This report supplies information on the automobile insurance Italian market and its competitors: market trends, SWOT and key success factors analysis, major companies performance indicators (total turnover, sector specific turnover, market shares and export quotas), business prospects and trends.
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).
V-TPL policies are obligatory by law for all non-rail land vehicles with or without engines and provide coverage for the owner, the renter, the user, and/or the driver of the vehicle. If a vehicle lacks such policy, it is subject to seizure and the owner is subject to fines as specified in the Italian Highway Code (Codice della Strada).
The existence of a valid insurance policy for the vehicle is demonstrated by an insurance slip which must be kept clearly visible in the car at all times and by an insurance certificate which must be exhibited on request. The optional vehicle insurance policies are not required by law. They cover the vehicle against events such as theft, fire and damage to the policyholder's vehicle if that vehicle is at fault in an accident (coverage for broken windows, damage from atmospheric events or vandalism, legal expenses, injuries, vehicle service, etc., known in Italy as ""kasko"").
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.).
Many of the companies offering Property and Casualty (P&C) insurance are active in this market. They may be grouped on the basis of their main business line and the channels through which they offer their services:
traditional insurance companies;
online insurance companies (known in Italy as ""compagnie dirette"", direct companies) which do not have agencies but sell their products over the internet or by telephone.
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.):
Purpose: providing protection against the various risks associated with vehicles through insurance policies associated with said vehicles offering differing degrees of protection and provided through various channels;
Client groups: vehicle owners, or more generally families who own one or more vehicles.
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:
damage to windows;
acts of vandalism;
legal expenses/license confiscation;
damage to policyholder's vehicle (kasko and mini-kasko);
Databank’s methodology for Competitors reports begins with a careful screening to identify the main organisations that are representative of a given sector. Several one-to-one interviews are then conducted with the selected organisations. Questionnaires are sent to all the leading companies on an annual basis. The information collected is then verified by an expert in the particular sector using a system of counterchecks to guarantee that the information is entirely reliable and consistent. The process is then completed using Cerved Group’s proprietary information about Italian enterprises. All Competitors reports also include details concerning the strategies and performances of the leading companies in each sector.
Wherever no specific source is indicated, the information published in these reports can be assumed to have been taken from Cerved Group’s proprietary information bank. Coverage of any sector in Competitors products may be used in company presentations or in training courses on the subject.