European insurance sector stable
The European insurance sector remained stable in 2009, according to figures released today by the CEA (the European insurance and reinsurance federation).
Provisional data show gross written premiums in Europe totalling €1,057 billion, having grown 2.9% (at constant exchange rates), compared with 2008.
Life insurance premiums, which accounted for more than 60% of all premiums, totalled €647 billion; according to the CEA, “illustrating a clear trend among households to increase their savings”.
Non-life premiums decreased moderately to €409 billion, marking the first time in the last decade that year-on-year growth (at current exchange rates) has been negative.
The decrease appears to have been recession-related, with consumers prepared to forego insurance or to reduce their cover to keep costs down.
Last year, 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.
The figures also reveal that European insurers’ total investments in the global economy grew more than 8% to €6,800 billion in 2009, while in 2008 a drop of 7.5% (at constant exchange rates) was recorded.
The rise prompted CEA director general, Michaela Koller, to comment: “The European insurance industry clearly remains a large and stabilising force in the economy.”
In related general insurance news, the British Insurance Brokers’ Association reported earlier this week that 57% of broker members are seeing consumers cut their levels of insurance protection, compared with 23% reporting cuts this time last year.
Category: Health Insurance News, Insurance News, Life Insurance News
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