The Italian insurance segment comprises both domestic and foreign insurers, the number of foreing insurers is much bigger than the number of domestic insurers.
Supply of cover from the local market is unlikely to match the increase in demand .
EAGLEDIRECT is well-placed to benefit from the increase in the demand for specialist non-life insurance products filling the gap determined by the general lack of capacity and expertise in the local market to underwrite specialist risks, particularly in the liability sector.
The most noteworthy opportunities exist in lines such as directors’ and officers’ liability (D&O), professional indemnity and fine art.
Local market is currently dominated by a relatively small number of massive insurance groups each of which serves the Italian life and non-life sectors via nationwide agency networks.
These groups are keen to provide shareholders with stable growth and profitability; their recent strategy has been to focus attention on the Italian life Sector.
Our primary criteria for determining competitiveness within the rapid sector are service, cost structure, ease of use, speed, accuracy, and flexibility.
Market is becoming more and more competitive with big pressure on prices and conditions with all competitors having pretty much the same approach.
The past few years have seen tremendous upheaval in the insurance industry in Italy.
The number of native Italian Companies has decreased because of mergers and acquisitions as well as the number of broker/agents because of financial crisis and credit crunch.
The “Italian insurance intermediaries market” due to specific complex legislative and technology related changes in the insurance business services is at an early stage of its neo- development.
We believe that independent brokers will go from strength to strength in the future and are ready to support them as partners on the London Market where we have a notable presence.
EAGLEDIRECT can support Italian Agents on their way from TIED to INDEPENDENT.
We think that the fact that the independent broker sector is still developing could be viewed as an opportunity for EAGLEDIRECT as can perform a broker-friendly approach .
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