Written premiums account for the amount that customers pay insurance companies for the coverage provided and are, therefore, the main source of revenue for the sector. The insurance penetration rate shows how the sector relates to the economy of the country and is calculated as the ratio of insurance premiums written to the GDP of the country.
Insurance penetration in Europe
Among all European countries in 2019, the insurance sector was most developed in Finland, with a penetration rate of 10.8 percent. Denmark and the United Kingdom (UK) completed the top three with approximately 10.7 and 10.4 percent penetration, respectively percent. In total, 14 countries in Europe had an insurance penetration rate of five percent or higher
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Insurance Europe. (August 5, 2021). Value of domestic market insurance premiums to GDP in Europe in 2019, by country [Graph]. In Statista. Retrieved June 29, 2022, from https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. "Value of domestic market insurance premiums to GDP in Europe in 2019, by country ." Chart. August 5, 2021. Statista. Accessed June 29, 2022. https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. (2021). Value of domestic market insurance premiums to GDP in Europe in 2019, by country . Statista. Statista Inc.. Accessed: June 29, 2022. https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. "Value of Domestic Market Insurance Premiums to Gdp in Europe in 2019, by Country ." Statista, Statista Inc., 5 Aug 2021, https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe, Value of domestic market insurance premiums to GDP in Europe in 2019, by country Statista, https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/ (last visited June 29, 2022)