The Italian Insurance Market 2017

The Italian Insurance Market

2017 figures + 9M18 overview

Italian insurance market snapshots

The Italian Insurance Market ? 2017 figures + 9M18 overview

PwC

1

Section 1 ? Italian insurance market snapshots

Italian insurance market

Key Messages

FY17 Key-data

Italian insurance market GWP 131bn, -2.4% vs. FY16 o/w Life: 99bn (-3.6% vs. FY16) Non-life: 32bn (+1.1% vs. FY16)

Largest Italian insurance companies:

o Life: Poste Vita (market share equal to 17.5%)

o Non-life: UnipolSai Assicurazioni (market share equal to 18.8%)

Largest Italian insurance groups:

o Life: Intesa Sanpaolo Group (market share equal to 19.4%)

o Non-life: Unipol Group (market share equal to 21.2%)

? In 2017, Italian GWP declined by 2.4% to 131bn with life business falling by 3.6%, partially compensated by non-life increasing by 1.2%. Premiums represented ca. 8% of Italian GDP, representing the 4th highest ratio in Europe

? Technical results decreased by 10.9% from 2017 higher incidence of cost over lower volumes in life and impact of catastrophic events for non-life

? After the adoption of Solvency II in 2016, insurers are putting great effort on capital management, reflected by the increase of the market Solvency ratio to 241% in 2017 (221% in 2016)

? Fintech (33 insuretech entities in Italy) and healthcare represent major disruptions for the insurance sector with businesses affected recording double digit growth

? Proper investments in cyber insurance risk management may guarantee to insurers a significant advantage towards competitors, as the Italian industrial 4.0 framework will demand protection from cyber attacks

? Interim figures lead to a forecast for 2018 of an increase to ca. 134bn GWPs due to growth in both life, as traditional products will be supported by rising interest rates, and non-life, driven by demand for innovative products

2013/2017 Technical result of Italian insurers (1)

million

Gross written premiums Change in reserves Incurred claims General expenses Investment income Other technical income (charges) Technical result Reinsurance result Net technical result

FY13

118,787 (29,174) (89,188) (11,971) 19,611

(930) 7,135 (403) 6,732

FY14

143,318 (59,579) (85,778) (12,411) 21,866

(908) 6,508 (217) 6,291

FY15

146,951 (52,844) (91,219) (12,672) 17,172

(987) 6,401

(98) 6,303

FY16

134,209 (48,559) (82,936) (12,614) 17,705

(926) 6,879 (288) 6,591

FY17

130,947 (38,932) (91,395) (12,836) 19,324

(979) 6,129

37 6,166

Source: PwC analysis on ANIA data (1) Direct and ceded business, excluding business underwritten in freedom of service

PwC | The Italian Insurance Market ? 2017 figures + 9M18 overview

2

Section 1 ? Italian insurance market snapshots

Italian insurance market trend

2013/2017 Italian insurers GWP (1)

118.8

33.7

143.3

32.8

147.0

32.0

million

110.5

114.9

85.1

134.2

32.0

102.3

131.0

32.3

98.6

Non-Life Life

FY13

FY14

FY15

FY16

FY17

2017 Breakdown by distribution channel

61%

23%

79%

Life 99bn

Non-Life N3o2nb-nlife

15%

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