Italy insurance market
The Italian insurance market is one of the largest in Europe. According to IVASS's 2025 Annual Report, total gross written premiums collected by supervised firms reached EUR 162.2 billion, equal to 7.2% of GDP, up from 6.9% in 2024. The life segment remains the dominant component at 73.1% of premiums, growing 7.3% to about EUR 118.6 billion driven by unit-linked products (up from EUR 31.5bn to EUR 37.4bn), while non-life premiums grew 6.6% to roughly EUR 43.6 billion. At year-end 2025, 85 insurance and reinsurance undertakings were supervised by IVASS (down from 89 in 2024, a 35% reduction since 2013 mainly due to intra-group mergers), alongside 84 EEA firms operating under the right of establishment (down from 85) and 885 firms operating under freedom of services (down from 895). The average Solvency II ratio rose to 273% from 259.4% a year earlier, underscoring strong capital adequacy. On a whole-of-market basis, industry association ANIA reports total premiums (including EEA branches and freedom-of-services business) of about EUR 182 billion in 2025, up 7.8% year on year. Motor own-damage and RC Auto business remains a key non-life segment, with average RC Auto premiums rising to EUR 353 amid a broadly stable insured vehicle fleet of about 38 million. Italy has the highest motorisation rate in the EU (701 passenger cars per 1,000 inhabitants) and mandatory motor third-party liability insurance. The new Insurance Arbitrator (Arbitro Assicurativo) for consumer dispute resolution became operational on 15 January 2026, alongside the operational build-out of a new life insurance policyholder Guarantee Fund (Fondo di Garanzia Vita), both introduced following the Eurovita crisis. The market is regulated by IVASS (Istituto per la Vigilanza sulle Assicurazioni), an independent supervisory authority whose President is also the Director General of the Bank of Italy.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 162.2bn
Annual growth
Insurance penetration
7.2%
Active insurers
85
Population
58,900,000
Registered vehicles
55,500,000
Total premiums (EUR bn)
- 2025162.2 EUR bn
- 2024151.4 EUR bn
- 2020150 EUR bn
- 2021145.3 EUR bn
- 2019144.2 EUR bn
- 2022130 EUR bn
- 2023129.2 EUR bn
2019 — 144.2 EUR bn
2020 — 150 EUR bn
2021 — 145.3 EUR bn
2022 — 130 EUR bn
2023 — 129.2 EUR bn
2024 — 151.4 EUR bn
2025 — 162.2 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
26.9%Life share
73.1%Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- Generali Italia S.p.A. (Generali Country Italia)30.8 EUR bnEUR 30.8bn (2025, Generali Country Italia: Generali Italia, Cattolica, Alleanza, Das, Genertel; premi lordi complessivi, -4.2% sul 2024)
- Intesa Sanpaolo Assicurazioni S.p.A.21.5 EUR bnEUR 21.47bn (2025, Gruppo Intesa Sanpaolo Assicurazioni comprensivo di Fideuram Vita: produzione lorda vita 19.827bn + premi protezione 1.645bn, dato ufficiale societario)
- Poste Vita S.p.A.21 EUR bnEUR 20.99bn (2025, Gruppo Poste Vita: premi lordi vita 19.8bn + premi protezione 1.19bn, dato comunicato ufficiale)
- Unipol Assicurazioni S.p.A.17.4 EUR bnEUR 17.361bn (2025, raccolta diretta assicurativa consolidata Gruppo Unipol, al lordo delle cessioni in riassicurazione, +11.1% sul 2024)
- Allianz S.p.A.15.5 EUR bnEUR 15.5bn (2025, premi complessivi Allianz Italia, +14.3% con effetto normalizzato della cessione della partecipazione nella JV bancassurance UniCredit Allianz Vita, completata a giugno 2025)
Generali Italia S.p.A. (Generali Country Italia) — 30.8 EUR bn
EUR 30.8bn (2025, Generali Country Italia: Generali Italia, Cattolica, Alleanza, Das, Genertel; premi lordi complessivi, -4.2% sul 2024)
Intesa Sanpaolo Assicurazioni S.p.A. — 21.5 EUR bn
EUR 21.47bn (2025, Gruppo Intesa Sanpaolo Assicurazioni comprensivo di Fideuram Vita: produzione lorda vita 19.827bn + premi protezione 1.645bn, dato ufficiale societario)
Poste Vita S.p.A. — 21 EUR bn
EUR 20.99bn (2025, Gruppo Poste Vita: premi lordi vita 19.8bn + premi protezione 1.19bn, dato comunicato ufficiale)
Unipol Assicurazioni S.p.A. — 17.4 EUR bn
EUR 17.361bn (2025, raccolta diretta assicurativa consolidata Gruppo Unipol, al lordo delle cessioni in riassicurazione, +11.1% sul 2024)
Allianz S.p.A. — 15.5 EUR bn
EUR 15.5bn (2025, premi complessivi Allianz Italia, +14.3% con effetto normalizzato della cessione della partecipazione nella JV bancassurance UniCredit Allianz Vita, completata a giugno 2025)
Market share 2025
Generali Italia S.p.A. (Generali Country Italia)
19.0%Intesa Sanpaolo Assicurazioni S.p.A.
