Dear energy, Codacons: taxing extra insurance profits, with Covid 3.9 billion for TPL

The tax on extra profits, currently in force for energy companies, should also be applied to insurance companies. The Codacons asks for it, recalling the large profit margins that insurance companies have achieved equal, the association calculates, to 3.9 billion euros during the covid with the collections of TPL auto policies, when between 2020 and 2021 thanks to the lockdown and limits to the movement of citizens, accidents on the roads have collapsed and consequently also the number of compensation awarded to policyholders. Codacons is urging government intervention to make repayments mandatory. A figure calculated based on the fact that in Italy about 39 million cars are currently insured and that TPL auto, during the year of the lockdown (2020) cost in Italy an average of 404 euros per policyholder (Ivass data). The confirmation, underlines the Codacons, comes from the official data on road safety. In 2020 the deaths in road accidents in Italy were 2,395, down by 24.5%, and 159,249 were injured (-34%). There were 118,298 accidents, a drastic decrease compared to 2019 (-31.3%). Serious injuries are also down sharply compared to 2019, with 14,102 registered, with a decrease of 20%, more contained than those of victims and injured overall. In 2021, the accident rate goes back a little but is always lower than the pre-covid period. There were 151,875 incidents (compared to 172,183 in the pre-covid period, i.e. 2019). 2,875 dead (3,173 in 2019), 204,728 injured (241,384 in 2019). Codacons, at the time, asked the Government and IVASS to launch specific measures to automatically grant policyholders a partial reimbursement of the cost incurred for the motor liability insurance policy, also through discounts on subsequent renewals, or to allocate greater profits confiscated by insurance companies to finance intervention in support of families. But measures in this sense have not been launched, beyond sporadic initiatives by individual companies. Ivass calculated in 2021 that the Life sector suffered a 20% decline in profits but those of Non-Life, also driven by TPL Auto , rose by 45%. And the president Federico Signorini, in the annual report 2021, asked the late insurance companies to act “urgently” and urged customers to behave according to what had been the behavior of their company. Assoutenti even highlighted the “mind-boggling” insurance profits accumulated in previous years on the basis of Ania data. On a premium income of 116,524 million euros from 2012 to 2019, the profit was 10,430 million euros, equal to a profitability of almost 9%. The request of the Codacons, however, is to bring the rate of the tax on extra-profits to 90% and to extend it not only to insurance but also to banks, pharmacists, pharmaceutical companies and e-commerce companies.