Sharp increase in the average price of car insurance in June. The average cost of car insurance is 403 euroswith an increase of 6.2% in nominal terms and 5.4% in real terms on an annual basis. This is what emerges from the data released today by theIvasswhich have provoked strong reactions from consumer associations.
The National Consumers Union speaks of an “unjustified and unmotivated increase”, calling it a “blow” that “has not occurred since June 2019, when it was equal to 406 euros”.
Codacons also notes that “car insurance rates continue to rise in a completely unjustified manner” and that there will be “an overall blow of +1.65 billion euros for Italian motorists”.
According to Codacons, the increases “do not appear to be justified by the increase in accidents in Italy and clash with the economic situation of insurance companies for which the capital endowment has consolidated, profitability has improved and liquidity has become more relaxed, according to data released a few weeks ago by Ivass itself”.
Furthermore, insurance prices continue to rise «since the second half of 2022. In just over two years, car insurance rates have increased overall by 14.1%, going from an average of 353 euros in January 2022 to the current 403, with an increase of 50 euros per policy».
Assoutenti also points out how «car insurance rates continue to rise despite the slowdown in inflation and the absence of elements that determine higher costs for insurance companies». The association focuses on the «record numbers» of insurance companies in the last year, «with company profits reaching 8 billion euros, up +249% compared to the previous year».
All Italian provinces, Ivass reports, have registered price increases, ranging from +1.3% in Isernia and Catanzaro to +9.3% in Rome. The premium differential between Naples and Aosta is 264 euros, up 5.5% compared to the previous year and down 44.7% compared to the same period in 2014. For insured persons belonging to merit classes higher than the first, the price increase is 9.6%.
This “stratospheric leap” is certainly not “explainable by a different accident”, notes the UNC, which for this reason thinks that “an investigation should be opened by the Antitrust”.