13.2%Poste Vita S.p.A.
12.9%Unipol Assicurazioni S.p.A.
10.7%Allianz S.p.A.
9.6%Insurer directory
Active insurers
Insurers currently active in Italy.
Generali Italia S.p.A. (Generali Country Italia)
Mogliano Veneto, Italy
Generali Italia S.p.A. is a wholly owned subsidiary of Assicurazioni Generali S.p.A. and the leading insurer in the Italian retail insurance market, offering life, motor, property, health, savings, and business insurance solutions through a network of over 40,000 agents across Italy, protecting more than 10 million customers.
EUR 30.8bn
Intesa Sanpaolo Assicurazioni S.p.A.
Turin, Italy
Intesa Sanpaolo Assicurazioni S.p.A. (formerly Intesa Sanpaolo Vita) is the insurance holding company (Capogruppo) of the Intesa Sanpaolo Group, Italy's largest banking group, and a market leader in bancassurance and supplementary pensions. It offers a full range of life insurance, investment, protection, and pension products for individuals, families and businesses, distributed through bank branches, private bankers and digital channels. The Group also includes Intesa Sanpaolo Protezione S.p.A. (non-life), Fideuram Vita S.p.A., Intesa Sanpaolo Insurance Agency, and InSalute Servizi S.p.A.
EUR 21.47bn
Poste Vita S.p.A.
Viale Europa 190, 00144 Rome, Italy
Poste Vita S.p.A. is the life insurance company of the Poste Italiane Group, founded in 1999 and one of Italy's largest life insurers by premium income; together with its non-life subsidiary Poste Assicura S.p.A. (established 2010) it forms the Gruppo Assicurativo Poste Vita, distributing savings, protection, health, home, pet, motor and travel insurance products through the Poste Italiane post office network.
EUR 20.99bn
Unipol Assicurazioni S.p.A.
Bologna, Italy
Unipol Assicurazioni S.p.A. is the leading Italian insurance group in non-life insurance, especially motor TPL, and is listed on Borsa Italiana. Following the December 2024 merger incorporating UnipolSai and other sub-holdings, it operates as the consolidated parent insurer of the Unipol Group, serving over 16 million customers through approximately 2,000 agencies and 5,200 sub-agencies across Italy.
EUR 17.361bn
Allianz S.p.A.
Milan, Italy
Allianz S.p.A. is the Italian subsidiary of the German multinational Allianz SE, formed in October 2007 through the merger of RAS (Riunione Adriatica di Sicurtà), Lloyd Adriatico, and Allianz Subalpina. From 1 January 2026 it also incorporated Allianz Next S.p.A. It is one of Italy's leading insurers, operating with over 4,700 employees serving approximately 8 million customers through a nationwide agency network, bancassurance agreements, and the direct insurer Allianz Direct S.p.A.
