The Biggest Insurance Groups In Italy
Assicurazioni Generali is the biggest insurance group in Italy and the third largest worldwide.
Italian insurance firms provide a varied pool of services to the society, all aimed at risk protection. Italy is 4th in Europe in terms of the premium collection and 7th in the world. The industry had a profit of 5.7 billion Euros for both life and non-life insurance in 2015. Residents of Italy have many insurance companies to choose from, most of which have grown to become multinationals.
The Assicurazioni Generali Group began as a company operating from Trieste on December 26, 1831. At the time it was founded, Trieste was the most significant seaport in all of the Austro-Hungarian Empire. The company followed an upward trajectory to become a top insurance operator not only in Italy but also in Central Europe. The Group mainly has a presence in Europe, East Asia, in addition to the Middle East. It prides in massive market shares in numerous nations including Italy, Israel, Germany, Serbia, Poland, China, the Netherlands, Japan, France, Hungary, Croatia, and Austria. The group’s premiums are valued at 62,535 million Euros. The group was ranked 2nd largest by revenue in 2010 behind AXA. Generali’s revenue in 2016 was 86.103 billion Euros with a profit of 2.239 billion Euros. The group accounted for 74,000 jobs in the same year.
Unipol (Unipolsai and other subsidiaries)
Unipol has the second largest share of the Italian insurance market. The group operates primarily via UnipolSai Assicurazioni S.p.A in the insurance sector. This subsidiary mainly focuses on the property, auto, and life niches where it boasts more than 10 million customers. The subsidiary Linear Assicurazioni operates in the direct insurance sector while UniSalute specializes in health care. The Unipol Group began as cooperative offering non-life insurance in 1962, and it is still based in Bologna from where it began. The group’s premiums accumulated to 16,673 million Euros.
Poste Italiane (Poste Vita and Rome Poste Assicura)
The Poste Italiane Group has footprints in the postal and financial services sectors. Among its numerous subsidiaries are Poste Assicura and Poste Vita specializing in insurance services. Poste Vita operates from Rome, and it provides life as well as non-life insurance. Data collected in 2014 ranked the company as 4 th largest by gross premiums in Italy. The company commanded the 2nd largest share of the life insurance market. The group’s premiums are valued at 13,244 million Euros.
Intesa Sanpaolo (Intesa Sanpaolo Vita)
The Intesa Sanpaolo group came into being after the integration of Sanpaolo IMI and Banca Intesa. The group has its headquarters in Turin and has a growing presence in North Africa, Central and Eastern Europe, and the Middle East. Its subsidiary Intesa Sanpaolo Vita began operating in 2004 in the life insurance market. The company went by the name Eurizon Vita SpA until 2011, and it has its headquarters in Milan. The group’s premiums are estimated to be worth 11,948 million Euros.
Generali confirms its leadership in the Italian insurance market with a total market share of 16.4% thanks to a complete range of insurance solutions for its customers in both the Life and the P&C segments.
Figures as at December 31, 2017, market share and ranking refer to 2016
At distribution level, over the years Generali has perfected a multi-channel strategy heavily concentrated on agents. It also has a strong position in the P&C and Life direct channel, through Genertel and Genertellife, the first online insurance launched in Italy. Lastly, its partnership with Banca Generali allows it to offer a complete variety of insurance, pension and savings products to its customers.
The Group presents itself to the Italian market with three distinct brands having clear strategic positioning – Generali (retail and SME market), Alleanza (families) and Genertel and Genertellife (alternative channels). During 2017, Generali Italia further developed its simplification programme with the goal of improving the customer experience by simplifying the relationship between customers and agents for the entire process from pre-sales to assistance – and providing more accessible and innovative services.
Furthermore, at the end of 2017 Generali Italia launched Welion, a new services company focussed on providing advanced solutions in the world of individual health and corporate welfare.
Key Events in Italy
MANAGER IN CHARGE
The Country Manager for Italy is Marco Sesana.
