Insurance premiums written in 10 different countries in Europe 2020

Insurance premiums are the amount paid to an insurance company for an insurance policy and make up the primary revenue source for insurers. In 2020, the United Kingdom (UK), Germany, and France were the three largest markets in Europe.

Insurance penetration

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. In the UK, insurance penetration was 10.4 percent, the third-highest in Europe.

Market concentration

The importance of the sector to the economy can also be seen in the market concentration. Bigger markets are less concentrated, meaning that the largest companies make up a smaller share of the market. In Germany, for instance, the leading three life and non-life insurers made up 24 and 26 percent of the market share, respectively. Germany also ranked among the top ten European countries with the highest number of domestic insurers.