The Italian Insurance Industry: Challenges and Opportunities in a Fast Changing Market
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The paper describes the recent evolution of the Italian insurance industry, its contribution to economic development and the prospects for further growth. It examines the main drivers of change, as well as challenges and opportunities for insurers in Italy, with a special consideration of the current scenario of low growth, ultra-low level of interest rates, ageing of the population and its implications on the welfare state, climate change and the increase in frequency and severity of natural catastrophes. At the same time, the paper describes the impact that technological progress and regulatory reforms - Solvency II among them - may have on both the performance and the structure of the Italian insurance industry.