«Now a welfare that integrates public and private»- Corriere.it

The Italian insurance sector, in a “particularly complex” 2022, confirmed its “solidity”, with the solvency ratios which “remained almost stable at absolutely safe levels: two and a half times the legal minimums, in line with the European average» and «the volume of investments equal to 900 billion». The president of Ania, Maria Bianca Farina, took stock of the sector in her report to the 2023 assembly of the association. However, in 2022 the profitability of the sector has shrunk. Life premiums, amounting to 94 billion euro, showed a drop (-11.0%), however more marked for linked products (-27.4%) than that of traditional class I life contracts (-2.6 %). «This trend was offset by solid growth of 4.6% in non-life premiums, equal to 35.7 billion. The growth can be attributed exclusively to classes other than motor liability, while the latter, which still has a significant weight in the non-life market, recorded a further reduction in premiums written in 2022 (-2.1%): this is the eleventh negative change since 2011, the result of persistent and intense competitive pressure between companies», explained Farina.

A welfare that integrates public and private

According to Farina, an innovative welfare model is needed that can integrate the use of public and private resources. «Already today, total private spending to integrate public services such as pensions, health care and assistance exceeds 100 billion. So tell us the estimates of the most recent studies. Of this household expenditure, 46% is destined for health and 34% for assistance for non-self-sufficient people. And above all, given what we know about Italy’s public debt, tax burden and demographics, this expenditure will only grow. It’s right? Is it sustainable? No. It’s time to think about different strategies», underlined the president of ANIA.

climate risks

The president of ANIA also focused on the risks associated with climate change. «Climate change is a reality», said Farina, recalling the recent flood in Emilia-Romagna. “Can anyone still take refuge behind the idea that it’s just bad luck, that it’s a coincidence, when climate change becomes more and more tangible every year and hydrogeological instability or soil consumption impose themselves as priorities to be addressed?”, She added . «All the authoritative international recommendations identify catastrophe insurance as a key tool for containing losses. It facilitates rapid financing for reconstruction and incentives for risk mitigation. These are – she explained – vital aspects for a country as exposed as ours: the cost of a catastrophe depends not only on the severity of the initial damage, but also on how quickly reconstruction can be completed. And here we Italians are certainly not at the forefront in Europe. If earthquakes are also included, the share of insured damages in Italy today does not exceed 14% of the total: it is by far the lowest figure among the main European countries».