ITALY Trends and Developments Contributed by: Giovanna Aucone and Debora Gobbo, FIVERS Studio Legale e Tributario
Insurance arbitrator The forthcoming Insurance Arbitrator (Insurance Ombudsman) constitutes a significant institutional development, aimed at enhancing policyholder and investor protection through an alternative dispute resolution mechanism covering disputes between customers and insurance undertakings or intermedi- aries. At the time of writing, the Insurance Arbitrator will become operational on 15 January 2026, when consumers will be able to submit complaints relating to insurance companies and intermediaries. Financial education Alongside supervisory enforcement, Italian authori- ties have increasingly promoted financial education initiatives as a preventive regulatory tool to improve consumer awareness and reduce mis-selling risks in the insurance and financial sectors. Conclusion Italy’s insurance sector is undergoing significant reg- ulatory transformation, driven by national legislative and supervisory initiatives aimed at strengthening consumer protection, enhancing product govern- ance and promoting financial education, as well as
by the establishment of the Insurance Arbitrator. This domestic trend is expected to be further reinforced by the forthcoming EU-level initiatives, including the Retail Investment Package, which will harmonise EU- level standards on transparency and protection from misleading marketing, with a view to increasing con- sumer trust and encouraging investment in European capital markets. In parallel, supervisory attention and market initiatives are fostering the development of digital insurance products and distribution models, addressing risks arising from technological innovation while promoting efficiency, transparency and accessibility. Alongside the growing digitalisation of the insurance market, the introduction of mandatory NAT/CAT insurance cov- erage represents a key measure to enhance protec- tion and resilience against the increasing frequency and severity of natural catastrophes linked to climate change. These national developments, complemented by EU- level regulatory frameworks, confirm a shift towards a more resilient, consumer-focused and technologically adaptive Italian insurance market.
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