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 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% and 22% 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%(E531bn) and non-life accounted for just under 40%(E346bn), and in 2012 these percentages were relatively similar at 59.1%(E651bn) for life and 40.9%(E451bn) 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.
It also revealed that between 2003 and 2012:
-The level of insurance penetration in Europe fluctuated between 7.4% and 8.7%
-The average amount of insurance premium per person shows a steady upward trend throughout the decade, from E1,541 in 2003 to E1,867 in 2012, a cumulative increase of 21%
-European insurers' investment portfolio grew by 57% over the decade, reaching E8,349bn in 2012.
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.”
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