MAIN GROUP COMPANIES
Generali Italia (www.generali.it)
“Generali Italia” is the company that – effective from July, 1 2013 – has been set up out of the transfer of the Assicurazioni Generali S.p.A.’s insurance business to INA ASSITALIA S.p.A., which in turn has been renamed “Generali Italia S.p.A”. Since 2015 only three Group companies operate in Italy: Generali, Alleanza and Genertel.
Alleanza Assicurazioni (www.alleanza.it)
Company dedicated to Italian families, with its network of direct producers and a production mainly concentrated in Life products.
Genertel is the direct insurance company of Generali Italia with headquarter in Trieste. The company has been operating since 1994 and was the first Italian company to utilize the telephone channel to sell auto insurance. Nowadays it’s among the first players in direct insurance in Italy.
Genertellife, located in Mogliano Veneto, is with effect from February 2009 the new name of “ La Venezia Assicurazioni”, which started its life insurance activity back in 1987. Genertellife is the first company in Italy to offer life products and pension schemes directly via internet and telephone. Together with Genertel, it’s the only insurance hub able to provide via direct channels a wide product offer that ranges from Life and Non Life products to pension schemes.
Welion is the new company of Generali Group for the combined welfare services. From health to the flexible benefits, a lot of innovative and easy solutions to give more value to families, employees, companies. Our cutting edge proposals are based on a system of modern technology, also through strategic partnership with startups.
World’s Top 10 Insurance Companies
“I am prepared for the worst, but hope for the best.”
Insurance helps us to do exactly what this quote suggests. We all face many kinds of risks: risk of meeting with an accident, falling sick, being a victim of a natural disaster or fire, and above all risk of life. All these risks not only come with pain and suffering but also hurt financially. Insurance is one way of being prepared for the worst; it offers the surety that the economic part of the pain will be taken care of. In this article, we take a look at some of the top insurance companies. There are many criteria on the basis of which such a list can be prepared: premium collections, market capitalization, revenue, profit, geographical area, assets and more. The following list focuses on a number of factors and the insurance companies on it are in no particular order.
With over 102 million customers in 56 countries and an employee base of 157,000, AXA is one of the world’s leading insurance groups. Its main businesses are property and casualty insurance, life insurance, saving and asset management. Its origin goes back to 1817 when several insurance companies merged to create AXA. The company is headquartered in Paris and has a presence across Africa, North America, Central and South America, Asia Pacific, Europe and the Middle East.
In 2013, AXA as a move to increase its foothold in Latin America acquired 51% of the insurance operations of Colpatria Seguros in Colombia. During the same year, AXA became the largest international insurer operating in China as a result of its 50% acquisition of Tian Ping (a Chinese property and casualty insurer). In addition, the company acquired the non-life insurance operations of HSBC in Mexico. The AXA Group reported total revenues of €99 billion for fiscal year 2015.
2) Zurich Insurance Group
Zurich Insurance Group, a Switzerland-headquartered global insurance company, was founded in 1872. Zurich Group, together with its subsidiaries, operates in more than 170 countries, providing insurance products and services. The core businesses of Zurich include general insurance, global life and farmers insurance. With its employee strength of over 55,000, Zurich caters to the vast insurance needs of individuals and businesses of all sizes: small, mid-sized and large-sized companies and even multinational corporations.
Total revenues in 2015 were $60.568 billion.
3) China Life Insurance
China Life Insurance (Group) Company (LFC) is one of Mainland China’s largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor. The origin of the company goes back to 1949 when the People’s Insurance Company of China (PICC) was formed. Its offshoot PICC (Life) Co. Ltd was created after parting ways with PICC in 1996. PICC (Life) Co. Ltd was renamed as China Life Insurance Company in 1999. The China Life Insurance Company was restructured in 2003 as China Life Insurance (Group) Company, which has seven subsidiaries. The businesses are spread across life insurance, pension plans, asset management, property and casualty, investment holdings and overseas operations.
The company is listed on the New York Stock Exchange, the Hong Kong Stock Exchange and the Shanghai Stock Exchange, and is the biggest public life insurance company in terms of market capitalization in the world.
