Italy Insurance
Italian Insurance market was characterized by with large number of insurers with no one organization dominating the industry. There are number of foreign insurance companies like primarily French and German companies operating in Italy. Insurance awareness has increased among Italian people duo to Italian Social Security system, advertising companies and distribution of insurance products through the banking system of the country. Due to foreign influence and consolidation of insurance industry or adoption of euro has gradually increased in Italian insurance market. The importance of insurance industry in Italy is calculated by the ratio premium over GDP which shows increase every year since 1999.
This increase is about 4% in 2001 as compared UK and France. Insurance companies in Italy play a major role in financial market due to deficit of national pension and health system. Most of the largest insurance companies in Italy are led by Assicurazioni Generali. Presently, a large number of international companies are doing business in Italy due to the liberalization of the EU insurance services and long term insurance plans. The largest multinational companies of US have started working in Italy in insurance business.
The major leading life Insurance companies in Italy are Creditras Vita insurance, Ina Vita insurance, Intesa vita insurance, CNP Capitalia vita insurance or BNL vita insurance. Some of the non-life Insurance companies are Fondaria Sai insurance, Assicurazioni Generali insurance, Aurora Assicurazioni insurance, Lioyod Adriatico insurance, AXA Assicurazioni insurance. During traveling to Italy, a number of things would go wrong with you like trip cancellation, lost luggage or a medical emergency etc. To protect yourself from such problems, you should buy travel insurance policy before your trip. Trip cancellation insurance will help you get your money back incase of back out of a trip and if your travel supplier goes bankrupt. When traveling overseas, it is very important to have insurance coverage for medical expenses if you get sick or injured while traveling.
If you are a permanent resident of Italy, you will require additional insurance. According to law, every person or their family are legally insured in Italy. Italy has seventh position among developed countries in insurance premium and ranks twenty second in premiums as a percentage of GDP. Automobile insurance is most important business in Italy insurance industry accounting about forty percent of total premiums. life Insurance premiums contributed only thirty percent and other contribution is fifteen percent. Insurance companies in Italy are attached to banks due to lower distribution costs