EUR 15.5bn
AXA Assicurazioni S.p.A. (AXA Italia)
Milan, Italy
AXA Assicurazioni S.p.A. is the Italian subsidiary of the global AXA Group, one of the world's leading insurance and asset management companies. Operating in Italy since 1855 (rebranded as AXA Assicurazioni in 1993), it offers a wide range of insurance and financial products for individuals, families, and businesses through a network of agencies across Italy. It is the head company of the AXA Italia insurance group and is subject to the direction and coordination of AXA Mediterranean Holding SAU.
EUR 7.5bn
Banca Mediolanum S.p.A. - divisione assicurativa (Mediolanum Vita S.p.A.)
Banca Mediolanum S.p.A. / Fininvest (Italia)
Reale Mutua Assicurazioni
Turin, Italy
Reale Mutua is the largest Italian insurance company organized in mutual form, founded in Turin in 1828, offering life and non-life insurance, banking, real estate and welfare solutions to individuals, families, professionals and businesses; it is the parent company (capogruppo) of Reale Group, active in Italy, Spain and Chile.
Credit Agricole Assicurazioni S.p.A.
Corso di Porta Vigentina 9, 20122 Milan, Italy
Crédit Agricole Assicurazioni S.p.A. is the non-life (Danni) bancassurance company of the Crédit Agricole Group in Italy, offering protection products for vehicles, home, health, personal accidents, payment instruments and small businesses, distributed mainly through the branches of the Crédit Agricole Italia banking group and through Agos.
BNP Paribas Cardif Vita S.p.A.
BNP Paribas Cardif S.A. (Francia)
Market notes
Important news
Jun 9, 2026
Bulgarian regulator revokes DallBogg's insurance licence; IVASS notifies Italian policyholders
The Bulgarian Financial Supervision Commission revoked DallBogg: Life and Health's insurance licence on 9 June 2026. IVASS confirmed the insurer, which had operated in Italy under freedom of services, can no longer write or renew contracts, though existing Italian policies remain valid until natural expiry and the insurer remains liable for claims.
Why it matters
A concrete example of freedom-of-services risk for Italian consumers: a foreign EEA insurer's home-state licence revocation directly affects Italian policyholders, who must rely on the insurer's residual liability rather than an Italian guarantee scheme.
Oct 21, 2025
IVASS authorises merger of Allianz Next into Allianz S.p.A.
IVASS approved the merger by incorporation of Allianz Next S.p.A. into Allianz S.p.A., responding to a joint application filed by the companies on 19 June 2025 as part of a broader corporate reorganisation of the Allianz group in Italy.
Why it matters
Part of the broader post-2023 wave of intra-group mergers and reorganisations that IVASS notes has reduced the number of Italian-authorised insurers.
Oct 1, 2025
Cronos Vita wound down, portfolio split among five major insurers
Following IVASS authorisation (provvedimento n. 98642/25 of 14 May 2025), Cronos Vita Assicurazioni - the vehicle created in 2023 to rescue Eurovita policyholders - underwent a total non-proportional split effective 1 October 2025, ceasing operations with its entire portfolio transferred to Allianz, Fideuram Vita, Generali Italia, Poste Vita and Unipol Assicurazioni.
Why it matters
Completes the industry-wide rescue solution for the 2023 Eurovita insolvency, permanently reallocating hundreds of thousands of former Eurovita policies to five of Italy's largest insurers.
Jul 1, 2025
Bulgarian regulator bars DallBogg from new cross-border insurance contracts in Italy
The Bulgarian Financial Supervision Commission (FSC) imposed a precautionary measure barring DallBogg: Life and Health, an insurer operating in Italy under freedom of services, from underwriting new cross-border contracts from 1 July 2025; IVASS confirmed and extended the restriction on 1 October 2025.
Why it matters
Demonstrates how home-state supervisory action under Solvency II passporting rules directly restricts a foreign insurer's ability to write new business in Italy, with IVASS acting as relay to protect Italian policyholders.