4) Berkshire Hathaway
Berkshire Hathaway Inc. (BRK.A) was founded in 1889 and is associated with Warren Buffet, who has transformed a mediocre entity into one of the largest companies in the world. Berkshire Hathaway is now a leading investment manager conglomerate, engaging in insurance, among other sectors such as rail transportation, finance, utilities and energy, manufacturing, services and retailing through its subsidiaries.
It provides primary insurance, as well as reinsurance of property and casualty risks. Companies like Berkshire Hathaway Reinsurance Group, GEICO, Berkshire Hathaway Primary Group, and General Re, National Indemnity Company, Medical Protective Company, Applied Underwriters, U.S. Liability Insurance Company, Central States Indemnity Company and the Guard Insurance Group are subsidiaries of the group.
5) Prudential plc
Prudential plc (PUK) is an insurance and financial services brand with operations catering to 24 million customers across Asia, the U.S., the U.K and most recently Africa. Prudential was founded in United Kingdom in 1848. Prudential Corporation Asia, Prudential U.K., Jackson National Life Insurance Company and M&G Investments are the main businesses within the group. Jackson is a prominent insurance company in the United States, while Prudential U.K. is one of the leading providers of pension and life.
Prudential plc is listed on the stock exchanges of London, Hong Kong, Singapore and New York. It has approximately 22,308 employees worldwide, with assets under management worth £509 billion.
6) United Heath Group
The UnitedHealth Group Inc. (UNH) tops the list of diversified health care businesses in the United States. Its two business platforms – UnitedHealthcare for health benefits and Optum for health services – work together, serving more than 85 million people in every U.S. state and 125 countries. The UnitedHealth Group uses its experience and resources in clinical care to improve the performance of the health care services sector.
The company reported revenue of $157.1 billion in 2015. Fortune has featured UnitedHealth Group as the “World’s Most Admired Company” in the insurance and managed care sector six years in a row.
7) Munich Re Group
Founded in 1880, Munich Re Group operates in all lines of insurance and has a presence in 30 countries, with focus a on Asia and Europe. The company’s primary insurance operations are carried out by its subsidiary, ERGO Insurance Group, which offers a comprehensive range of insurance, services and provision. Munich Re Group’s home market is Germany, where ERGO is a leader in all areas of insurance. The group’s newest arm, Munich Health, parlays the group’s risk-management and insurance expertise into the health care field.
The group has around 45,000 employees worldwide, working in all businesses of insurance: life reinsurance, health reinsurance, accident reinsurance, liability business, motor reinsurance, property-casualty business, marine reinsurance, aviation reinsurance and fire reinsurance. The Munich Re Group reported a profit of €3.1 billion in 2015.
8) Assicurazioni Generali S.p.A.
Assicurazioni Generali, founded in 1831, is the Assicurazioni Generali Group’s parent company. The Generali Group is not only a market leader in Italy, but is also counted as a prominent player in the field of global insurance and financial products. The group, with a presence in more than 60 countries, is an international brand with dominance in Western, Central and Eastern Europe. The Generali Group’s prime focus has been life insurance, offering diverse products from family protection and savings polices to unit-linked insurance plans. It offers an equally diverse range of products in the non-life segment as well, such as coverage of car, home, accident, and health, along with coverage of commercial and industrial risk.
The group has 77,000 employees and a client base of 65 million people worldwide. It has €480 billion in assets under management and is one of the world’s 50 largest companies.
9) Japan Post Holding Co., Ltd.
The Japan Post Holding Co., Ltd. is a major state-owned conglomerate in Japan. The company has four primary divisions: Japan Post Service (for mail delivery), Japan Post Network (runs the post offices), Japan Post Bank (deals with banking functions), and Japan Post Insurance (provides life insurance). Japan Post Insurance operates within Japan Post Holding to provide insurance to its clients. The insurance arm makes use of the post offices nationwide network, in addition to its own sales offices, to reach out and provide services to the clients.
