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Market Profile: Individual Life Insurance and Pensions in Italy
Milliman, Feb 2005
After more than a decade of impressive growth, the Italian life market is still considered to be one of the most attractive in Europe for financial services providers. At the same time, the market is evolving rapidly with major product, distribution and regulatory changes underway.
This report provides detailed facts and figures on the individual life insurance and pensions market in Italy. In addition we analyse the latest trends and developments in products, distribution channels and the competitive landscape.
Prepared by our experienced insurance consulting team based in Italy, the report provides essential information on the key features of the Italian life and pensions market, the main trends and opportunities.
Scope of the Report
The report addresses key questions including:
- What is the size and structure of the Italian individual life and pensions market? Who are the main players and how are they positioned?
- What is the attitude of Italian households towards life insurance and pensions products? What are their needs and expectations?
- What are the main distribution channels, what is their positioning and which customers do they target?
- What are the most popular products and the latest product development trends? What are the key changes in the product/distribution channel mix?
- What are the main development opportunities in the Italian market?
Key Findings
The Italian market continued to grow in 2004 although at a slower pace than in previous years. The incentives to develop private pensions through the creation of Individual Pension Plans (PIPs) failed to boost the market in 2004.
Italian households favour security for their investments ahead of higher potential returns.
Bancassurance continues to dominate the market though in recent years the growth has been driven more by small and medium-size banks while some of the major players have struggled recently.
Bancassurers have had to adapt their product offering to meet client demand for more security. Agents have benefited from the market trend to more guaranteed products. Agents and financial promoters have taken a dominant position in the individual pensions market.
The market in general has moved towards traditional guaranteed products and index-linked products at the expense of unit-linked products.
New reforms are expected to boost the individual pensions market by redirecting employee severance indemnity (TFR) into supplementary pension products. However there are still some uncertainties surrounding the regulation.
Why You Need This Report
The Report:
- Provides extensive and up to date data and statistics on the Italian market
- Gives an in-depth view of the features of the Italian life and pensions market and the latest industry trends
- Provides information on the main players and on their product and distribution strategies
- Analyses the key features of the products launched in 2004
- Assesses the opportunities in the Italian market.
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