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    05.12.2019

    News from EIOPA: European Insurance Overview 2019

    In 19 November 2019, EIOPA published the second annual bulletin “European insurance overview”, containing various statistical data processed by the Authority on the basis of the information published by European insurance undertakings in compliance with their obligations under the Solvency II directive. Various elements of interest emerged in relation to the Italian market. In particular EIOPA highlights that:

    • in general, the insurance Italian market shows high levels of undertakings’ concentration: the 10 major insurance undertakings collected, in relation to life and damages lines of business, more than 60% and 70% of the gross written premiums (“GWP”) in 2018. The German market appears way more competitive, considering that the GWP of the main 10 insurance undertakings reach around 50% both in the life and in the damages lines of business;
    • in general, there has been an increase in premiums collection in the life line of business, and Italy, together with the UK, France and Germany are the largest life insurance underwriters (in Italy, such premiums collection has slightly increased and reached over 100 million euro of GWP). In particular, in Italy, premium collection concentrated in the area of insurance with profit participation (more than 60% of the GWP collected) and, for the remaining part, of unit-linked policies;
    • also in relation to the damages line of business, premiums collection has increased in Italy (with over 35 million euro GWP). This data is significantly lower than those of Germany, France and the United Kingdom, that have premiums for over 120 million euro;
    • in general, the most dominant non-life lines of business are motor vehicle liability insurance, fire and other damage to property insurance and medical expense insurance, accounting for 55% of business in the non-life insurance market. In Italy, instead, the most dominant non-life insurance business is  motor vehicle liability insurance, accounting for around 40% of business in the non-life insurance market;
    • the data relating to the Solvency Capital Requirement (SCR) of insurance undertakings is positive, with a medium European value between 150% and 250%. At the extreme ends we have Latvia (the only country with an average value lower than 150%) and Germany (with an average value higher of 300% and the lowest quartile higher than 200%);
    • as regards insurance undertakings’ investments, such investments concentrate in government securities (28,5%) and corporate bonds (27,0%), followed by investment funds (19,3%) and equity securities (11,8%). In particular, undertakings invest mainly in government securities issued by Germany, Italy, Spain and United Kingdom (75% of the total). As regards corporate bonds and equity securities, there is a significant investment in French undertakings, for a quota, together with English and German undertakings, for a percentage of 40% and 45% of the securities purchased respectively.

    The bulletin can be downloaded at the following link on EIOPA website.

    This article is for information purposes only and is not intended as a professional opinion.

    For further information, please contact Anthony Perotto, Guido Foglia or Michele Zucca.

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