Insurance industry in Europe - statistics & facts

Insurance is a contract, represented by a policy, in which an individual or a business entity receives financial protection or reimbursement against possible future losses. On the European market, a multitude of different types of insurance policies are available from a number of insurers, and any individual or business can find an insurance company offering services tailored to their specific needs.

Who leads the European insurance industry?

As of 2019, the European insurance market was led by Allianz SE, headquartered in Munich and with total assets reaching almost 1.2 trillion euros. Germany, the UK, and Switzerland were each home to several leading insurers. That year, the total revenue of Allianz Group worldwide exceeded 140 billion euros. In 2020, the Paris-based insurance company Axa had the highest value of gross written premiums among European insurers. However, Allianz Group followed close behind.

Life & non-life insurance

In general, the insurance market consists of two main segments: life insurance and non-life insurance. A life insurance contract means that a beneficiary will receive a payment in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers the multitude of other areas of activity, including car insurance, property & casualty insurance and homeowner insurance. Over the past decade, the total value of gross written life premiums on the European insurance market remained above 630 billion euros, and peaked at about 753 billion euros in 2018. As of November 2021, the largest public non-life insurer in Europe by market value was Allianz.

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