2024 Italian Insurance Outlook: Improving Trends in the Life Business and Resilience in NonlifeInsurance Organizations
DBRS Morningstar has released a commentary discussing the 2024 outlook of Italian insurance companies.
Key highlights include:
-- The positive performance of traditional life products is expected to drive the recovery of total Italian life insurance premiums in 2024.
-- In 2024, nonlife insurance premiums will likely continue to increase, supported by a further expansion of the nonmotor business.
-- We believe that Italian insurance companies’ profitability will recover in 2024, supported by further growth of traditional life insurance premiums and the sustained growth in the nonlife segment.
“We consider the Italian insurance sector to be on an improving trend, notwithstanding the challenging operating environment in 2022 and 2023,” said Mario De Cicco, Vice President, Global Financial Institutions at DBRS Morningstar. “Sector-wide performance, which took a significant dent in 2022, is expected to improve in the short to medium term as both companies and policyholders have learnt to navigate the higher interest rate environment while inflationary pressures have receded.”