7 August 2014Accounting & tax analysis

European insurance has continued growing since 2003

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 insurance and reinsurance federation for the EU.

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.

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) and non-life accounted for just under 40 percent (€346 billion), and in 2012 these percentages were relatively similar at 59.1 percent (€651 billion) for life and 40.9 percent (€451 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% and 41% respectively, according to the figures.

Michaela Koller, director general of Insurance Europe, comments: “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.”