Massimo Congiu, President Unapass Rete ImpresAgenzia

“is there a future for life insurance as a tool for structuring wealth in Italy? “

Luxembourg, 16 may 2013

Unapass Rete ImpresAgenzia 1

Is there a future for life insurance as a tool for structuring wealth in Italy?Who is UNAPASS Rete ImpresAgenzia? It’s the second Italian Insurance Intermediaries Union; It ‘s associated with Confindustria;Over 1.000 insurance agencies;Over € 5.000.000.00 of premium;We trust on the partnership with Insurance Companies and

on the agent as a contractor/self employed; We trust on the partnership with consumer association ( we set up first italian bilateral board, EBIC, between

agents and consumers ); We trust on the cooperation with all insurance

stakeholders ;

Unapass Rete ImpresAgenzia 2

Is there a future for life insurance as a tool for structuring wealth in Italy?

Unapass Rete ImpresAgenzia 3

Is there a future for life insurance as a tool for structuring wealth in Italy?There is a possible evolution of the italian

insurance agents as insurance distributors: which are the market drivers?

Price & Channel competition in the motor insurance;

cut of the average cost of claims ( we have set up a focus group to manage cost of claims: different steakeholders take a part to it agence, consumers, car-repaires, cost claims manager, insurance companies);

cut of the insurance agencies annual income;

Unapass Rete ImpresAgenzia 4

Is there a future for life insurance as a tool for structuring wealth in Italy?….which are the social and the economic

drivers? “Although the last pubblic pension law

(Monti-Fornero) the italian pubblic pension system couldn’t be considered financially sustanaible “ ( 9 may 2013, italian actuaries association);

new risks are increasing: poverty, health, self-sufficiency, to be out of work in the mature age, ….

Unapass Rete ImpresAgenzia 5

Is there a future for life insurance as a tool for structuring wealth in Italy?The italian gap vs EU can be an opportunity:Italian financial activities composition;Low incidence of long term investments;Low incidence of insurance and pension assets; High incidence of italian government

interventions in the welfare;Italian enterprises, smal and medium, depend

from banking financing : into to next 3 years the italian world productive will be short of fans E 100.000.000.000

Unapass Rete ImpresAgenzia 6

Is there a future for life insurance as a tool for structuring wealth in Italy?…which is the solution?Fiscal leverage vs insurance company

investments in the venture capital sector;Cutting of the motor insurance premium vs the

reinvestment in life protection;Increasing of the agents channel as distributors

in the italian life insurance market share; Decreasing real estate investements : -25,7 %

( 2012 )

Unapass Rete ImpresAgenzia 7

Is there a future for life insurance as a tool for structuring wealth in Italy?grafico

Unapass Rete ImpresAgenzia 8

Is there a future for life insurance as a tool for structuring wealth in Italy? (source: IMFgroup 2012)

2011 2010 var %quota di

mercato %stima di crescita 2012

Protection affari 275 220 25,0 3 in aumento

Protection corporate 2.000 1.930 3,6 25 stabile

Protection retail 5.625 5.650 -0,4 72 in lieve decremento

Totale mercato Protection 7.900 7.800 1,3 100 stabile

Unapass Rete ImpresAgenzia 9

Is there a future for life insurance as a tool for structuring wealth in Italy?A relative “young” market, which includes

following product area : mortage CPI ,

Loan CPI, LTC, Bill protection

High potential market, althougt negative

effects of economic crise of last year,

which reduced the developement of credit

protection

Unapass Rete ImpresAgenzia 10

Who sells e which is its success (source: IMFgroup 2012)

Unapass Rete ImpresAgenzia 11

Protection italian market share (source EMFgroup 2012)

10%

35%

55%

Unapass Rete ImpresAgenzia 12

Broker

Agents

Bank

Yes, we think that there is a great future for life insurance as a tool for structuring wealth in Italy

…….Thanks for your attention….

Massimo Congiu

Unapass Rete ImpresAgenzia 13