Growth continues in European insurance premiums in 2010

Initial 2010 figures suggest premiums totalled €1 115bn, up from €1 060bn in 2009. Premiums had remained flat in 2009, at current exchange rates.

The growth in 2010 is based on increases in both life and non-life premiums. Life premiums increased in 2010 by 6% to an estimated €688bn. Non-life premiums grew for the first time in two years by 4% to €428bn.

A year earlier, the totals were €648bn and €411bn respectively. Motor insurance, the largest non-life business line, grew just over 3% from €121bn to €125bn, while health premiums grew more strongly by 7% to total €108bn and property premiums increased only slightly to €83bn.

Figures for insurers’ total investments showed an increase in portfolios of 7% to €7 500bn at current exchange rates.

Michaela Koller, CEA director general, said: “Today’s figures show that Europe’s insurers have weathered the economic crisis well and that they continue to provide much needed stability and confidence to consumers and to Europe’s economy as a whole.”

The figures are contained in the CEA’s 2010–2011 Annual Report, which was published today. The report also details the activities and positions of the federation on key issues for the insurance industry, such as the new Solvency II regulatory regime, revised accounting standards for insurers, anti-discrimination issues and pension reform.