Italy needs more insurance capacity

The Italian risk management association has called on insurers to allocate more capital to underwrite the country’s commercial risks.

Speaking to StrategicRISK in Milan, Paolo Rubini, vice chairman of the Associazione Nazionale dei Risk Manager (ANRA), said the number of commercial insurers in Italy has decreased.

‘There is not enough competition on big sized risks with big exposures,’ said Rubini, who is also director of risk management at Telecom Italia.

“It's not easy, but we have to convince insurers it is worth using capital to insure corporate business in Italy

Although there is less competition those companies that have remained available to insure corporate risks in Italy are now much more professional, added Rubini.

He called on risk managers to work hard to improve the quality of corporate risks in the country. ‘That means increasing the positive affect of our activities as risk managers so the risks can be underwritten in an easy way.'

‘It’s not easy, but we have to convince insurers it is worth using capital to insure corporate business in Italy,’ he said.