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Moody's: le prospettive del mercato assicurativo italiano ramo danni stabili; il ramo vita rimane sotto pressione

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.

NOTA RISERVATA AI GIORNALISTI: per ulteriori informazioni, chiamare le nostre hotline per l'informazione alla stampa internazionale: Londra +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Città del Messico 001-888-779-5833, San Paolo 0800-891-2518 o Buenos Aires 0800-666-3506. È possibile anche inviare un messaggio e-mail all'indirizzo: mediarelations@moodys.com o visitare il nostro sito: www.moodys.com.

Antonello Aquino
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Simon Harris
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: le prospettive del mercato assicurativo italiano ramo danni stabili; il ramo vita rimane sotto pressione
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