Italian insurance regulator to act on high motor premiums
The Italian insurance regulator ISVAP has promised that it will take action to reduce the higher than European average motor premiums in the country this year.
ISVAP is believed to have met officials from eight motor insurers, including market leader Fondiaria-SAI, and is said to have promised to contact consumer organisations by the end of September.
An ISVAP source told news wire Reuters that "the intention is to close this file before Christmas, and there are some measures that could even be made earlier".
Italy's insurance association ANIA has said that Italian motor insurance rates are higher than the European Union average because of issues outside of the companies hands. In particular, it said Italian law is very generous to claimants, especially in cases of whiplash, while fraud in the south of the country is high.
The regulator has said firms need to become more efficient at dealing with claims.
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