Regulation
Regulation
IVASS
Institute for the Supervision of Insurance
Independent administrative authority established by Decree-Law 95/2012 (converted into Law 135/2012), replacing the former ISVAP. IVASS is the primary prudential and conduct regulator of all insurance and reinsurance undertakings, groups, financial conglomerates and intermediaries operating in Italy. Its President is the Director General of the Bank of Italy (Paolo Angelini since 1 April 2026). IVASS supervises solvency, market conduct, consumer protection, and issues secondary regulations (Regolamenti) under the Private Insurance Code. Its 2025 Annual Report, presented in June 2026, showed total supervised premiums of EUR 162.2bn (7.2% of GDP) and a rising Solvency II ratio of 273%.
https://www.ivass.itANIA
National Association of Insurance Companies
The Italian insurance industry trade association representing member insurance and reinsurance companies. ANIA collects and publishes market statistics (including the annual Graduatoria Premi and distribution surveys), engages in regulatory advocacy, and promotes insurance culture in Italy. In March 2026 ANIA reported that whole-of-market premiums (including EEA branches and freedom-of-services business) reached about EUR 182 billion in 2025, up 7.8% year on year.
https://www.ania.itAAS
Insurance Arbitrator
New alternative dispute resolution (ADR) body, operational since 15 January 2026 pursuant to Article 187.1 of the Private Insurance Code (as introduced by Legislative Decree 187/2020). It allows policyholders, insureds, beneficiaries and third-party motor claimants to resolve disputes with insurers and intermediaries outside the ordinary courts, with decisions taken by a five-member panel; adherence is mandatory for undertakings and intermediaries operating in Italy, including EEA firms under the right of establishment. In its first months of operation it received over 1,700 complaints.
https://www.ivass.it/consumatori/aas/index.htmlFGV
Life Insurance Guarantee Fund
New private-law consortium, introduced by the 2024 Budget Law (new Title VI-bis of the Private Insurance Code) following the Eurovita crisis, and supervised by IVASS. It protects life policyholders up to EUR 100,000 in the event of a life insurer's compulsory administrative liquidation, and can also intervene preventively to support or restructure a troubled undertaking. Membership is compulsory for life insurers and certain intermediaries; the Fund's statute was approved by IVASS in early 2026 and its board of directors was appointed by mid-2026.
https://www.ivass.itUCI
Italian Central Bureau for International Motor Insurance
Founded in 1953, UCI is the Italian national motor insurance bureau acting as the Green Card bureau for Italy. Regulated under Articles 125 and 126 of the Private Insurance Code, UCI manages cross-border motor liability claims involving vehicles registered abroad that cause accidents on Italian territory, issues the international Green Card certificate, and represents Italian insurers in the international motor insurance system.
https://ucimi.itCONSAP / FGVS
Concessionaria Servizi Assicurativi Pubblici - Road Accident Victims Guarantee Fund
CONSAP SpA administers the Fondo di Garanzia per le Vittime della Strada (FGVS), established by Law 990/1969 and now governed by Articles 283 et seq. of the Private Insurance Code, under the supervision of the Ministry of Enterprises and Made in Italy (MIMIT). The fund compensates victims of road accidents caused by unidentified, uninsured, or insolvent-insurer vehicles. CONSAP also acts as the Italian Compensation Body for cross-border accident victims and as the Italian Information Centre.
https://www.consap.itINAIL
National Institute for Insurance against Accidents at Work
Public body under the supervision of the Ministry of Labour and Social Policies that administers compulsory occupational accident and professional disease insurance for workers in Italy. Employers are required by law to contribute to INAIL, which provides compensation and rehabilitation services to injured workers.
https://www.inail.itKey legislation
Key legislation
Decreto Legislativo 7 settembre 2005 n. 209 - Codice delle Assicurazioni Private
Private Insurance Code
The primary legislative framework for the entire Italian insurance sector, in force since 1 January 2006. It consolidates all rules on access to and exercise of insurance and reinsurance activity, prudential supervision, market conduct, intermediaries, compulsory motor third-party liability insurance, consumer protection, and the roles and powers of IVASS. It transposes numerous EU directives and grants IVASS the power to issue secondary regulations. Subsequent amendments have implemented Solvency II (Directive 2009/138/EC), the Insurance Distribution Directive (IDD, 2016/97/EU), the new Insurance Arbitrator (Art. 187.1) and the Life Insurance Guarantee Fund (Title VI-bis).
