According to Swiss Re’s latest study - The Italian insurance market: opportunities in the land of the Renaissance – “Italy stands at the crossroads of economic and social change, and therefore offers interesting opportunities for the insurance industry.”
The report explains that the “expected scaling down of the government’s role in the provision of social benefits will mean that more individuals will have to make their own arrangements for risk protection and retirement financing. The insurance industry must brace itself to help fill the widening protection gap.”
Italy is the world’s eighth largest economy, which Swiss Re describes as “large and diversified, made up of small and medium enterprises exporting high quality products. Italy houses the world’s oldest bank and gave birth to the world’s oldest known insurance contract, both of which are a small testimonial to the country’s rich economic history.”
Swiss Re expects the insurance industry’s role “to grow overall in the adverse macroeconomic environment.” This includes emerging growth opportunities for insurers, “particularly in underdeveloped, non-motor lines of business.”
Read more: Swiss Re Reports Italian Insurance Market at 'Crossroads' of Change
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