Despite the economic upheavals the European insurance industry has maintained a path of stability and growth, even through times of crisis, according to figures released by Insurance Europe, the European insurance and reinsurance federation.
The figures, which included data collected from 32 national insurance associations across Europe, looked at various aspects of the European insurance industry between 2003 and 2012.
The report concluded that “European insurance premiums increased in nominal terms by a quarter during that period, with non-life premiums growing at a faster rate than life premiums, with cumulative increases of 30 percent and 22 percent respectively, the figures showed.
“The split between life and non-life premiums in Europe remained largely stable between 2003 and 2012. In 2003 life premiums accounted for just over 60 percent (€531 billion [$710 billion]) and non-life accounted for just under 40 percent (€346 billion [$463 billion]), and in 2012 these percentages were relatively similar at 59.1 percent (€651 billion [$871.5 billion]) for life and 40.9 percent (€451 billion [603.8 billion]) for non-life.
“The amount of life insurance benefits and non-life insurance claims that were paid out by European insurers increased by 64 percent and 41 percent respectively, according to the figures.”
The study also elicited the following developments in the industry between 2003 and 2012:
– The level of insurance penetration in Europe fluctuated between 7.4 percent and 8.7 percent
– The average amount of insurance premium per person shows a steady upward trend throughout the decade, from €1541 [$2063] in 2003 to €1867 [$2500] in 2012, a cumulative increase of 21 percent
– European insurers’ investment portfolio grew by 57 percent over the decade, reaching €8.349 trillion [$11.18 trillion] in 2012. [IJ Ed. Note: the figure has been reconfirmed.]
Michaela Koller, director general of Insurance Europe, commented: “These figures demonstrate how the European insurance industry continues to be a bastion of growth and economic stability in the EU, even during periods of volatility and financial crisis.”
Source: Insurance Europe