Decreto-Legge 6 luglio 2012 n. 95 convertito nella Legge 7 agosto 2012 n. 135
Law establishing IVASS (Spending Review Decree)
Established IVASS as an independent administrative authority on 1 January 2013, replacing ISVAP. Integrated the governance of IVASS with the Bank of Italy by designating the Director General of the Bank of Italy as President of IVASS, with the aim of ensuring full integration of insurance supervision with banking supervision.
Direttiva 2009/138/CE (Solvency II) recepita con D.Lgs. 74/2015 e successive modifiche al Codice delle Assicurazioni
Solvency II - EU Prudential Framework for Insurers
Introduced a risk-based capital framework (SCR and MCR), the Own Risk and Solvency Assessment (ORSA), enhanced governance requirements, group supervision, and harmonised reporting standards (Pillar 1, 2 and 3). Italy implemented Solvency II through amendments to the Private Insurance Code. The average Solvency II ratio of Italian insurers rose to 273% in 2025, from 259.4% in 2024, remaining well above the European average.
Direttiva (UE) 2016/97 (IDD) recepita con D.Lgs. 68/2018, integrata dal D.Lgs. 187/2020
Insurance Distribution Directive (IDD) and Insurance Arbitrator
Harmonised rules across the EU on the distribution of insurance products, covering information requirements, conduct of business rules, product oversight and governance (POG), and specific requirements for insurance-based investment products (IBIPs). Implemented in Italy through amendments to the Private Insurance Code and IVASS regulations. Legislative Decree 187/2020 subsequently introduced Article 187.1 of the Code, establishing the Insurance Arbitrator (AAS), which became operational on 15 January 2026 as a mandatory ADR mechanism for consumer disputes.
Legge di Bilancio 2024 (Legge 30 dicembre 2023 n. 213) - Obbligo assicurativo catastrofale per le imprese e Fondo di Garanzia Vita
Mandatory Catastrophe Insurance for Businesses and Life Insurance Guarantee Fund
Introduced a mandatory obligation for businesses to hold an insurance policy covering damage to tangible fixed assets caused by natural catastrophes (earthquakes, floods, landslides, inundations), phased in through 2025 by company size. Entered into force in 2024-2025, representing a significant structural change to the Italian non-life market and contributing to strong growth in the Fire/Natural Elements line (+17.1-17.7% in 2025). The same law also inserted a new Title VI-bis into the Private Insurance Code establishing the Life Insurance Guarantee Fund (FGV), which became operational in 2026 following the Eurovita crisis.
EU cross-border access
EU cross-border insurers
AIG Europe S.A.
Freedom of Establishment
Home country: Luxembourg
Supervisor: Commissariat aux Assurances (Luxembourg)
Listed in the IVASS register of foreign LPS insurers for motor third-party liability and watercraft liability; active in the Italian corporate and specialty market.
Axeria IARD S.A.
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Listed in the IVASS register of foreign LPS insurers for motor third-party liability and watercraft liability; active in the Italian retail market.
Zurich Insurance plc
Freedom of Services
Home country: Ireland
Supervisor: Central Bank of Ireland (Ireland)
Zurich Insurance plc (an Irish entity) operates under LPS in the Italian market, separate from the Italian subsidiary Zurich Connect (Zuritel).
Adriatic Osiguranje d.d.
Freedom of Services
Home country: Croatia
Supervisor: HANFA (Croatia)
Listed in the IVASS register of foreign LPS insurers for motor third-party liability and watercraft liability; a Croatian insurer operating under LPS in Italy mainly in motor third-party liability.
