The Italian Institute for Insurance Supervision (IVASS) has published a statistical bulletin on the health insurance business of supervised insurers in the accident and sickness lines over 2018–2023, highlighting continued growth in premiums, a highly concentrated market structure, and broadly stable underwriting ratios. In 2023, Italy’s total health expenditure was EUR 176.1bn (8.3% of GDP), with 74% borne by the public sector and 23.1% paid out of pocket; spending intermediated by health funds and insurers accounted for 2.9% of total health spending. Health insurance premiums collected by insurers totalled EUR 7,425m in 2023, split between accident (EUR 3,499m) and sickness (EUR 3,926m), and increased by 6.7% versus 2022, driven by sickness (+10.9%) and more moderate growth in accident (+2.4%). The top five insurers accounted for 66% of sickness premiums and over 61% of accident premiums. More than one in five Italians held group sickness policies, with most managed by health funds; the average premium per unit of risk (net of taxes) was EUR 191 for sickness (+11%) and EUR 61 for accident (+3.5%). Claims frequency rose in both lines while the average cost of claims settled in the year of occurrence fell; the sickness loss ratio and combined ratio were unchanged at 70.5% and 93.5%, while accident remained broadly stable at 41.8% and 78.0%. The technical account result net of reinsurance was positive at EUR 219m for sickness (nearly doubled versus 2022 due to investment gains) and EUR 743m for accident (+24.7%), supported by both direct business technical balance and investment income. By the third quarter of 2024, premium collection remained on a positive trajectory, with sickness premiums 11.7% higher than in the third quarter of 2023 and accident premiums 3.0% higher.

Original source View in tracker