New figures published by Insurance Europe show a provisional increase in total European gross written premiums of 1.6% at constant exchange rates in 2012. This follows a decline in premiums of over 2% in 2011.
Initial 2012 figures suggest premiums totalled E1 114bn, up from E1 079bn in 2011. The 2012 growth reflects increases in both life and non-life premiums.
Preliminary figures show that life premiums, which account for almost 60% of all premiums, grew by just under 1% to E656bn. Non-life rose by 3% to E459bn. A year earlier, the totals were E639bn and E441bn respectively.
Following the recovery of capital markets in the second half of 2012, European insurers’ total investment portfolio, at market value, is estimated to have grown from almost E7 700bn in 2011 to almost E8 500bn in 2012. This corresponds to an increase of 9% at constant exchange rates, compared to +1.4% in 2011.
Commenting on the figures, Insurance Europe’s director general, Michaela Koller, said “Even though the European insurance industry is currently operating in a difficult economic environment, with low interest rates affecting investment returns, particularly for life insurers, and austerity affecting consumers’ purchasing choices, the 2012 performance remains solid.”
These preliminary figures are included in Insurance Europe’s latest Annual Report, which is published today. The report describes the federation’s activities on all key regulatory initiatives facing the European insurance industry both at EU and global level.
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