Italy

Italy Insurance Market Highlights

Market Regulation:

The sector is overseen by IVASS (Istituto per la Vigilanza sulle Assicurazioni). Axco’s monitoring focuses on 2026 transparency requirements for hybrid products and enhanced consumer protection standards.

Non-Life Market Trends:

Non-life growth is currently led by the Health segment; Axco’s latest statistics indicate a 2026 trend toward mandatory catastrophe cover for businesses following recent climate events.

Distribution Channels:

Agencies continue to dominate the non-life landscape; Axco analysis confirms that Bancassurance remains the powerhouse for life and savings products across the country.

Key Risks & Outlook:

The outlook is influenced by macroeconomic factors; Axco’s risk assessment highlights exposure to sovereign risk and the need for digital modernisation in traditional agency workflows.

Insurance Companies:

Axco Navigator details 177 insurance companies are authorised to write business in Italy, of which more than 100 operate in non-life classes only and about 20 in both non-life and life-classes.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 7.3% to EUR 31,817 Mn with motor the largest class of business, accounting for 55% of premiums. Insurance penetration stands at 1.45%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Italy Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Italy includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Italy?

According to ANIA, as at 31 December 2024 there were 85 national insurers (including two reinsurers) and four non-EU companies; 92 companies (including seven reinsurers) were branch offices operating under EU freedom of establishment (FOE) provisions. Over a hundred write only non-life business, with about 20 composite companies writing both life and non-life business. The major insurance groups in terms of domestic non-life business were Unipol, Generali and Allianz respectively.

In the Non-Life (P&C) market, Generali Italia S.P.A. was the market leader, recording EUR 8,196.19 million in written premiums and 18.19% market share in 2024. It was followed by Unipolsai Assicurazioni S.P.A. (EUR 7,885.96 million; 17.50% market share) and Allianz (EUR 4,462.18 million; 9.90% market share).

Among the leading non-life insurers, Argoglobal Assicurazioni S.P.A. reported the strongest growth, with premiums increasing 99.7% year-on-year. 61 companies are licensed for non-life business. 

Who are the top non-life insurers in Italy?

Source: Axco Navigator, Italy Insurance Market Rankings.

What is the Life Insurance market in Italy?

In the Life insurance market, Poste Vita was the largest insurer in 2024, generating EUR 18,103.14 million in written premiums and holding 17.05% market share. It was followed by Intesa Sanpaolo Vita (EUR 13,852.73 million; 13.04% market share) and Generali Italia S.P.A. (EUR 10,394.76 million; 9.79% market share).

The fastest-growing major life insurer was BCC Vita, with premium growth of 143.7% year-on-year. 36 companies are licensed for life business. 

Who are the top life insurers in Italy?

Source: Axco Navigator, Italy Insurance Market Rankings.

Country Information

Italy still lags behind most developed European countries in terms of insurance penetration and density, reflecting the fact that insurance continues to be purchased either as a necessity, as in the case of compulsory motor third party liability (MTPL), or due to some obligation such as bank lending requirements or international funding. In 2019 provisional gross direct domestic non-life premium income including personal accident and healthcare was EUR 34.3bn, representing an increase of 3.64% compared with 2018. Life premiums totaled 106,004.62

As at 30 June 2020, according to IVASS data, 205 insurance companies were operating in Italy, of which 97 had a registered office in Italy and 105 were branch offices of foreign insurance companies from EU member states operating under freedom of establishment (FOE) provisions, and three were non-EU companies. Of the 205 companies, 126 write only non-life business, whilst 34 companies write both life and non-life business. Additionally, six reinsurance companies are licensed on an FOE basis, of which five write non-life business.          

Brokers accounted for more than a third of non-life business in 2019, according to AIBA - the brokers' association. This takes into account the significant volume of business placed by brokers through company underwriting agents, which is regarded in some statistics as agency-generated business. The brokers' market share is even higher if the predominant motor sector is excluded.