“The Future of the Future”: 2022 ANIA Annual Meeting

  • 13/07/2022  |
“The Future of the Future”: 2022 ANIA Annual Meeting

Last week we attended the 2022 ANIA Annual Meeting, the conference that the Italian National Association of Insurance Companies (ANIA) organizes every year to explore the state of the insurance industry and the role that the insurance sector can play in the Italian recovery. The event was held at the Auditorium Parco della Musica in Rome and was livestreamed online, bringing together government and institutional representatives, authorities and delegates of the economic and financial world. 

After a brief opening made by the Minister of Economic Development Giancarlo Giorgetti, the Italian actress Anna Foglietta performed a short monologue that introduced the theme of this year’s event: “The Future of the Future”. Her act showed how the perception of the future has changed between the post-war period and the present day, highlining the shift from a positive and hopeful attitude towards the future to the current sense of struggle in the search for a new normal, as we worry about our present and fear what will be coming next.

ANIA President Maria Bianca Farina presented the latest report on the state of Italian Insurance in the years 2021-2022, which examines the current economic situation and offers a perspective on what we think “the Future of the Future” could be, thanks to the efforts of the entire insurance industry. 

Farina highlighted how the insurance sector plays a primary role in the development and growth of our country and how it can contribute to building a more modern, efficient, and sustainable society while relying on public-private cooperation. In line with the PNRR and in collaboration with institutions and other economic and social forces, the industry is strongly committed to fostering innovation and sustainability, securing a better future for the younger generations. 

Here are some key figures taken from the report presented by President Maria Bianca Farina on the current state of the insurance industry:

• In 2021, life and non-life premiums reached 140 billion euros, with a rise of 3.8% compared to 2019. Life premiums scored 106 billion (+4.5%). There was a very significant increase in multi-branch products, which can be defined as products that can adapt to changing economic and financial scenarios, savers’ preferences, and customers’ expectations over time.

• Non-life premiums increased by 2% due to a further reduction in motor liability premiums by 4.5% and a positive contribution of almost 6% from other non-life lines of business. These trends confirm a growing demand for protection, although still insufficient to overcome the situation of underinsurance that characterises Italy. 

• Total investments approached 1,050 billion, and the trend of portfolio diversification continued with the increase of new, alternative assets

• From 2020, the Solvency ratio, which indicates the strength and soundness of the industry, increased 2.5 times the minimum required by regulations

As pointed out by ANIA President Farina, we can say that the industry is demonstrating significant resilience in the face of the complex economic scenario. However, we cannot forget that the years 2022-23 present many uncertainties for the Italian economy and, therefore, for our Insurers. They will have to cope with the slowdown in demand from savers as well as act in a scenario of rising rates in order to meet people’s request for protection against inflation. 

All things considered, it is worth stressing one of the key messages about the future of the insurance industry that emerged during this year’s ANIA Annual Meeting. We need to focus on our future now and be ready to act. Our future “will be as we build it, with the realism and pragmatism that history teaches us. It will require planning, investment, active policies, social justice, sustainability, and change. Realism and pragmatism in which each political, economic and social actor in the public and private sectors, in every role, must consciously play their part. Because there is no more time to postpone the future to the future.”

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