business premiums of class IV – Sickness (+24.0% and a volume of just 275 million) ei premiums of class VI – Pension funds (+22.9% and a volume of 3.9 billion).

Non-life collection on the rise

At the end of December 2023 i premiums recorded in the Non-Life classes of national and non-European companies are results up by 6.6% compared to 2022 for a volume of 38 billion. The incidence of total Non-Life collection on the Gross Domestic Product increased slightly and was equal to 1.9% in 2023 (it was 1.8% in 2022).

The increase in collection is a consequence of an increase in premiums RC Car branch (+4.3%) and by a significant growth in premiums in other Non-Life classes (+7.7%).

Branch growth RC Car (here the news of the national Single Table) must be framed in the new economic context which has suffered the impact of inflation on the general trend of the cost of claims. In essence, the increase in premium volume in 2023 – compared to a fleet of insured vehicles essentially unchangedo – is a function of a slight contraction in the claims frequency (-1.3%) and a increase of more than 5% of their average cost. However, it should be highlighted that in the previous eleven years (from autumn 2012 to June 2022) there had been a reduction in the average premium of almost 40%.

As for the other Non-Life classes, si confirms a trend in strong expansion cwhich testifies to the growing propensity of Italians to protect themselves more adequately against risks to their person, property and heritage. The overall increase in this sector was 7.7% and results premiums in all classes are growing; those who recorded a positive change equal to or above the average were the following: Fire (+7.6%), the branches Credit and Deposit (+10.8%), Illness (+10.9%) and the branch Land vehicle bodies by 12.1%. The following classes showed lower than average but still positive growth rates: Accidents (+2.4%), Pecuniary losses (+3.5%), Assistance (+5.2%), Legal protection (+5.4% ), the Transport sector (+6.0%) and General TPL (+7.1%).