CNP Assurances S.A. - Rappresentanza Generale per l'Italia
Freedom of Services
Home country: France
Supervisor: ACPR (France)
CNP Assurances operates in Italy under freedom to provide services through a general representation office, separate from CNP Vita Assicura S.p.A. (the Italian subsidiary already in the ranking) and from UniCredit Life Insurance (formerly CNP UniCredit Vita, taken in-house by UniCredit in 2025).
Triglav Osiguranje d.d.
Freedom of Services
Home country: Croatia
Supervisor: HANFA (Croatia)
Listed in the IVASS register of foreign LPS insurers for watercraft liability; an EEA operator under LPS in Italy.
UK P&I Club N.V.
Freedom of Services
Home country: Netherlands
Supervisor: De Nederlandsche Bank (Netherlands)
Listed in the IVASS register of foreign LPS insurers for watercraft liability; a P&I (Protection & Indemnity) mutual club operating in the maritime transport sector.
Distribution channels
Share by channel- 44.1%BancassuranceBanks and post offices
- Poste Vita
- Intesa Sanpaolo Assicurazioni / Fideuram Vita
- UniCredit Life Insurance
- UniCredit Vita Assicurazioni
- BCC Vita
- Banco BPM Vita / Vera Vita
- 36.1%Insurance AgentsMono and multi-mandate
- Generali Italia / Alleanza Assicurazioni
- Unipol Assicurazioni
- Allianz S.p.A.
- AXA Italia (incl. Nobis)
- 12.4%Financial advisors and tied intermediaries
- Fideuram
- Mediolanum
- Azimut
- 5%Insurance Brokers
- Marsh
- Aon Italia
- Willis Towers Watson Italia
- Ardonagh Italia
- Wide Group
- 2.4%Direct salesInternet, telephone, own branches
- Genertel
- Quixa Assicurazioni
- Allianz Direct
- Linear Assicurazioni
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
File a written complaint directly with the insurer's dedicated complaints office (Ufficio Reclami). The insurer must respond within 45 days. Contact details must be published on the insurer's website and in pre-contractual documents.
- 2
If no response within 45 days, or if the response is unsatisfactory, file a complaint with IVASS (the regulator), attaching a copy of the complaint already sent to the insurer and any response received. In 2025 IVASS received 107,460 consumer complaints, down 5.4% on 2024.
- 3
For remaining disputes, recourse to the Arbitro Assicurativo (insurance ombudsman) managed by IVASS via a dedicated digital ADR portal, or to ordinary courts. For unit/index-linked product transparency, contact CONSOB; for supplementary pension matters, contact COVIP.
EU cross-border access
EU cross-border access
Under Solvency II, an insurer authorised in any EEA state holds a single licence (passport) valid across all member states. As of end-2025, 885 EEA insurers operated in Italy under freedom of services and 84 under freedom of establishment (branches), both figures slightly down from 2024. Non-EEA insurers must apply directly to IVASS for a standalone authorisation, and all cross-border operators must respect Italian general-interest and consumer-protection rules.
Direttiva UE 2009/138/CE (Solvency II); D.Lgs. 7 settembre 2005 n. 209 (Codice delle Assicurazioni Private - CAP); Regolamento ISVAP n. 10 del 2 gennaio 2008
freedom of establishment
An EEA insurer may open a branch (sede secondaria) in Italy. The home supervisor notifies IVASS; no new full authorisation is required. The branch is subject to Italian general-interest rules. For obligatory motor liability (branches 10 and 12), the insurer must join the Ufficio Centrale Italiano (UCI) and the Road Victims Guarantee Fund.
freedom of services
An EEA insurer may provide insurance services in Italy on a temporary or distance basis (e.g. via website or call centre) without a physical presence. The home supervisor notifies IVASS. If the home supervisor later restricts or revokes the insurer's licence (as occurred with the Bulgarian insurer DallBogg in 2025-2026), IVASS relays the restriction to the Italian market; existing policies typically remain valid until natural expiry.
Market history
Market history
1990-2000
Liberalisation and privatisation
EU directives drove liberalisation of tariffs and conditions. The state-owned INA was privatised and later absorbed by Assicurazioni Generali. EU Second and Third Generation directives introduced freedom of services and establishment across member states, transforming the competitive landscape.
