(Finance) – “The delay with which car insurance prices respond to the general price trend would suggest, with a simple extrapolation, a substantial exhaustion of inflationary pressures within 2024. However, if we analyze the components of the general index closest to the car market, i.e. spare parts prices and repairs, we see how both these components have a much slower dynamic than the overall basket”. This is what we read in the report illustrated by Ivass councilor, Riccardo Cesarion inflation and car liability to the Guarantor for price surveillance, on the occasion of the first meeting of the Price Surveillance Rapid Alert Commission, held this morning at the Ministry of Industry and Made in Italy.
“In particular, in the last months of 2023 their deceleration is struggling to fall below 4% on an annual basis and this suggests that the cooling of car insurance prices could also be equally slow, potentially involving 2025 as well”. Furthermore, for Ivass, the reform of the bonus/malus system is another need which can no longer be postponed due to the (entirely foreseen) effect of the concentration of vehicles in the lowest universal class (class CU 1). As is known, the mechanism in force, which sees (in first approximation) the vehicle move up 2 classes in the event of an accident and down one class in its absence, implies, at the current levels of frequency of accidents, an inevitable concentration of vehicles in the lowest class CU 1 simply due to the passage of time. It is no coincidence, in fact, that approximately 90% of vehicles are now in class 1 with a consequent loss of significance of the universal risk classes and of the entire bonus/malus system.
Naturally the market has overcome this problem with the creation, within each company, of a system of internal merit classes, which however are inconsistent, anti-competitive, non-portable and non-transparent for the end user. A possible reform cannot fail to start from the underlying problem of every bonus/malus system, i.e. the measurement of risk. red-Cam