On March 24, 2022, the latest Insurance Europe report was published, showing that European insurers paid out claims worth almost EUR 2.8 billion every day in 2020. At the same time, by investing more than EUR 10.6 trillion in the economy, the European insurance industry has proven to be a long-term investor.
The total gross premiums written by Insurance Europe members amounted to almost EUR 1.3 trillion.
In contrast, claims paid to customers in Europe in 2020 amounted to EUR 1.01 trillion. The non-life insurance areas recorded double-digit growth rates in the value of payouts. This was the result of significant losses due to natural disasters and higher claims for legal, marine, aviation, transport and financial losses.
The European insurance market consists of 4909 companies, which employ about 922 thousand direct employees. Additionally, according to the estimates of EIOPA, in 2020 in 25 countries of the EEA there will be over 815 thousand intermediaries – including brokers and agents.
It is worth noting that according to Insurance Europe’s cited ranking of the largest European insurance groups, which was published in July 2021 by Mapfre Economic Research, the three largest insurers within Europe are: AXA with 93,915 million euros in written premiums in 2020, Allianz with 82,986 million euros and Generali with 70,704 million euros.