Italy
The Italian non-life market again generated only very marginal growth in the year under review in the face of an onerous economic climate; there were no significant shifts in market shares. The volume of business ceded contracted in 2008 as insurers raised their retentions. The consolidation phase on the Italian market has been largely completed; under currently applicable anti-trust laws the present market leaders cannot take over any further competitors.
+++ Premium volume enlarged +++
The positive claims trend in motor and industrial business fanned fierce competition in these lines, putting rates under appreciable pressure. On the other hand, in private customer business - with the exception of motor insurance - rates and conditions were adequate. Thanks to our selective underwriting policy we were able to achieve technically acceptable prices overall. We enlarged our premium volume.
In light of a positive loss experience and adequate prices, we were once again thoroughly satisfied with our result in Italy.