Many news are coming in the field of insurance, and it seems that there will be a real revolution starting from 1 January 2023. Let’s find out in detail what it is and what we should expect.
It will come into effect from 1January 2023 the legislation included in the Competition Bill recently approved, which updated the methods of direct compensation in the event of car accidents.
Who has the legislation extended the compensation to? The new legislation has extended direct compensation also to insurance companies European companies operating in Italy. Let’s see what the new modality envisaged in the Competition Bill consists of and the reflections of AIBA and its president.
The extension of direct compensation was positive
What did President Flavio Sestilli say? According to the President of AIBA, the Italian Association of Insurance and Reinsurance Brokers, Flavio Sestilli, the extension of the compensation makes it even more certain compensation for damage in the event of a road accident.
Furthermore, it allows faster access to compensation, which means greater efficiency of the service towards the end user.
Finally, Sestillli also added that the measure it can bring benefits to Italian and foreign companies operating in Italy, but also to the injured, who will be able to choose between better conditions regarding the compensation procedure. Greater competitiveness among insurance companies can only bring benefits to consumers. Let’s see in the next paragraph the major protections and costs for policyholders.
Auto insurances offer greater protections and lower costs to policyholders
What is the purpose of AIBA? AIBA supports the modernization of the insurance sector, in order to improve the conditions proposed to policyholders, both in terms of protection and costs, to meet their needs.
One of the priorities must be on the current Bonus-Malus system and on the portability of the black box. Sestilli states that the current Bonus-Malus system is now obsolete and even less effective, given that it is based on a single parameter, namely the number of claims. Consequently, it does not ensure a real and adequate measurement of risk.
What does Sestilli say about the black box? About the black box, Sestilli affirms that we need to open a deep reflection on the issue and work to safeguard users. The non-transferability between one company and another of the information on driving habits limits competition and involves the insurance companies setting prices aimed at increasing the premium as the years of stay increase. So now you know all the news regarding the insurance of vehicles and vehicles which will start from 1 January 2023.
The Insurance article, everything changes soon: if you don’t adapt, the blow is deadly comes from Motori News.
