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Global Credit Research - 11 Jun 2012
London, 11 June 2012 -- Le prospettive per il mercato italiano delle assicurazioni ramo vita rimangono
negative, in linea con quelle degli altri mercati ramo vita europei,
mentre quelle per il ramo danni italiano restano stabili, ha affermato
Moody's Investors Service in un rapporto pubblicato oggi.
Il nuovo rapporto "Il Mercato Italiano Assicurativo: il Ramo Danni
è Stabile Ma il Vita Rimane Sotto Pressione" è ora disponibile
sul sito www.moodys.com. Gli abbonati Moody's possono
consultare il rapporto seguendo il link fornito in fondo a questo comunicato
stampa.
Per quanto riguarda il mercato delle assicurazioni ramo vita, le
prospettive negative espresse da Moody's riflettono la minore capacità
e propensione degli italiani al risparmio, nel quadro delle debolezze
economiche nazionali. Tale situazione continuerà ad influenzare
negativamente le vendite e la redditività di questo settore finché
continuerà la crisi finanziaria. Inoltre, l'attrattiva
dei prodotti assicurativi vita viene messa in discussione dalla concorrenza
del settore bancario.
Le previsioni di stabilità nel settore delle assicurazioni ramo
danni riflette le aspettative di Moody's di un ulteriore miglioramento
della redditività tecnica nel 2012 e una stabilizzazione nel 2013.
Questo trend positivo è mitigato dalla debolezza della situazione
economica che continuerà a tenere sotto pressione la qualità
degli attivi ed il livello di capitalizzazione del settore e dunque le
prospettive rimangono stabili.
Considerata l'attuale volatilità del mercato finanziario,
Moody's prevede che gli le compagnie di assicurazione del ramo danni manterranno
una stretta disciplina nella gestione tecnica. Inoltre, Moody's
si aspetta che la recente legge 27/2012, approvata nel primo trimestre
di quest'anno, avrà un impatto positivo sulle assicurazioni
ramo danni, poiché ridurrà il costo delle micro-lesioni.
Tuttavia si pensa che l'impatto complessivo della nuova legge sulla redditività
del settore sarà marginale, poiché la maggior parte
dei benefici sarà trasferita ai clienti delle compagnie di assicurazioni.
Per quanto riguarda il settore assicurativo italiano nel suo complesso,
il deterioramento della qualità del credito sovrano italiano (attualmente
con rating A3 negativo), avvenuto negli ultimi 12 mesi, ha
comportato una riduzione nella qualità dei portafogli di investimento
degli assicuratori. Con il circa 40%, in media,
degli attivi investiti in titoli di debito pubblico italiano, la
qualità del portafoglio investimenti delle compagnie di assicurazioni
dipende, in larga misura, dalla qualità del credito
sovrano italiano.
Alla concentrazione verso il debito pubblico italiano si aggiunge l'esposizione
al settore bancario europeo, che rimane sotto pressione.
Inoltre, il livello di capitalizzazione del settore è peggiorato
notevolmente nel 2011 in seguito alla diminuzione del valore degli attivi,
e Moody's prevede che la capitalizzazione rimarrà debole per tutta
la durata della crisi finanziaria. Comunque, questi aspetti
negativi sono in parte controbilanciati dai robusti profili di liquidità
delle compagnie di assicurazioni, che riducono il bisogno di vendere
attivi a sconto, e dall'abilità degli assicuratori di condividere
le perdite con i titolari delle polizze di assicurazione vita.
Gli abbonati possono consultare il rapporto seguendo questo link:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_142376.
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Antonello Aquino
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
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United Kingdom
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Moody's: le prospettive del mercato assicurativo italiano ramo danni stabili; il ramo vita rimane sotto pressione
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