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2 Insurance Europe
Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance associations Insurance Europe represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. Insurance Europe, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europes economic growth and development. European insurers generate premium income of almost 1100bn, employ nearly one million people and invest around 7700bn in the economy. www.insuranceeurope.eu
Contents
Methodological note 6 Abbreviations 6 Full member associations Executive summary 7 8
Introduction 11 A. Insurance business trends I. Overview I.1 Total premiums and claims paid I.2 Overall density and penetration II. Life insurance II.1 Life premiums and benets paid II.2 Life density and penetration III. Non-life insurance III.1 Non-life premiums and claims paid III.2 Health insurance III.2.1 Health premiums and benets paid III.2.2 Health density and penetration III.3 Property & casualty (P&C) and accident insurance III.3.1 P&C and accident premiums and claims paid III.3.1.1 Motor III.3.1.2 Property III.3.2 P&C and accident density and penetration B. Insurers investment portfolio I. Insurance investment portfolio II. Structure of the portfolio III. Insurance and the economy C. Market structure I. Operators and distribution channels I.1 Companies I.2 Employees I.3 Distribution channels I.3.1 Life insurance I.3.2 Non-life insurance 14 15 18 19 22 24 25 27 27 28 29 33 34 35 36 39 40 41 41 41 43 13
4 Insurance Europe
Annex I: Statistical tables* Part A: Insurance market data Table 1: Total gross written premiums 20022011 (m) Table 2: Worldwide premiums 20022011 ($bn) Table 3: Total benets and claims paid 20022011 (m) Table 4: Life gross written premiums 20022011 (m) Table 5: Life benets paid 20022011 (m) Table 6: Non-life gross written premiums 20022011 (m) Table 7: Non-life claims paid 20022011 (m) Table 8: Health gross written premiums 20022011 (m) Table 9: Health benets paid 20022011 (m) Table 10: Motor gross written premiums 20022011 (m) Table 11: Motor claims paid 20022011 (m) Table 12: Property gross written premiums 20022011 (m) Table 13: Property claims paid 20022011 (m) Table 14: Total insurers investment portfolio 20022011 (m) Table 15: Life insurers investment portfolio 20022011 (m) Table 16: Non-life insurers investment portfolio 20022011 (m) Table 17: Structure of insurers investment portfolio 20012010 (%) Table 18: Number of insurance companies 20022011 Table 19: Number of employees 20022011 Table 20: Breakdown of life premiums by distribution channel 2010 Table 21: Breakdown of non-life premiums by distribution channel 2010 Part B: Macroeconomic data Table 22: Euro exchange rates 20022011 Table 23: GDP at current market prices 20022011 (m) Table 24: Population 20022011 (thousands) Annex II: Distribution classication
44
44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64
65 66 67 68
* The data set for the Annex I tables is available via: http://www.insuranceeurope.eu/uploads/Modules/Publications/ tables_annex_eif_2011.xls
Methodological note
This report is based on yearly data collected by Insurance Europe from its member associations (see list opposite). The gures represent more than 90% of the market for most countries. For data on worldwide premiums, the source is Swiss Re. Macroeconomic data, ie population, GDP and exchange rates, have been taken from Eurostat, the statistical ofce of the European Union, and from national statistical ofces. The monetary unit used for the nancial data is the euro. For the periods prior to the introduction of the euro, and for the countries that are not part of the euro area, the gures are converted into euro using the annual average exchange rate. Unless otherwise stated, premiums are gross written premiums (direct business) on home territory underwritten by companies with their head ofce in the corresponding country. Year-on-year changes have been calculated by subtracting from the total the data for those countries for which there is no information for the previous or subsequent year. The average growth over time represents the average of the past year-onyear changes. The growth rates are calculated in nominal terms, ie non-ination adjusted. Unless otherwise stated, they are based on 2011 exchange rates.
Abbreviations
bn billion EU European Union GDP gross domestic product m million n.a. not available pp percentage point
6 Insurance Europe
Executive summary
The European insurance industry faced a rather challenging environment in 2011. A number of factors, such as the sluggish economy, low interest rates and a continuing need for expenditure reduction, appeared to affect insurers and more particularly life insurers.
