Key figures for the European insurance market in 2019
Insurance Europe, the European (re)insurance federation, published its annual study on key figures for the European insurance market in 2019.
In 2019, total insurance premiums in Europe were 1,254 billion Euros:
- Life insurance: 700 billion Euros
- non-life insurance: 409 billion Euros
- health insurance: 149 billion Euros.
In 2018, European insurers paid out 997 billion Euros to their insured parties:
- 630 billion was paid under life insurance contracts (insurance contracts payable on survival, on death, etc.)
- 249 billion under non-life insurance contracts (mainly motor and property insurance)
- 119 billion under health insurance contracts.
The insurance sector is the European Union’s leading institutional investor. European insurers invested more than 10,400 billion Euros in the economy in 2019, i.e. the equivalent of 59% of the EU’s GDP.
Finally, in 2019 the 3,906 insurance companies operating in Europe directly employed 945 000 people.