Motor insurance market in Italy - Statistics & Facts

With approximately 40 million vehicles registered in Italy and mandatory motor liability insurance, it should come as no surprise that motor insurance is one of the largest segments in the insurance sector. Indeed, motor insurance gross written premiums reached 16 billion euros in 2018 and accounted for nearly half of the total gross written premiums in the non-life insurance sector.

The motor insurance segment in Italy is divided into two categories: motor liability (in Italian Responsabilita' Civile Auto), and land vehicle (in Italian Corpi Veicoli Terrestri). Motor liability insurance provides protection for damages caused while driving in case of accidents and covers injuries or damages to third parties and their property. On the other hand, land vehicle insurance is not mandatory and provides a coverage in case of theft, fire, and damage to own vehicle. As liability coverage for vehicle owners is mandatory, the first category is much larger than the second. Motor liability insurance gross written premiums amounted to over 13 billion euros in 2018, compared to nearly three billion euros for land vehicle insurance.

As mentioned above, motor insurance grants coverage in case of accidents, injuries, theft or damage, depending on the type of policy chosen. When an accident occurs, policyholders are to present a claim to their insurance provider in order to receive compensation for the damage. Motor insurance claims notified on the Italian market declined significantly since 2009, reaching approximately 3.5 million in 2017. As a consequence, a decline in motor insurance claims paid also followed. In fact, claims paid on the Italian market decreased by nearly one third, after peaking at over 18 billion euros in 2008.

Despite an increase in the number of insured vehicles, the value of gross written premiums has decreased in recent years. The reason behind this is a decline in the average price of motor liability insurance policies. The cost of this type of insurance, however, is influenced by many factors. The first one depends on the policy holder and what kind of coverage they choose. On the other hand, there are also factors that are outside the control of customers. These factors include, among others, gender, age, and location.

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Motor insurance in Italy

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