8 Insurance Europe
Distribution channels
Bancassurance is the main distribution channel for life insurance products in many European countries, with Malta having the highest market share of 92%. Bancassurance continues to be particularly dominant in south European countries as well as in Austria and France. Between 2009 and 2010 the distribution of life insurance products through bancassurance grew in most of the countries surveyed, with the highest increase reported in Turkey. Agents outnumber brokers in the distribution of life insurance products in most countries, particularly in Bulgaria, Romania, Slovenia and Slovakia. On the other hand, brokers lead life insurance distribution in the UK3 (where their market share signicantly improved in 2010), Ireland and the Netherlands. Direct writing only prevails over the other distribution channels in Croatia. Direct sales are also very common in Ireland, Slovakia and the Netherlands. For non-life insurance products, agents and brokers continue to be the largest suppliers in most of the surveyed countries. Similarly to the life sector, among the two traditional intermediaries, agents generally account for the largest share of the distribution of non-life products. They prevail in Italy, Slovakia, Turkey and Slovenia. Conversely, in countries such as Belgium, Ireland and the UK, brokers predominate. Direct writing, in contrast to life insurance, is the second largest distribution channel after intermediaries. It is even the main distribution channel in Croatia and the Netherlands. Direct writing also fares well in Ireland, Austria and France. Bancassurance is generally not a common distribution channel for non-life insurance and is still extremely rare in central and eastern European markets.
2 This data reects employees working in insurance companies and therefore does not take into account the additional roughly 1 million outsourced employees and independent intermediaries 3 New business
Introduction
Main trends affecting the insurance sector in 2011
Worldwide, growth in emerging markets has been the driving force behind economic recovery since the nancial crisis. However, that growth began to stutter in 2011 as central banks in notably high-growth economies such as Brazil, China and India began to raise interest rates in response to increasing domestic ination. The sudden increase in oil and commodity prices4 in mid-2011 had a negative impact on global consumption. Global life insurance premium growth decelerated somewhat in 2011, with the most noticeable slowdowns in the Chinese and Indian markets. In the US, growth in both life and non-life premiums was affected by the difcult macro-economic environment5. Within the EU, the re-emergence of signicant funding pressure on banks, most notably in the euro area, continued to constrain the supply of credit to the real economy. Continuing debt reduction efforts by both the public and private sector in some EU member states continued to exert a negative drag on household spending. In comparison with 2010, European insurers life premiums fell somewhat, while premiums on the non-life side experienced moderate growth. Negative investor perceptions of the capacity of certain euro-area countries to provide a funding backstop to their national banking systems resulted in signicant volatility in euro-area capital markets and a widening of credit spreads between euro area government bonds6. Despite such a difcult investment environment, the total value of European insurers investment portfolio continued to grow in 2011. 2011 was also the most expensive natural disaster year yet for the global insurance industry, with economic losses of $380bn. Events such as the earthquake and tsunami in Japan and oods in Europe contributed to this record, which surpassed the previous high in 2005 of $220bn7.
