The Italian Institute for Insurance Supervision (IVASS) published a statistical bulletin on motor insurance activity by supervised insurers, summarising 2023 results and selected trends for the first half of 2024. Total motor premiums collected in 2023 reached EUR 16.1 billion, representing 42.4% of non-life production, with ancillary covers accounting for 24.6% of premiums and rising relative to the compulsory component. For motor third-party liability and boats, 38 supervised undertakings collected EUR 12.2 billion in premiums in 2023 (up 4.3% year on year) covering 38.5 million vehicles; premiums increased to EUR 6.5 billion in the first half of 2024 (up 6.7% versus the same period of 2023). Claims frequency was 5.0% with total claims cost of EUR 9.8 billion and an average claim cost just above EUR 5,000, up 1.5% on 2022 and 6.8% on 2019; the segment recorded a profit of EUR 581 million in 2023 (EUR 15 per policy) and EUR 211 million in the first half of 2024. For non-compulsory land vehicle own-damage cover (CVT), 40 supervised undertakings collected EUR 4.0 billion in 2023 premiums (up 12%); in the first half of 2024 premium collection grew 13.6% for supervised undertakings and 27.7% for European Economic Area branches operating in Italy. CVT claims frequency rose to 7.34%, driven mainly by higher car theft and claims linked to collision/kasko and natural events (hail, floods), with an average claim cost of EUR 2,868 (up 13.5% on 2022), and the segment posted a loss of EUR 34 million for the first time after a long run of positive results. The bulletin also reports that European Economic Area undertakings operating via establishment and freedom to provide services held a 13% market share in 2023; 87.3% of contracts were distributed via supervised undertakings and EEA undertakings mainly using traditional channels (agents and brokers), while 10% were distributed by undertakings using a direct channel. Margins diverged by distribution model, with direct writers showing a negative margin per policy of EUR -17.8 (vs EUR +3.3 in 2022) and traditional writers a positive margin of EUR 73 (up 37%), with direct writers tending to attract higher-risk policyholders.
Italian Institute for Insurance Supervision (IVASS) 2025-01-21
Italian Institute for Insurance Supervision publishes statistical bulletin on motor insurance activity with EUR 16.1 billion in 2023 premiums
IVASS's bulletin on motor insurance reported EUR 16.1 billion in 2023 premiums, with a 4.3% rise in motor third-party liability premiums. Claims frequency reached 5.0%, averaging EUR 5,000 per claim. Non-compulsory land vehicle own-damage cover premiums increased by 12%, despite a EUR 34 million segment loss. European Economic Area undertakings held a 13% market share, with traditional channels showing positive margins, unlike direct writers.