Total European insurance direct gross written premiums rise by 6.2%

Written by Adam Cadle

02/10/2019

Total European insurance direct gross written premiums amounted to €1,311bn in 2018, up 6.2% on 2017.

According to Insurance Europe's latest Insurance Europe - Key facts report, total premiums in 2018 were made up of €764bn of life premiums (+6.7%), €407bn of property and casualty (P&C) premiums (+5.7%) and €140bn of health premiums (+4.8%).

European life premiums make up 33% of 2018’s global life premiums and European non-life premiums make up 29% of 2018’s global non-life premiums.

In 2018, insurance penetration increased by 0.21 of a percentage point to 7.46% and ranged from 0.5% in Liechenstein to 14.3% in the UK.

An average of €2,170 per capita was spent on insurance in Europe in 2018, compared to €2,049 in 2017. Of the per capita spend in 2018, €1,264 was on life insurance, €673 on P&C and €232 on health.

European insurers paid out €1,069bn in claims and benefits to insureds in 2018, a 3.1% increase on 2017. Life insurers paid out €705bn — a 2.6% increase — in benefits to insureds, providing them with capital and/or annuities. P&C claims paid increased 5.6% to €253bn and health claims paid increased 4.0% to €111bn

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