4 5 6 7
Global Insurance Market Report (GIMAR) 2012 Edition, International Association of Insurance Supervisors, October 2012 Global Insurance Review 2011 and Outlook 2012/3, Swiss Re, December 2011 GIMAR 2012 edition, IAIS, October 2012 Topics Geo Natural Catastrophes 2011: Analyses, Assessments, Positions, Munich Re, March 2012
1 072bn
Total European premiums
930bn
633bn
European life premiums
619bn
Life benets paid
439bn
European non-life premiums
310bn
29
North America
36
28
Asia
Europe
Source: Swiss Re Sigma Note: Europe covers western, central and eastern Europe and therefore includes Russia and Ukraine (which together account for less than 1% of worldwide premiums)
I. Overview
I.1 Total premiums and claims paid
Premiums
Life insurance drove decline in European premiums The insurance industry faced a difcult economic environment in 2011. After 2.4% growth in 2010, total gross written premiums in Europe decreased by 3.2% in 2011 to 1072bn. This decline is Table 1: European premiums and growth 20092011 due to a 6.9% fall in life Nominal growth Nominal growth Gross written (at current (at constant premiums, which account premium (bn) exchange rates) exchange rates) for about 60% of all 2009 2010 2011 2009/10 2010/11 2009/10 2010/11 premiums. The non-life Life 648 677 633 4.4% -6.5% 2.6% -6.9% sector, on the other hand, Non-life 413 427 439 3.4% 2.9% 2.0% 2.7% experienced growth of Total 1 061 1 104 1 072 4.0% -2.8% 2.4% -3.2% 2.7%. Chart 1: Total European premiums 20022011 (bn)
bn
1 200 1 050 900 750 600 450 300 150 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
As Chart 1 shows, this decrease in European premiums is only the second one over the 20022011 period, and it is much smaller than the fall in 2008 as a result of the nancial crisis, when total premiums dropped by almost 6%. Worldwide, global premiums grew 6% in nominal terms in 2011 (+5.5% in 2010), reaching a record high of $4597bn (3302bn)8. Broken down by region, the highest growth was in Asia at +10.7%, which was down from +15.6% in 2010. The lowest growth was recorded in Europe9 (with growth of +2.2% compared with stability the previous year). Converted into euro, global growth in 2011 would be 1.0% and would include a 2.7% decline for Europe and an increase of 5.5% for Asia.
Non-life Non-life
4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Other Other
Source: Swiss Re Sigma Note: Europe covers western, central and eastern Europe and therefore includes Russia and Ukraine (which together account for less than 1% of worldwide premiums)
8 Sigma No.3/2012: World insurance in 2011, Swiss Re, June 2012 9 Swiss Re gures for Europe include Russia and Ukraine
14 Insurance Europe
Chart 2 shows the regional breakdown of worldwide premiums over the last decade. Between 2002 and 2007 Europes share of the global market rose from 32% to 43% as the regions premiums grew faster than worldwide premiums. During this period, both Asia and North America therefore experienced a decline in their respective market shares. However, following the nancial crisis, Europes share started to decline, mostly to the benet of Asia, while North America also saw its market share continuing to fall. Despite the fall, Europe remains the largest insurance market in the world with a 36% share, followed by North America (29%) and Asia (28%).
930bn
1816
Chart 4 shows that overall insurance density is the highest in large nancial centres, such as Switzerland, the UK and Luxembourg, as well as in Scandinavia. For all these markets, it is the life insurance sector that dominates (see section A.II.2). Conversely, it is the non-life sector and more particularly private health insurance that drives the large density in the Netherlands (see section A.III.2.2). Chart 4: Total European premiums per capita 2010 and 2011 ()
6 000 5 500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0
Notes: Calculated at constant exchange rates Finland includes pension funds Germany includes Pensionskassen and pension funds Liechtenstein includes cross-border business
2010 2010
2011 2011
In central and eastern Europe, more is spent on non-life insurance, but the average amount customers dedicate to life and non-life insurance products is far lower than the Insurance Europe average. In that region, it is still Slovenia that reports the highest insurance density in 2011, with a level of just over 1 000 per capita. Even though average insurance density declined by 3.6% in Europe, there are still four highdensity markets that experienced an increase in 2011, namely Denmark, Norway and, to a lesser extent, Switzerland and the Netherlands. Looking at developments year-on-year, Latvia and Turkey, where penetration rates are low, experienced the most noticeable change, with total insurance density growing by almost 30% and 20% respectively in 2011. Spain, despite the recession, recorded an increase in density of 5%. The most noticeable drops were observed in Portugal (-28%), Italy (-13%), Ireland (-12%) and France (-9%). For each of those countries, the negative trend is largely driven by life insurance (see section A.II.1). If private health insurance is excluded, the average density in Europe in 2011 is 1 626, which corresponds to 4% less (or -73) than in 2010.
