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Massimo Congiu, President Unapass Rete ImpresAgenzia is there a future for life insurance as a tool for structuring wealth in Italy? Luxembourg, 16 may.

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Presentation on theme: "Massimo Congiu, President Unapass Rete ImpresAgenzia is there a future for life insurance as a tool for structuring wealth in Italy? Luxembourg, 16 may."— Presentation transcript:

1 Massimo Congiu, President Unapass Rete ImpresAgenzia is there a future for life insurance as a tool for structuring wealth in Italy? Luxembourg, 16 may 2013 Unapass Rete ImpresAgenzia1

2 Is there a future for life insurance as a tool for structuring wealth in Italy? Who is UNAPASS Rete ImpresAgenzia? Its the second Italian Insurance Intermediaries Union; It s associated with Confindustria; Over 1.000 insurance agencies; Over 5.000.000.00 of premium; We trust on the partnership with Insurance Companies and on the agent as a contractor/self employed; We trust on the partnership with consumer association ( we set up first italian bilateral board, EBIC, between agents and consumers ); We trust on the cooperation with all insurance stakeholders ; Unapass Rete ImpresAgenzia2

3 Is there a future for life insurance as a tool for structuring wealth in Italy? Unapass Rete ImpresAgenzia3

4 Is there a future for life insurance as a tool for structuring wealth in Italy? There is a possible evolution of the italian insurance agents as insurance distributors: which are the market drivers? Price & Channel competition in the motor insurance; cut of the average cost of claims ( we have set up a focus group to manage cost of claims: different steakeholders take a part to it agence, consumers, car- repaires, cost claims manager, insurance companies); cut of the insurance agencies annual income; Unapass Rete ImpresAgenzia4

5 Is there a future for life insurance as a tool for structuring wealth in Italy? ….which are the social and the economic drivers? Although the last pubblic pension law (Monti- Fornero) the italian pubblic pension system couldnt be considered financially sustanaible ( 9 may 2013, italian actuaries association); new risks are increasing: poverty, health, self- sufficiency, to be out of work in the mature age, …. Unapass Rete ImpresAgenzia5

6 Is there a future for life insurance as a tool for structuring wealth in Italy? The italian gap vs EU can be an opportunity: Italian financial activities composition; Low incidence of long term investments; Low incidence of insurance and pension assets; High incidence of italian government interventions in the welfare; Italian enterprises, smal and medium, depend from banking financing : into to next 3 years the italian world productive will be short of fans E 100.000.000.000 Unapass Rete ImpresAgenzia6

7 Is there a future for life insurance as a tool for structuring wealth in Italy? …which is the solution? Fiscal leverage vs insurance company investments in the venture capital sector; Cutting of the motor insurance premium vs the reinvestment in life protection; Increasing of the agents channel as distributors in the italian life insurance market share; Decreasing real estate investements : -25,7 % ( 2012 ) Unapass Rete ImpresAgenzia7

8 Is there a future for life insurance as a tool for structuring wealth in Italy? grafico Unapass Rete ImpresAgenzia8

9 Is there a future for life insurance as a tool for structuring wealth in Italy? (source: IMFgroup 2012) Unapass Rete ImpresAgenzia9

10 Is there a future for life insurance as a tool for structuring wealth in Italy? A relative young market, which includes following product area : mortage CPI, Loan CPI, LTC, Bill protection High potential market, althougt negative effects of economic crise of last year, which reduced the developement of credit protection Unapass Rete ImpresAgenzia10

11 Who sells e which is its success (source: IMFgroup 2012) Unapass Rete ImpresAgenzia11

12 Protection italian market share ( source EMFgroup 2012 ) Unapass Rete ImpresAgenzia12 Broker Agents Bank

13 Yes, we think that there is a great future for life insurance as a tool for structuring wealth in Italy …….Thanks for your attention…. Massimo Congiu Unapass Rete ImpresAgenzia13


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