Italy

Axco provides details on the life insurance sector including Italian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Italy, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Italian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Italy report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The largest proportion of the market is individual business, with saving and investment products predominating over risk products. A significant feature of the life market is that a large proportion of premium is on a single premium basis.

The target population for saving and investment business are the self-employed, employees with capital to invest, and high net-worth individuals. The mutual fund industry is a clear competitor but also provides funds to unit-linked business products in the life sector ....

One specific feature of the Italian market is the prevalence of nationally-negotiated collective bargaining (CCNL) agreements covering the majority of employees, determining the employee benefits to be provided to employees covered by the agreements and contributions to be made by employers In addition, a compulsory term life cover was required for loans taken out as part of the voluntary retirement plan (APE) introduced by the 2017 budget. Agreements may relate to categories of employee, such as company managers/executives/upper management ....

Private medical insurance (PMI) is available on an individual and group basis; the largest part of the market is understood to be on a group basis.

PMI is a popular employee benefit, typically provided through an assistance foundation/health fund or mutual association in order to attain tax advantages: these funds may be set up for a single employer or multi-employers, typically insuring with a commercial insurer, although some large employers may self-insure. ....