GWP reported by the European insurers in the Insurance Europe member totaled close to EUR 1.3 trillion in 2020, down 4% on 2019. P&C premiums increased by 2.8% while health insurance premiums went up by 3.4%. On the other side, life premiums fell by 9.6% y-o-y. Insurers' results were in line with the difficult business environment caused by the Covid pandemic and the shrinking EU27 economies. "Current estimates put the global insurance industry's eventual total COVID-related losses at anywhere between USD 30 billion and USD 60 billion (EUR 36-72 billion), the foreword pages signed by Michaela KOLLER, Director General read.
The claims and benefits paid to customers in Europe totaled EUR 1.010 trillion in 2020, equivalent to EUR 1,674 per capita or EUR 2.8 billion per day. While claims expenses decreased on the life and motor insurance lines, by approx. 9% each, P&C insurance lines other the motor saw double-digit increase rates, on one had because of significant natural catastrophe losses, on the other hand because "higher claims for legal expenses, marine, aviation and transport, and miscellaneous financial losses."
The European insurance market was formed by 4,909 companies, including insurers domiciled in Turkey, Switzerland and the UK, with about 922,000 direct employees. In addition, according to EIOPA estimates, over 815,000 intermediaries, including brokers, agents and bancassurance or other intermediaries, were operating in 25 of the EEA countries in 2020.
French Axa (GWP of EUR 93,915 million), German Allianz (GWP of EUR 82,986 million), Italian Generali (GWP of EUR 70,704 million), Swiss Zurich (GWP of EUR 42,296 million) and German Talanx (GWP of EUR 41,105) were the Top 5 insurers in 2020, according to data provided by the 2020 ranking of the largest European insurance groups released by Mapfre Economic Research in July 2021 and quoted by Insurance Europe.
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