Japan Post Holding, which went public in 2015, reported consolidated after-tax profits of $3.84 billion from April through December of 2015. The group runs the largest insurer in Japan (Japan Post Insurance).
10) Allianz SE
Founded in 1890, Allianz SE is a leading financial services company, providing products and services from insurance to asset management. Allianz caters to customers in more than 70 countries with €1.8 billion in assets under management. Insurance products range from property and casualty products to health and life insurance products for corporate and individual customers. The company is headquartered in Germany.
In 2015, total revenues reached a new high of €125.2 billion euros.
The Bottom Line
Some of the other reputable names in the insurance business are ING Group (ING), Prudential Insurance Company of America (a subsidiary of Prudential Financial, Inc., PRU), AIA Group Ltd., Ping An Insurance Company of China, Ltd., American International Group, Inc. (AIG), Manulife Financial Corporation (MFC), and MetLife, Inc. (MET). Picking the right insurance company to invest in is important and should not be based on a company’s size alone. A few things on your check list should be the company’s rating, its financial strength, if the company specializes in any particular type of insurance, refusal of claims in the past, proximity of office, premium rates and discounts offered on multiple policies.
Insurance in Italy
If you want to face some unexpected situations that can happen in life, then one of the things to take into account is getting insurance. There are different types of insurances, but some are most important than others such as life, home, and why not travel insurance if you are thinking of coming to this country?. So, would you like to know more about insurance in Italy? then, here we are going to review some important concepts about this important subject, and we are going to present you with some details about the aforementioned types.
What does insurance mean?
It is a form of managing the risk. It allows people, businesses and other entities to be protected against some circumstances that can cause potential losses and economic hardships. For example, if you come to Italy and once here, you need medical attention, then getting travel insurance can help you to face the unforeseeable health expenses that this can cause. So, insurances will make sense, if the potential loss has an unfavorable effect (financial hardship) on people, entity, etc.
One of the types of insurances that must be considered important to get, it is “life insurance”, it protects family from loss of income, after one’s death. Imagine how important will be for the family to count with support, if the breadwinner deaths.
It is important you know some concepts, so this way, you will be well-informed about the terms used when you take contact with an insurance company. There are many resources on internet where you can get this, and also other related information, for example an online insurance guide, a directory of insurance companies, among others.
Types of Insurances
How we mentioned before, there are many types that you have to consider to get according to your needs, so here we present you some of the ones you can consider to have:
When someone wants to protect his/her family it is important to consider buying life insurance, in case the insured dies; it is an insurance contract by which the insurer, in exchange for a premium which may be unique, annual or periodic (quarterly or half yearly) is obliged to meet the person signing the policy, or the person that the subscriber designates a capital or income, at death or reach a certain age.
Free life insurance (polizza assicurativa/vita) is offered by some companies to their employees in Italy, but it may be an accident insurance only.
The main life insurance companies in Italy are the following:
- BNL Vita S.p.A.
- CNP Capitalia Vita S.p.A.
- CreditRas Vita S.p.A.
- Intesa Vita.
- Ina Vita.
- Montepaschi Vita.
The health system in Italy works on the principle that health care is a fundamental right of all citizens and that whoever is registered in the National Social Service (SSN) is entitled to receive free treatment of high quality. The SSN manage the National health insurance in Italy.
The best time to purchase health insurance is before you have a health problem, for example nobody is safe from having an accident, and neither can we predict someone will suffer a serious illness.
Nobody is safe of mishaps or inconveniences during a trip. There are unusual circumstances that shake someoneґs tranquility, for example the need of medical care, an emergency evacuation or, in other cases, the bankruptcy of the travel organizer. For these reasons it is important to purchase travel insurance. If you are thinking to travel to Italy, then you must not leave your home without getting it.
The travel insurance covers trip cancellation, baggage loss, medical expenses in case you need medical attention, etc. For instance, in case you have an emergency in your trip and need hospitalization, your insurance will cover the expenses to be attended in the nearest hospital. So you must consider to get it in order to have a safe traveling.