Italy Tops Europe in Auto Insurance Costs: Breaking News and Insights
Italy has been confirmed as one of the European countries with the highest costs for compulsory auto insurance, standing second only to the United Kingdom. This revelation comes from the Annual IVASS report (Institute for Supervisory Supervisory) presented today by President Luigi Federico Signorini.
Key Findings from the IVASS Report
The report highlights a recent turnaround in the insurance market, with a notable 1.7% drop in the first quarter of 2025 compared to the previous quarter. In 2023, the average cost of compulsory auto insurance (RC Auto) in Italy was certified at 286 euros, significantly higher than the 186 euros recorded in France and Spain, but still less than the 381 euros in the United Kingdom.
For cars, the average premium in 2024 ended at 419 euros, which is 7.2% more expensive than the previous year. Similarly, motorcycles saw an average premium of 289 euros, reflecting an 8.5% increase.
Impact on the Italian Insurance Market
Italy has 33.5 million insured vehicles, with 1.8 million claims recorded annually, resulting in an average cost of almost five thousand euros per claim. The total auto insurance premium collection in 2024 reached 13 billion euros, marking a 6.5% growth and a positive economic result of 400 million euros.
These differentials are attributable to various factors, including repair costs and compensation systems for injuries or deaths. Despite the uncertainties, the Italian insurance system demonstrates “robustness and ability to react,” as indicated by Signorini. The sector’s total profit rose to 10.5 billion euros in 2024, compared to 8 billion euros in 2023, with significant growth in both life and damage branches.
Future Perspectives and European Integration
Signorini emphasized the importance of greater European integration in the regulation and supervision of the insurance sector. He also highlighted the ongoing aggregations in the banking sector, which could have significant effects on the insurance system, both directly on participatory structures and indirectly on governance and activity models.
Evergreen Insights: Understanding Auto Insurance Costs
Understanding the factors that drive auto insurance costs can help drivers make more informed decisions. Factors such as repair costs, compensation systems, and regulatory frameworks play a crucial role in determining premiums. For drivers in Italy, being aware of these factors can help them navigate the insurance market more effectively.
Moreover, the ongoing trends in the insurance sector, such as digitalization and technological advancements, are likely to influence future premiums. Drivers should stay informed about these developments to optimize their insurance coverage and costs.
As the insurance landscape continues to evolve, it is essential for both drivers and insurance companies to adapt and innovate. By staying informed and proactive, drivers can ensure they are getting the best possible coverage at the most competitive rates.
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