Italian insurance market exceeds 8% of GDP
The Italian insurance regulator ISVAP has released it annual results for 2010 revealing the market exceeded 8% of gross domestic product for the first time.
In its annual report its president said in the third year of financial crisis the long-term effects continue to "test the action of governments, authorities and operators", although there are sign of recovery in the economy.
He added that structural problems remain, especially in non-life where "solution can only be found in an open confrontation between players in the insurance market, the institutions, bodies representing the interests consumers and businesses, especially small and medium-sized".
Overall he added: "The Italian insurance market has continued to express as a whole a certain amount of vitality, higher than the average European and domestic economic trends."
"It has increased the contribution to the formation of wealth national contribution for the first time in 2010 has exceeded 8% in terms of the relationship between harvesting and the gross domestic product."
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