2000-2010
Codification, market consolidation and bancassurance growth
The Private Insurance Code (D.Lgs. 209/2005) unified insurance regulation. Bancassurance grew rapidly, especially in life insurance. Market concentration accelerated through M&A, including the formation of the UnipolSai group. The first Insurance Mediation Directive (IMD) was transposed into Italian law.
2010-2020
Solvency II, IDD and creation of IVASS
IVASS replaced ISVAP as the insurance regulator in 2013, integrated with the Bank of Italy. Solvency II entered into force in 2016. The Insurance Distribution Directive (IDD) was transposed in 2018 via D.Lgs. 68/2018, strengthening conduct-of-business rules, consumer protection and product governance obligations.
2020-2023
Pandemic volatility and the Eurovita crisis
The market saw pandemic-driven swings before rate rises hit life insurer balance sheets. Eurovita Holding and Eurovita S.p.A. were placed under special administration in March 2023 and then compulsory administrative liquidation in October 2023, triggering an industry-backed rescue via Cronos Vita Assicurazioni, a temporary vehicle created with the main Italian life insurers and credit institutions.
2023-2026
Mandatory catastrophe cover, guarantee fund and record M&A consolidation
The 2024 Budget Law made catastrophe insurance mandatory for Italian businesses and created a life-insurance policyholders' guarantee fund. The market reached EUR 162.2 billion in premiums in 2025 (+7.2%). M&A accelerated with AXA-Nobis, UniCredit's full internalisation of its life bancassurance JVs and acquisition of Banco BPM's insurance arms, the Allianz Next-Allianz merger, and the October 2025 wind-down of Cronos Vita, whose portfolio was split among five major insurers, completing the Eurovita rescue.
Glossary
Glossary
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RCA / RC Auto
Compulsory insurance covering civil liability arising from bodily injury or property damage caused to third parties by a motor vehicle, mandatory since Law 990/1969.
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IVASS
Istituto per la Vigilanza sulle Assicurazioni. The Italian insurance regulator, integrated with the Bank of Italy since 2013, supervising solvency, conduct and consumer protection.
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Polizza
The contract document evidencing the insurance agreement between the insurer (impresa) and the policyholder (contraente), specifying cover, exclusions, premium and term.
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Premio
The price paid by the policyholder to the insurer in exchange for insurance coverage over the policy period.
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Sinistro
An insured event (accident, damage, illness etc.) that triggers the policyholder's right to claim indemnification or benefit from the insurer.
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Indennizzo / Indennità
The amount paid by the insurer to the insured or beneficiary following a covered loss, intended to restore the pre-loss financial position.
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Contraente
The person or entity that enters into and signs the insurance contract with the insurer, undertaking to pay premiums; may differ from the insured person.
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Assicurato
The person whose life, health or assets are covered under the insurance policy; may be the same as or different from the policyholder.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 2026
- 01IVASS - Istituto per la Vigilanza sulle Assicurazioni
Official Italian insurance regulator: regulations, sanctions, consumer protection, supervisory reports and RUI register.
- 02IVASS - Relazione Annuale 2025
IVASS annual report on the Italian insurance market, published June 2026, with structural and financial data.
- 03IVASS - Sanzioni (sanctions statistics)
Annual and monthly IVASS penalty statistics by insurer and group.
- 04IVASS - Reclami (complaints statistics)
Annual complaints data received by Italian and EEA insurers operating in Italy.
- 05IVASS - Bollettino di Vigilanza
Monthly supervisory bulletin publishing regulatory acts, sanctions and administrative measures.
- 06IVASS - Provvedimenti amministrativi
Register of IVASS administrative orders authorising mergers, acquisitions and portfolio transfers.
- 07IVASS - Avviso revoca DallBogg
Official IVASS notice on the Bulgarian FSC's revocation of DallBogg's insurance licence.
- 08ANIA - Associazione Nazionale fra le Imprese Assicuratrici
Italian insurers' trade association; annual statistical yearbook 'L'Assicurazione Italiana' and market data.