Automobile insurance in Italy - Sector financials

Databank Cerved Group, November 2011, Pages: 24

This report provides financial indicators on the automobile insurance Italian market: key characteristics and drivers of the demand and supply by segment, main reasons for the trends observed, financial indicators of the sector (balance sheets, P&L, financial ratios, productivity indicators, growth rates).

Market overview

This study analyses two business lines in the automobile insurance market:
- Category 10 policies: compulsory Third-Party Liability for non-rail land vehicles (Responsabilità Civile Autoveicoli - RCA), hereinafter referred to as Vehicle Third-Party Liability insurance (V-TPL);?
- Category 3 policies: optional policies for non-rail land vehicles (Corpi Veicoli Terrestri - CVT) covering fire, theft, robbery, and the so-called "kasko" (damage to policyholder's vehicle), hereinafter referred to as Vehicle Property & Casualty insurance (V-P&C).

The principal characteristics of automobile insurance are:?
- modularity, starting from basic compulsory V-TPL insurance, additional components may be added;
- addressed to a mass market, with a fixed, core compulsory component and a very broad, as yet uncharted, potential for accessory components;?
- variable cost depending on the number of items covered, the type of coverage, and the method of provision;
- possibility of personalisation, mainly in the optional components, allowing the policy to be adapted as closely as possible to the specific needs of the policyholder and his/her characteristics (sex, age, driving habits, etc.).

Scope

This report addresses compulsory insurance (V-TPL) and optional insurance (theft, fire, kasko, vehicle service, etc.) covering risks associated with automobiles and non-rail land vehicles in general (commercial vehicles, motorcycles, campers, etc.).

Segments

The market is segmented into two business lines coinciding with two specific categories of P&C insurance, which are distinguished as to whether they are compulsory or optional:

- V-TPL policies (Category 10, Third-Party Liability for non-rail land vehicles), which are required by law;

- optional vehicle policies (Category 3, non-rail land vehicles), with coverage segmented as follows:
- fire/theft;?
- driver injuries;?
- damage to windows;?
- vehicle service;?
- acts of vandalism;?
- atmospheric events;?
- legal expenses/license confiscation;?
- damage to policyholder's vehicle (kasko and mini-kasko);
- other

Methodology

In order to draw up the Competitors report, the Databank method foresees the screening of the main realities of the sectors and various one-to-one interviews with the selected players. All this is then completed via:
- the gathering of information questionnaires that are filled out by the main companies on an annual basis;
- the checking of the gathered information by a sector expert, using a verification system that guarantees maximum reliability and consistency;
- the processing of information belonging to the Cerved Group about Italian economic realities.

LIST OF COMPANIES ANALYSED 3
1. INTRODUCTION TO METHODOLOGY 4
2. SECTOR DESCRIPTION 5
2.1. Market overview 5
2.2. Scope 5
2.3. Segments 6
3. DEMAND ANALYSIS 7
4. SUPPLY ANALYSIS 13
4.1. Key characteristics 13
4.2. Sector financials 14
CONNECTED PRODUCTS AND SERVICES 22
CONTACT 23
COPYRIGHT 24

List of Tables and Graphs:
AUTOMOBILES: MONTHLY REGISTRATIONS, 2006-2011
GEOGRAPHICAL DISTRIBUTION OF AUTOMOBILE REGISTRATIONS IN ITALY, 2008-2010
MOTORCYCLES: MONTHLY REGISTRATIONS, 2009-2011
MONTHLY REGISTRATIONS OF COMMERCIAL VEHICLES, LORRIES AND COACHES, 2009-2010
VEHICLES IN CIRCULATION IN ITALY BY TYPE, 2006-2010
VEHICLES IN CIRCULATION IN ITALY BY TYPE, 2010
(cont.) VEHICLES IN CIRCULATION IN ITALY BY TYPE, 2010
VEHICLE THEFT IN ITALY, 2008-2010
ACCIDENTS, TRAFFIC OFFENCES AND EMERGENCY ASSISTANCE, 2009-OCTOBER 2011
AUTOMOBILE INSURANCE(a): AVERAGE AND WEIGHTED COMBINED RATIOS(b) BY BUSINESS LINE AND SEGMENT, 2009-2010
AGGREGATE FINANCIAL INDICATORS FOR MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: ROI(a) OF MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: TOTAL COMBINED RATIO(a) OF MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: LOSS RATIO(a) OF MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: EXPENSES RATIO(a) OF MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: COVER RATIO (a) FOR MARKET LEADERS, 2008-2010
AUTOMOBILE INSURANCE: PERCENTAGE COST OF DISTRIBUTION STRUCTURE(a) BY MARKET LEADER, 2008-2010
AUTOMOBILE INSURANCE: TECHNICAL ACCOUNT PROFITABILITY (LIFE AND PROPERTY/CASUALTY) BY MARKET LEADER, 2008-2010

ALLEANZA TORO S.P.A.
ALLIANZ S.P.A.
ARCA ASSICURAZIONI S.P.A.
ASSICURAZIONI GENERALI S.P.A.
ASSIMOCO - S.P.A. COMPAGNIA DI ASSICURAZIONI E RIASSICURAZIONI - MOVIMENTO COOPERATIVO
AUGUSTA ASSICURAZIONI S.P.A.
AVIVA ITALIA S.P.A.
AXA ASSICURAZIONI SPA
AXA MPS ASSICURAZIONI DANNI S.P.A.
CARIGE R.D. ASSICURAZIONI E RIASSICURAZIONI S.P.A.
COMPAGNIA ASSICURATRICE LINEAR S.P.A.
COMPAGNIA DI ASSICURAZIONE DI MILANO S.P.A.
COMPAGNIA ITALIANA DI PREVIDENZA, ASSICURAZIONI E RIASSICURAZIONI S.P.A.
DIALOGO ASSICURAZIONI S.P.A.
DIRECT LINE INSURANCE S.P.A.
DUOMO UNI ONE ASSICURAZIONI S.P.A.
ERGO ASSICURAZIONI S.P.A.
FATA ASSICURAZIONI DANNI S.P.A.
FONDIARIA - SAI S.P.A.
GENERTEL S.P.A.
GENIALLOYD SOCIETA' PER AZIONI DI ASSICURAZIONI S.P.A.
GROUPAMA ASSICURAZIONI SPA
HDI ASSICURAZIONI S.P.A.
HELVETIA COMPAGNIA SVIZZERA D'ASSICURAZIONI SA
INA ASSITALIA S.P.A.
ITAS ISTITUTO TRENTINO ALTO ADIGE PER ASSICURAZIONI SOCIETA' MUTUA DI ASSICURAZIONI
LIGURIA SOCIETA' DI ASSICURAZIONI S.P.A.
NATIONALE SUISSE COMPAGNIA ITALIANA DI ASSICURAZIONI SPA
QUIXA SPA
SARA ASSICURAZIONI S.P.A. ASSICURATRICE UFFICIALE DELL'AUTOMOBILE CLUB D'ITALIA
SOCIETA' CATTOLICA DI ASSICURAZIONE - SOCIETA' COOPERATIVA
SOCIETA' REALE MUTUA DI ASSICURAZIONI
SUN INSURANCE OFFICE LIMITED
TUA ASSICURAZIONI S.P.A.
UBI ASSICURAZIONI S.P.A.
UNIPOL ASSICURAZIONI S.P.A.
UNIQA PROTEZIONE SPA
VITTORIA ASSICURAZIONI SPA
ZURICH INSURANCE COMPANY LTD
ZURITEL S.P.A.

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