Insurances - Europe

  • Europe
  • The Insurances market in Europe is projected to reach a market size (gross written premium) of US$1.66tn in 2024.
  • Life insurances dominate the market with a projected market volume of US$0.98tn in 2024.
  • The average spending per capita in the Insurances market amounts to US$1.97k in 2024.
  • When comparing globally, it is evident that the United States leads with the highest nominal value, reaching US$4,642.0bn in 2024.
  • The gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2028) of 1.04%, resulting in a market volume of US$1.73tn by 2028.
  • In global comparison, the United States will continue to generate the most gross written premium, reaching US$4,642.0bn in 2024.
  • In the insurance market in Europe, Germany stands out for its strong emphasis on comprehensive coverage and high levels of customer satisfaction.
 
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Analyst Opinion

The Insurances market in Europe continues to show resilience and growth amidst changing economic conditions and evolving customer preferences. Customer preferences in the insurance market are shifting towards more personalized and digital solutions. Customers are increasingly seeking tailored insurance products that cater to their specific needs and lifestyles. This trend is driving innovation in the industry, with companies investing in technology to provide seamless digital experiences for their clients. Trends in the market vary across different countries in Europe. For example, in countries with aging populations, there is a growing demand for retirement and health insurance products. On the other hand, countries with younger demographics are seeing an increase in the uptake of insurance products related to travel and leisure activities. Insurtech companies are also gaining momentum in Europe, offering new and innovative insurance solutions that are disrupting traditional business models. Local special circumstances in Europe play a significant role in shaping the insurance market. Regulatory frameworks differ from country to country, impacting the types of insurance products available and the level of competition in the market. Cultural factors also influence customer preferences and purchasing behavior, leading to varying trends in different regions. Underlying macroeconomic factors such as GDP growth, interest rates, and inflation rates also impact the insurance market in Europe. A strong economy generally leads to higher disposable incomes, which can drive increased spending on insurance products. Conversely, economic downturns may result in a more cautious approach to insurance purchases as consumers prioritize essential expenses. Overall, the insurance market in Europe is dynamic and constantly evolving to meet the changing needs of customers. By staying abreast of customer preferences, embracing digital innovation, and navigating local special circumstances and macroeconomic factors, insurance companies in Europe can position themselves for continued growth and success in the future.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Gross Written Premium
  • Gross Claim Payments
  • Loss Ratio
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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