The Italian insurance sector faces a fiscal tightening of nearly 1.4 billion euros over the next three years, a move mandated by the 2027 Budget Law approved by the Council of Ministers on October 28. This levy adds to a 2.5 billion euro commitment established during the previous year’s budget cycle. Giovanni Liverani, president of Ania, has publicly condemned the new measures, characterizing them as profondamente sbagliato sia nel metodo sia nel merito
(profoundly wrong in both method and merit).
Concerns Over Process and Financial Impact
Liverani expressed frustration regarding the lack of communication from the government, noting that the industry learned of the additional taxation through media reports rather than direct consultation. He warned that if these measures remain unchanged during the parliamentary approval process, the financial burden will ultimately fall on shareholders, Italian businesses, and policyholders.
According to the Ania president, the insurance industry serves as a vital national infrastructure, managing over 1,000 billion euros in reserves and holding more than 10% of Italy’s public debt. Liverani argued that the government’s approach risks creating economic uncertainty and discouraging investors at a time when the sector is already managing the impact of extreme weather events and implicit capital losses on investments caused by interest rate fluctuations. He noted that while the government anticipates revenues based on past profit projections, such figures are not guaranteed.
Il #SalvadanaioPrevidenziale per garantire sicurezza finanziaria alle future generazioni. Il servizio del @tg2rai con le novità previste nella #Manovra2027 e l'intervista al Presidente dell'ANIA, Giovanni Liverani. pic.twitter.com/F7nXV1nKob
Ania Opposes Proposed Budget Measures and Profit Characterizations
Ania has signaled a willingness to support the country’s public finances to maintain Italy’s credibility, but it advocates for an alternative, more predictable fiscal approach. The association maintains that insurance companies do not generate extraprofitti
(excess profits) and that their profit margins remain modest at approximately 7%.
Beyond the general tax increases, the association is also scrutinizing other provisions within the 2027 Budget Law, specifically expressing concern that a new fund for crisis resolution could become a pericoloso aggravio
(dangerous burden). Additionally, while Liverani described the new pension savings initiative for newborns as positive news, he stated that the program should not be managed exclusively by INPS.
As the legislative process continues in Parliament, the industry is calling for a constructive dialogue with the government to develop a more solid framework for contribution, emphasizing the role of insurance as a long-term partner in addressing the nation’s social, digital, and energy transition challenges.
