The Italian insurance market is one of the largest in Europe. In 2019, the total value of gross direct written premiums amounted to more than 140 billion euros. At the end of 2019, nearly 1,300 companies operated on the Italian insurance market (domestic companies, branches of EU/EEA companies established in the country and companies operating in the country through Freedom of Service), one hundred of which were domestic companies. That same year, the sector counted around 46,700 employees working on the domestic market.
Life insurance providers rely heavily on bank distribution channels
The insurance industry can be broken down into two main categories, life and non-life. For life insurance, the most popular distribution channel is banks. In fact, bancassurance accounts for approximately 74 percent of the total life premiums in Italy. On the other hand, agents dominate the non-life insurance market, also accounting also for 74 percent of written premiums.
Assicurazioni Generali is the market leader in Italy
Assicurazioni Generali is the leading insurance group in Italy regarding total gross premiums written. Generali's premiums in both life and non-life segments reached over 68 billion euros in 2019. This was almost more than four times as much as reported by Poste Vita, second in the ranking with nearly 18 billion euros worth of gross premiums written. In terms of workforce, the Trieste-based Assicurazioni Generali also ranked first, as it employed almost 72,000 people worldwide in 2019. On a short note, the size and presence of Generali in Italy seems to be attested by its proximity to the public: almost 200,000 people had subscribed to Generali’s Italian Facebook page.
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