Non-life insurance claims have a comparatively high value in Italy
The Italian market represents the sixth largest market in Europe for the non-life insurance sector in terms of gross written premiums. In this manner, the total value of gross premiums written on the Italian market amounted to over 34 billion euros in 2019. On the other hand, claims paid out by insurance providers reached a value of 21.2 billion euros. In the meantime, accident-related insurance claims paid out in Italy also recorded a significant value on a European scale. When considering the different segments included in the non-life insurance sector, motor insurance is by far the most dominant one, both in terms of premiums written and claims paid. Indeed, in 2020, motor insurance gross written premiums in Italy amounted to over 15.3 billion euros, whereas claims paid reached a value of more than 13 billion euros.Insurance penetration and insurance density set the Italian market apart
Two other important indicators to understand the development and importance of the Italian insurance market are insurance penetration and insurance density. Insurance penetration is defined as premiums as a percentage of GDP and is deemed the standard measure to check the performance of a country's insurance market. In the non-life insurance sector, Italy registered a penetration of 1.75 percent. On the other hand, insurance density is calculated as the ratio of premiums to whole population and it amounted to 517 euros.