16 Insurance Europe
Penetration
Insurance penetration is a commonly recognised indicator of insurance activity. It is expressed here by showing gross written premium volumes as a percentage of GDP11. With nominal GDP growth at +3.7% and a drop of slightly more than 3% in overall insurance premiums in 2011, average insurance penetration in Europe fell from 8.2% in 2010 to 7.6% in 2011 (see Chart 5). Like density, the average insurance penetration gure hides large disparities between European countries. In 2011, excluding Liechtenstein, the Netherlands had the highest penetration level (13.1%), followed by the UK (11.8%), while the lowest penetration rate was seen in Turkey (1.3%). As explained earlier, the high penetration in the Netherlands stems from the non-life insurance market, while in the UK it is due to the life insurance market. With a penetration rate of 5.8%, Slovenia remains the eastern European country with the highest penetration rate, ranking just ahead of Spain and Austria. Chart 5: Ratio of total European premiums to GDP 20102011
185% 92% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
7.6%
average insurance penetration
2010
Notes: Calculations at constant exchange rates Finland includes pension funds Germany includes Pensionskassen and pension funds Liechtenstein includes cross-border business
2010
2011
2011
Between 2010 and 2011 only the Netherlands, Denmark, Spain, Slovakia, Latvia and Turkey experienced an increase in insurance penetration, with the largest increase recorded in Denmark (+0.3pp). Like the European average, insurance penetration declined in all other countries, with the most noticeable change experienced in Portugal, where the ratio of total premiums to GDP shrank from 9.5% in 2010 to 6.8% in 2011. This is due to a combination of a 1% decline in GDP with an almost 30% drop in total premiums. The average penetration rates for both life and non-life business in Europe decreased in 2011, amounting to 4.5% (versus 5.0% in 2010) and 3.1% (compared with 3.2% in 2010) respectively.
11 This does not indicate the contribution of the insurance industry to the economy but instead allows comparisons between countries and over time
633bn
Notes: Denmark includes life insurance and multi-employer pension funds under Danish supervision. 2009/10 2010/11 Company pension funds are not covered, but only make up 3% of the market and do not write new contracts Finland includes pension funds Germany includes Pensionskassen and pension funds Liechtenstein includes cross-border business
18 Insurance Europe
2010
2011
term savings products, notably those offered by banks. In addition, the decrease in Germany is a consequence of a return to more normal business levels after two years of substantial growth. As Chart 7 shows, life insurance business was hit the hardest in Liechtenstein (-51%) and in Portugal (-38%) in 2011. In Portugal the fall, which follows substantial growth of more than 15% in 2010, is mainly due to a fall of over 50% in the premium income from traditional life insurance products. Only 11 of the 32 national markets reported growth in life premiums in 2011. At +23%, Turkey registered the largest increase, compared to an already substantial +21% in 2010. This growth in the life market in Turkey, which accounts for less than 0.5% of the overall European market, continues the trend seen in 2008 and 2009, when there was growth of 18% and 15% respectively. Despite a weak economy, Spain with a European market share of 5% reported the second largest increase (+9%) in life premiums in 2011. This is in contrast to 2010 when Spain was among a group of four countries in which life premiums contracted by more than 5%.
615bn
paid in life benets
In France and Italy the combination of a sharp drop in premiums (-13% and -18% respectively) and a substantial rise in pay-outs (+25% and +15%) made 2011 a difcult year for life insurance business. In the UK, which is the largest life insurance market in Europe, life benets paid grew by 5%, while premiums remained stable.
