IVASSThe Institute of Insurance Supervision reported this. in February 2024, the average price of car insurance was 395 euros.. We are talking about annual growth of 6.5% in nominal terms and 5.7% in real terms. Although this is another increase, IVASS notes that there has been a slowdown in compulsory motor liability insurance growth compared to +7.5% in January. Moreover, we are still below pre-pandemic levels. In fact, in February 2019 the average price was 406 euros.
However, the bullish trend does not bode well for the coming months. Speaking specifically about the increase in compulsory motor liability insurance, let us recall that in mid-January the Rapid Response Commission for Price Supervision was convened. The goal is to delve into recent trends in compulsory motor insurance costs and evaluate possible solutions to help contain prices.
If you look closely at the data for February 2024, you can see that price increases are recorded by province, ranging from 1.8% in Reggio Calabria to 11.0% in Aosta. If the overall average price level for compulsory motor liability insurance increases by 6.5%, IVASS indicates an even more robust increase for policyholders with liability classes higher than the first.
For insured persons belonging to merit classes above first, the price increase is 9.3%.
Data for February wasNational Consumers Union what does it say about “scandalous rise“. The president Massimiliano Dona it’s very clear:
Scandalous! Car insurance not only increased by 6.5% in February 2023, but in one month, from January 2024, it increased by more than 5 euros, from 389.14 to 394.52, +5.38 euros, which corresponds to a monthly jump of 1.4% (+1.38). ). To find a higher average price in February, you need to go back to 2019, when it was 405.54, that is, 5 years ago, before the million-dollar profit received by companies due to lockdowns. Thus, in some cities the growth is even astronomical, for example in Aosta, where the annual growth is 11%, or in Padua, which ranks second in the ranking with +9.2%, or in Brindisi, Belluno and Alessandria with +9.1 %. %.
Therefore, the association requests an antitrust audit to determine whether restrictions on competition, collusion, or abuse of dominance exist in such situations.
Source: HD Motori
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