(Finance) – Stop the insurance collection in the first quarter of the year, with an overall life and non-life collection equal to 37.5 billion euros, down by 5.5%, due to the decline in life premiums only partially offset by the non-life business. This is what emerges from the latest quarterly update of theIVASS.
Collection still life i decline
There life sector collection is equal to 27.3 billion euros, and down 8.8% compared to the first quarter of 2021. New business in the sector – just over 19 billion euros – recorded a decrease of 1.8 billion, due to the contraction of traditional policies (class I) linked to the duration of human life and that of unit and index linked policies (class III) linked to financial assets.
The reduction in deposits affected all the main ones distribution channels: -1.5 billion euros at bank and post office branches and –770 million euros for i financial advisors.
Damage collection incurred by the non-auto sector
There non-life sector collection is equal to 10.2 billion euros and grows by 4.6% compared to the same period of 2021. Growth is driven by non-auto sector which recorded an increase of 8.6%, while the motor sector was down by 0.9%: motor TPL premiums dropped to 3.1 billion euros, while that linked to ancillary guarantees (CVT) increased;
Over 66% of the collection damage is made by agencies with mandate (84.7% for motor liability insurance policies); the other distribution channels show increases except for the so-called “other forms of direct sales” (telephone and Internet).
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