Automobile insurance in Italy Bharatbook from its exhaustive collection has come out with a report " Automobile insurance in Italy " which gives an overview, Demand, Supply Trends and industry analysis reports.
BigNews.Biz - Apr 30,2012 - This report supplies information on the automobile insurance Italian market and its competitors: market trends, SWOT and key success factors analysis, major companies performance indicators (total turnover, sector specific turnover, market shares and export quotas), business prospects and trends. http://www.bharatbook.com/market-research-reports/insurance-market-research-report/automobile-insurance-in-italy.html
This study analyses two business lines in the automobile insurance market:
- Category 10 policies: compulsory Third-Party Liability for non-rail land vehicles (Responsabilità Civile Autoveicoli - RCA), hereinafter referred to as Vehicle Third-Party Liability insurance (V-TPL);
- Category 3 policies: optional policies for non-rail land vehicles (Corpi Veicoli Terrestri - CVT) covering fire, theft, robbery, and the so-called "kasko" (damage to policyholder's vehicle), hereinafter referred to as Vehicle Property & Casualty insurance (V-P&C). Business Research
V-TPL policies are obligatory by law for all non-rail land vehicles with or without engines and provide coverage for the owner, the renter, the user, and/or the driver of the vehicle. If a vehicle lacks such policy, it is subject to seizure and the owner is subject to fines as specified in the Italian Highway Code (Codice della Strada).
The existence of a valid insurance policy for the vehicle is demonstrated by an insurance slip which must be kept clearly visible in the car at all times and by an insurance certificate which must be exhibited on request. The optional vehicle insurance policies are not required by law. They cover the vehicle against events such as theft, fire and damage to the policyholder's vehicle if that vehicle is at fault in an accident (coverage for broken windows, damage from atmospheric events or vandalism, legal expenses, injuries, vehicle service, etc., known in Italy as "kasko").
The principal characteristics of automobile insurance are:
- modularity, starting from basic compulsory V-TPL insurance, additional components may be added;
- addressed to a mass market, with a fixed, core compulsory component and a very broad, as yet uncharted, potential for accessory components;
- variable cost depending on the number of items covered, the type of coverage, and the method of provision;
- possibility of personalisation, mainly in the optional components, allowing the policy to be adapted as closely as possible to the specific needs of the policyholder and his/her characteristics (sex, age, driving habits, etc.).
Many of the companies offering Property and Casualty (P&C) insurance are active in this market. They may be grouped on the basis of their main business line and the channels through which they offer their services:
- traditional insurance companies;
- online insurance companies (known in Italy as "compagnie dirette", direct companies) which do not have agencies but sell their products over the internet or by telephone.
This report addresses compulsory insurance (V-TPL) and optional insurance (theft, fire, kasko, vehicle service, etc.) covering risks associated with automobiles and non-rail land vehicles in general (commercial vehicles, motorcycles, campers, etc.):
- Purpose: providing protection against the various risks associated with vehicles through insurance policies associated with said vehicles offering differing degrees of protection and provided through various channels;
- Client groups: vehicle