Survey Shows Europe’s Top 10 P&C Insurers Grew Premiums by 5.2% in 2010

July 1, 2011

Spain’s MAPFRE has published its 7th annual survey of Europe’s non-life insurers, ranking them by gross premiums written. The survey found that “all the companies achieved an increase in premium revenues as well as excellent results, especially driven by their business development outside their countries of origin.” The report said the “ten largest companies achieved Non-Life premiums of €195.28 billion [$283.39 billion], a 5.2 percent rise.”

The results are in sharp contrast to the 1.8 percent decline recorded a year before, due to the economic difficulties stemming from the global financial crisis

The top 10 also “showed signs of business soundness and strength last year, consolidating their recovery with respect to the year before,” said the report.

The Ranking is still led by the German group ALLIANZ, and the four following positions – AXA, Zurich, Generali and Eureko – remain unchanged. MAPFRE, the only Spanish company in the Ranking, continues to rank sixth with non-Life premiums of €12.768 billion [$18.529 billion], equivalent to a 7.3 percent increase compared to 2009.

MAPFRE’s survey also noted that “2010 has been marked by a moderate recovery in the developed economies and a strong dynamism of the emerging economies. In general, the increase in the portfolios shows stronger prices and larger revenues from business abroad.”

According to the data provided by the insurance companies, the “performance of the retail line, versus commercial insurance, should be underscored, as the latter has been affected by a more restrictive underwriting policy.

“In 2010, the Motor line continues to be the most affected by intense competition and by the financial crisis.” Severe weather events also affected Europe, as well as a large number of natural catastrophes (earthquakes in Chile and New Zealand, and the storm Xynthia), all of which significantly impacted loss ratios.

MAPFRE’s ranking also provides information on combined ratios. In this year’s edition, “the figures of six out of the ten groups analyzed worsened, in most cases due to an increase in the loss experience as a result of severe weather and natural catastrophes.

“The results achieved by the ten largest Non-Life insurance groups increased by 3.4 percent compared to 2009, to €13.531 billion [$19.636 billion]. Only two groups – Aviva and RSA – experienced a decline in their results.”

In addition the rankings analyze details of other key events of the companies during the year and breaks down the Non-Life business “over total premiums for the groups analyzed and the weight of the international business as a proportion of the total. The Ranking also includes information on the solvency levels of the ten European groups analyzed, and these figures reflect the financial strength of these insurance companies.”

The Ranking, compiled by the Insurance Sciences Institute of FUNDACIÓN MAPFRE is available in Spanish and soon in English.

Source: FUNDACION MAPFRE

Topics Trends Carriers Europe Pricing Trends Property Casualty

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