European insurance sector remains stable despite economic turbulence

25 November 2010
by CEA -- last modified 25 November 2010

The European insurance sector remained stable in 2009, according to key figures released today by the CEA, the European insurance and reinsurance federation.

Provisional figures for 2009 indicate that gross written premiums in Europe totalled €1 057bn, representing a growth of 2.9% at constant exchange rates compared with 2008.

"The European insurance industry clearly remains a large and stabilising force in the economy," said Michaela Koller, director general of the CEA.

Life insurance premiums, which account for more than 60% of all premiums, totalled €647bn in 2009. A clear trend among households to increase their savings in 2009 benefited the guaranteed-return products offered by life insurers in some countries.

Non-life insurance premiums decreased moderately in 2009 to €409bn from €417bn in 2008. This is the first time in the last decade that year-on-year growth at current exchange rates has been negative. The decrease in 2009 appears to a large extent to be recession-related, with consumers prepared to forego insurance or to reduce their cover to keep costs down.

In 2009, an average of €1,791 per capita was spent by consumers on insurance in the 33 countries represented by the CEA. Of this amount, €1,097 was spent on life insurance and €694 on non-life insurance, of which €171 was on health insurance.

Following the rebound in capital markets that began in late March 2009, European insurers' total investments in the global economy grew more than 8% to €6,800bn in 2009, while in 2008 a drop of 7.5% at constant exchange rates was recorded.

These figures are published today in "CEA Statistics N^o42: European Insurance in Figures", which is available to download from the CEA's website.

The CEA is the European insurance and reinsurance federation. Through its 33 member bodies - the national insurance associations - the CEA represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. The CEA, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe's economic growth and development. European insurers generate premium income of over €1,050bn, employ one million people and invest more than €6,800bn in the economy.

CEA, the European insurance and reinsurance federation