Consultation conducted on the plan for an EU directive, aiming to harmonize national laws for safeguarding employees from electronic communication risks.
Italy's life insurance market is poised for significant growth over the next two years, according to forecasts from the Italian Association of Private Bankers (Aipb) and Aipb-Prometeia. The positive outlook is backed by strategic partnerships within the sector, such as the recent alliance between BCC Iccrea Group and BNP Paribas Cardif, focused on the life insurance segment in Italy.
The growth prospects of the life insurance market are attracting increased interest from Italian private bankers. According to the Aipb's survey, 62% of bankers expect growth in the life insurance market, with 8% predicting a significant increase. The sector currently accounts for 19% of assets under management in private banking, totalling €245 billion.
The investment in insurance products is driven by their versatility as wealth management tools. They offer protection, estate planning benefits, and investment diversification for clients. In uncertain economic times, insurance products, particularly life insurance, provide tax advantages, long-term savings growth, and capital protection.
Moreover, insurance is seen as a crucial advisory area during market turbulence, helping clients navigate risks and secure their financial futures. The sector's resilience amid economic challenges and shifting demographic trends, particularly aging populations, further encourages private bankers to include insurance products in their portfolios to address clients' growing needs for pension and healthcare financing.
The Aipb's forecasts are based on two macroeconomic scenarios: a 'positive' scenario and an 'unfavorable' scenario. In the 'positive' scenario, insurance investments are expected to grow by 4.4% and the private banking industry by 5.2%. Conversely, in the 'unfavorable' scenario, insurance investments are predicted to decline by 1.5% while the private banking industry is expected to have a slight growth of +0.3%.
Antonella Massari, secretary general of Aipb, states that confidence in insurance products has been consolidated over the years. She also emphasizes that from the bankers' perspective, multiline policies are seen as effective tools for client retention.
The total assets managed by private banking in Italy reached €1,257 billion last year, accounting for 34% of Italian financial wealth and 47% of investments. The growth of the life insurance market, bolstered by strategic partnerships and improved market conditions, is set to play a crucial role in Italy's evolving wealth management landscape over the coming years.
[1] Source: BCC Iccrea Group and BNP Paribas Cardif press release, dated [insert date] [4] Source: Aipb's survey report, dated [insert date]
Personal-finance advisors are increasingly viewing life insurance as a valuable investment opportunity, with 62% of Italian private bankers expecting growth in the life insurance market, according to the Aipb's survey. In uncertain economic times, life insurance provides tax advantages, long-term savings growth, and capital protection, making it a popular tool for wealth management and risk navigation (averages and finance). Moreover, insurance products, particularly life insurance, are seen as effective strategies for client retention (personal-finance). The growth prospects of the life insurance market, bolstered by strategic partnerships and improved market conditions, are set to significantly impact Italy's wealth management landscape (finance).
