Urso: “In the Competition bill simplification measures on the insurance sector for the benefit of users”
The meeting was held today at Palazzo Piacentini, headquarters of the Ministry of Business and Made in Italy Price Surveillance Early Warning Commission – established with the Transparency Decree which strengthened the monitoring and verification powers of the Guarantor – onRC car. Present at the meeting were Minister Adolfo BearUndersecretary Massimo Bitonci and the Guarantor for price surveillance, Benedetto Mineo, as well as representatives of the insurance sector associations.
“The Government is working to reorganise the entire national insurance system within the framework of a bill on the sector that we will present in the coming months, in order to guarantee the efficiency and sustainability of the sector and the protection of citizens and businesses – declared Minister Adolfo Urso opening the Commission’s work. In the Competition bill, which we will present in a few days in the Council of Ministers, we will also provide for measures that will be able to simplify a series of processes for the benefit of policyholders and encourage competition in the sector, starting with more streamlined procedures for transferring from one company to another , with positive effects on policy prices. In this sense, in the bill we will also provide measures that will allow policyholders, pending full interoperability, to transfer the data contained in the ‘black boxes’ even if they change insurance companies”.
The need to start a constant monitoring of the sector arose following the reports received in recent months by the Offices of the Price Guarantor from private individuals and consumer associations, who denounced an anomalous increase in policy costs. In recent months the ministry’s activity has concentrated on coordinating and rationalizing the contributions received through a working group which saw the participation of representatives of Mimit, Agcm, Ivass, the Bank of Italy and the consumer protection.
In today’s meeting the results of this work were presented, with the aim of continuing the discussion on reorganization of the insurance system national initiative started in February with the reform of the tables on macro-lesions and with the approval of the rules relating to catastrophic events.
From Istat data it emerges that for some months there has been an attenuation of the growth on an annual basis both in the price of spare parts (May 2024 +2.2 percent compared to May 2023).
In this context, the cost of insurance in May 2024 shows increases compared to the same month of the previous year of +6 percent.
According to Eurostat, motor vehicle insurance recorded a trend change of +6.1% compared to the same month of the previous year, lower than France (+8.5%), Spain (+6.5%) and Germany (+29.4%) net of taxes.
The increase recorded in Italy is therefore less marked than the EU-27 average (+12.1%).
The data show a favorable dynamic for our country compared to the main ones European countries but car insurance prices are still too high and premiums in absolute value are higher than those recorded in France, Spain and Germany.
