European insurers pay 948bn Euro in claims and benefits

17.02.2014 – insurance-europe-150The European insurance sector paid a total of 948bn Euro in claims to its customers in 2012, according to in-depth figures released today by Insurance Europe. This corresponds to a 1.4 Percent increase on 2011, despite the continuing challenging economic environment. Total claims and benefits paid by Europe’s insurers have risen every year of the last decade, apart from a drop in 2009 due to the economic crisis.

Life insurance benefits, which account for almost two thirds of the total benefits and claims paid to policyholders, totalled 647bn Euro in 2012, while non-life claims paid (including health benefits) amounted to €302bn. European total gross written premiums decreased slightly by 0.3 Percent year on year in 2012 to 1 093bn Euro. Life premiums, which account for almost 60 Percent of all premiums, fell by 1.2 Percent to 643bn Euro. Non-life premiums, however, grew by 1.1 Percent to 451bn Euro. With a third of the global market, the European insurance industry remains the largest in the world. Insurers are also Europe’s largest institutional investors, with an investment portfolio in 2012 worth 8.4trn Euro. This increased 8.6 Percent on 2011 and is equivalent to 58 Percent of the total GDP of the 32 European markets that are covered by Insurance Europe’s data.

Link: European insurers pay 948bn Euro in claims and benefits (PDF)

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