Italy’s insurance market is evolving rapidly, with a notable surge in demand for robust audit and advisory services. This shift is driven by regulatory scrutiny, risk management needs, and the increasing complexity of delegated authority arrangements.
Recent data from IVASS (Institute for the Supervision of Insurance) underscores the growing significance of general and medical liability insurance in Italy. In 2023, premiums in the general liability segment reached €4.018 billion, marking a 7.1% year-on-year increase (the technical account result was €1.133 billion, reflecting a 17% increase compared to the previous year). Meanwhile, the medical liability sector saw premiums totalling €706 million, with €566 million under IVASS supervision.
In general liability insurance, the average cost of claims is €7,065, influenced by reserved costs due to the slow settlement process. In medical liability insurance, the average cost of claims is significantly higher, ranging between €52,000 and €64,000 for claims older than three years at the end of 2023. These figures highlight the expanding scale and complexity of the Italian insurance landscape. As the market grows and becomes more intricate, the potential risks and challenges also increase, thereby reinforcing the need for rigorous oversight to ensure stability and protect stakeholders.
Addressing Delegated Authority Challenges
With this growth comes an increasing reliance on delegated authority models, where Italian insurers entrust underwriting and claims functions to MGAs, coverholders, and third-party administrators (TPAs). While this enhances operational efficiency, it also necessitates meticulous governance to ensure compliance, risk management, and performance optimisation.
Pro Global’s audit and advisory services play a pivotal role in supporting insurers across Italy and Europe, ensuring that delegated arrangements align with regulatory standards and best practices. Our expertise spans:
- Financial Oversight: Monitoring financial transactions to detect inefficiencies and reduce misallocations.
- Compliance and Regulatory Assurance: Helping insurers meet evolving EU and Italian regulations.
- Risk Management: Identifying and mitigating exposures within delegated authority structures.
- Underwriting and Claims Quality Control: Ensuring adherence to delegated authority mandates, including accurate and timely data reporting.
- Governance and Accountability: Enhancing transparency and reinforcing market confidence.
As a Lloyd’s-approved auditor with a verifiable track record, Pro Global brings world-class audit capabilities to Italy’s insurance market. Our established UK audit practice is recognised for its excellence, providing Italian insurers with a trusted partner to navigate the complexities of delegated authority arrangements.
Meeting the Market’s Needs
The increasing premium volumes and evolving risk landscape in Italy highlight the necessity for structured audit and advisory services. By ensuring robust oversight, we empower insurers to maintain control, optimise performance, and meet their regulatory obligations with confidence.
As the demand for delegated authority audits continues to rise, Pro Global remains committed to delivering excellence, providing the support that our clients need to remain compliant, resilient, and well-positioned for future success.
Meet our expert
Name: Francesco Rastrelli
Job title: Senior Auditor
Get in touch
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