Ania: Farina, investments of 950 billion for the relaunch

 New simpler rules to unleash the full potential of insurance investment.

This is the request that comes from the president of Ania, Maria Bianca Farina, at the annual assembly of the association.

"We are a sector with a significant weight in the country and we can be a fundamental part of Italy's recovery plan", says Farina, recalling that, at the end of last year, investments by insurance companies were worth over half of GDP, 950 billion euro, and absorbed 15% of Italian government bonds in circulation.

The president of the council, Giuseppe Conte, intervenes in the assembly and opens up to companies by proposing a "new public-private pact".

Conte also underlines "the solidity of the fundamentals of the insurance sector which has shown, despite being heavily affected by the crisis, that it is able to withstand the hard stress test of the pandemic situation".

"The Italian insurance system remains solid overall even in a difficult context", remarked also the president of Ivass, Daniele Franco.

The solvency ratios of companies, according to data from the supervisory authority, have returned to levels close to those of the end of 2019, close to 210%.

"The insurance sector was not immune from the shock", Farina observes, but it still managed to close the first six months of the year with positive net inflows for the life business, albeit down by about 15% compared to the same period in 2019 . While for TPL auto premiums fell by more than 5% in the first eight months of the year and, to the same extent, the average premium per vehicle fell, also for the policies of companies to react to the decline in accidents in the lockdown with customer measures such as vouchers or contract extensions.

To further reduce the prices of auto policies, ANIA proposes to standardize compensation for serious injuries, in line with other European countries, and to calm the growth dynamics (over 45% since 2009).

Other requests are to tackle the phenomenon of insurance fraud in a more incisive way, to counter the phenomenon of about 2.6 million vehicles circulating without insurance, and to "radically rethink" the bonus-malus system.

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Farina then announces, shortly, the presentation of the results of a study group of economists, virologists, insurers, reinsurers and the Supervisory Authority on the possibility of policies for damages deriving from future pandemics.

"This possibility can be concrete if we act in the logic of a public-private partnership and if, for private resources, we can access the lever of insurance mutuality", explains the president of ANIA.

And he immediately obtained the availability of the Minister of Economic Development, Stefano Patuanelli, who said he "shared" this approach.

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ANIA