FAJ | September 2026
Italy suffers from chronic underinsurance, with spending on non-life insurance policies relative to GDP among the lowest in Europe (approximately 1%–1.8%) and a high level of exposure to uncovered risks.
There are three main reasons for this phenomenon of underinsurance. The first is a lack of basic insurance culture and literacy among the public: 79% of Italians prefer to keep their liquid assets in current accounts or use short-term savings rather than pay periodic insurance premiums.
The second reason is the perception that costs are too high (cited by 55% of respondents). The third is a lack of trust in insurance companies: 34% of Italians believe that, should a loss occur, the insurance company will do everything in its power to avoid paying the claim or to provide only a partial payout.
Against this backdrop, the role of an independent insurance advisor—someone free from ties to specific insurance companies and dedicated solely to protecting the client’s interests—is viewed positively by 66% of Italians. In a complex market like Italy’s, relying on an advisor who is not bound by mandates from individual insurance companies would appear to offer a form of protection that is both genuine and transparent.
In the public imagination, an independent advisor does not work for just one insurance company. Instead, they analyze offerings from across the entire market to select the best policy for each client, based on that individual’s specific, real-world needs.
This role differs from that of a traditional agent, who promotes the products of a specific company: an independent consultant receives compensation solely from the client, rather than commissions from individual insurance companies.
The Italian insurance market—with some notable exceptions—is often perceived as lacking transparency and being dominated by large corporate groups. There is a sense of a conflict of interest, as agents are typically required to meet the sales targets set by their own companies. A culture of comparison is largely absent—even though comparison websites could potentially play a useful role—leaving many clients with only a single quote, unaware of whether more affordable or comprehensive alternatives exist.
Furthermore, insurance contracts are often perceived as highly complex; policy clauses frequently contain exclusions and technicalities that are difficult to decipher without expert guidance.
In an ideal scenario, an independent consultant would eliminate this conflict of interest, interpret policy clauses with the client’s best interests in mind, and identify the potential weaknesses within any given contract.
Having an independent professional in the insurance market would yield direct economic benefits: a) by eliminating unnecessary coverage and reducing policy premiums; b) by creating a personalized protection plan tailored to the specific assets of each individual policyholder—whether for their family or their business; c) by assisting in securing fair compensation in the event of a loss; and d) by adjusting and adapting policies to reflect changes in the policyholder’s personal or professional life.
In Italy, purely independent insurance consultants—those compensated exclusively via professional fees, with no ties to or commissions from insurance companies—do not yet constitute a legally recognized and regulated profession, unlike financial advisors.
In this context, the establishment of APCAI (the Professional Association of Independent Insurance Consultants) in July 2026 is highly significant. In a market with vast potential for growth—to the benefit of individuals, families, businesses, and the nation as a whole—the formalization of an independent professional approach is a welcome development. Such an approach can compete with traditional distribution channels in the complex, vital task of reducing the prevalence of underinsurance.
Nicola Ronchetti