In 2023, motor liability insurance will potentially be more expensive. For some time now operators and companies in the insurance sector have been estimating an increase in prices after years of constant decline. The reason ? Inflationary dynamics and the increase in the loss ratio.
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Yet on 19 December last, as indicated by Ivass, the values relating to the third quarter were still down to the point that the supervisory institute calculated an average value of the contract “of 362 euros, a slight reduction of 1.5% on an annual basis and by 26% compared to the third quarter of 2014». The picture therefore appears still comforting for the moment, although it is nonetheless possible to detect some signs of an inversion. In particular, IVASS added that “in the current context of high inflation, the average price variations for individual companies are heterogeneous and range between -3.7% and +5.2%”.
The prospects
On the other hand, as already mentioned, for some time now, insurers have taken into account the need to act on rates to contain a positive change in prices that would otherwise be difficult to manage, to which must also be added the generalized increase in claims which further puts the combined ratio of the companies is under pressure. According to the data collected by Facile.it (which however have no actual statistical significance), in December 2022 an average of 458.06 euros was needed to insure a four-wheeler in Italy, i.e. 7.23% more compared to December 2021. In addition, according to the survey commissioned by Facile.it to the institutes mUp Research and Norstat, there are 700,000 those who, due to the generalized increase in costs, have declared that they have skipped the payment of the renewal of the insurance car. An audience of defaulters that could widen if we consider that there are over 1.5 million Italians who have admitted that they may be forced to skip the next renewal in the event of price increases. A framework, however, which cannot ignore the previous dynamics.
The gap with Europe
As recently underlined at the Insurance Summit organized by Il Sole 24 Ore by the president of ANIA, Maria Bianca Farina, «despite the strong growth in inflation, also in the first half of 2022 the ten-year trend was confirmed, which allowed to substantially eliminate the gap in terms of tariffs compared to the main foreign countries”. In particular, the price gap with respect to the European average has drastically reduced, from 213 euros in the period 2008-2012 to 47 euros in 2021.