The alarm on car insurance increases it’s so strong that the Minister of Business, Adolfo Urso, also took action. The minister called for the February 14 the Price Surveillance Early Warning Commission on the insurance sector. The aim of the meeting, which will be attended by the main players in the sector, is to delve into the recent dynamics of mandatory vehicle guarantees. A few data are enough to photograph the extent of the alarm: in November 2023, the average price of RCAs jumped to 391 euros, up 7.1% on an annual basis, as indicated by official data from Ivass, the Institute for Insurance Supervision. To these, add the statistics of the various online brokers: in particular, a December 2023 records a average premium of 458.6 euros, up 24% on the previous year and on that of 2018.
The companies: here are the reasons for the price increases
The reasons for the price increases? For insurance companies there are several including inflation, the increase in accidents and the increase in repair costs of the damaged models. The fact is that the double-digit increases have affected almost all Italian regions. In particular, it was Umbria the region where the greatest increase was recorded, equal to +37.9%. Next we find Lazio, with an increase of 36%, and Sardinia with +34.4%. In an absolute sensehowever, the Campania is confirmed to be the most expensive region: at the end of last year insuring a car on average in this region cost 1,062.49 euros, i.e. 73% more than the national average. Following, but still at a great distance, are Calabria, with an average premium of 673.07 euros, and Puglia (665.36 euros). On the opposite front, however, the least expensive region is Friuli-Venezia Giulia with an average premium of 415.92 euros. Then we find Trentino-Alto Adige, with an average premium of 443.88 euros, and Lombardy, where the average premium was 474.38 euros. Obviously in all cases we are always talking about average prices given that the cost of a policy varies, as already mentioned, depending on many parameters.
Consumers: disproportionate increases
The reasons of the companies the associations are not convincing to protect savers who are talking about “a completely disproportionate increase,” he says l’Unc That finds no justification, if not the desire to increase profits to the detriment of families.” The Codacons increases the dose. “The overall increase in policy prices – analyzes the association – is equivalent to an increase of approximately +28 euros per policy and if we consider that in Italy, based on the latest data provided by Ivass, 43 million insured vehicles are in circulation , of which 32.5 million cars, the blow to car insurance only for the category of motorists reaches the maxi-figure of 910 million euros“. “This is a very dangerous signal for consumers – explains Codacons – This is because if on the one hand motorists have the obligation to insure their cars, on the other the insurance companies do not have to submit to any tariff limits and can increase the rates to customers as they wish”. And second I bring it the numbers of accidents and inflation do not “justify” the growth of more than 7% in policies. In a market where the buyer is faced with a range of offers and competition, it is very low”. “This is not a free market – concludes the Aduc – but organized only to make money for those who offer”.
The position statement of the associations concludes with the request “to convene the Early Warning Commission to address this issue and work together to limit these unjustified increases.” An SOS to which Minister Urso responded setting the date of the meeting for February 14th.