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1072
per person spent on life insurance
3 000
2 500
2 000
1 500
1 000
500
Notes: Calculations at constant exchange rates Finland includes pension funds Germany includes Pensionskassen and pension funds Liechtenstein includes cross-border business
As Chart 9 illustrates, the average amount European citizens spend on life insurance products varies considerably from country to country. In 2011 the amount spent on life insurance ranged from 3150 in Switzerland to 16 in Bulgaria, Latvia and Turkey12. Chart 10: Ratio of life premiums to GDP 20102011
174% 83% 15%
12%
9%
6%
3%
0%
2010 2011 Notes: Calculations at constant exchange rates Finland includes pension funds Germany includes Pensionskassen and pension funds Liechtenstein includes cross-border business
2010
2011
As previously stated, life insurance density is very high both in the large nancial centres and in Scandinavia, and is rather low in central and Eastern Europe. Interestingly, life insurance density is even higher in Denmark, Finland and Sweden than in the UK. In these four countries, inhabitants
12 Excluding Liechtenstein
20 Insurance Europe
spent on average between 2 300 and almost 2 870 in 2011. As a comparison, in Slovenia, which ranks rst among central and eastern European countries, life density was 292. As a consequence of the developments seen in life premium income, the most noticeable changes in life insurance density in 2011 were seen in Portugal (-38%), Italy (-18%) and France (-14%). Ireland and Luxembourg also witnessed substantial falls in life density of 14% and 9% respectively. All the countries that reported an increase in life insurance density in 2011 are those that saw premium income rising.
Life penetration
As stated in section I.2, average life insurance penetration in Europe fell from 5.0% in 2010 to 4.5% in 2011. There are again large differences between countries, with rates ranging from 0.2% in Iceland, Latvia and Turkey to 8.2% in the UK and more than 80% in Liechtenstein. Poland remains the eastern European market in which life insurance penetration is the highest (2.1%). Slovenia, which reports the highest life density in the region, ranks second with a penetration ratio of 1.7%. In 2011 Portugal, France and Italy witnessed substantial decreases in life premiums, which is a signicant change on 2010. In Portugal life penetration shrank from 7.0% in 2010 to 4.4% in 2011, which is just below the Insurance Europe average. Average penetration declined to
4.5%
439bn
The overall increase in non-life 100 premiums is largely driven by 50 the motor and health sectors, 0 which account for almost 30% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 and a quarter of the nonNote: The sharp growth in 2006 is mainly due to the privatisation of the healthcare system in the Netherlands life market respectively. The third largest business line is property, which accounts for 20% of non-life insurance premiums (see Chart 12). Chart 12: Breakdown of non-life premiums 2011
Property 20% Health 25% Accident 8% Marine, aviation & transport 4% Legal expenses 2%
Other 5%
Motor 29%
General liability 7%
The remaining 26% is a combination of general liability (7%), accident insurance (8%), marine, aviation & transport (MAT) (4%), legal expenses (2%) and other classes including notably travel and credit insurance. Compared to 2010, the market shares of each non-life business class remained fairly stable.
In 2011 the top ve non-life insurance markets in Europe in descending order were Germany, France, the UK, the Netherlands and Italy, which together account for more than 70% of all European non-life premiums13. In France, the UK and Italy, motor insurance is the largest non-life business line, while in Germany and the Netherlands this is private health insurance. As Chart 13 illustrates, all ve countries saw premiums continue to rise in 2011, with a growth rate ranging from +1.0% in the Netherlands to +3.3% in France. Among these ve markets, both France and Germany experienced growth acceleration, whereas Italy recovered from a decline (-2% in 2010) to growth of over 2% in 2011.
13 Market shares were 21% in Germany,15% in France, 14% in the UK, 13% in the Netherlands and 8% in Italy
22 Insurance Europe
Chart 13: Nominal growth in non-life premiums 2009/10 and 2010/11 (at constant exchange rates)
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-20%
2009/10
2010/11
2010/11
2009/10
In 2011 non-life premium revenues grew in most national markets. There were substantial recoveries in Spain as well as in Italy, despite the difcult economic conditions. As in life insurance, the largest increase in non-life is reported in Turkey (+22%), which accounts for 1.4% of the overall European non-life market. The key driver for this trend was motor, which accounts for 45% of the Turkish non-life insurance market. Latvia also experienced growth of more than 20%, but this substantial increase should be set against a drop of almost 30% in 2011. Moreover, Chart 13 shows that Poland, the largest non-life market in the central and eastern region (1.4% market share), continues to perform well. Polands non-life premium growth accelerated (from +8% in 2010 to +11% in 2011), largely due to its motor and property businesses. Portugal, Ireland and Greece are the only three euro-area countries that recorded a decline in nonlife premium income in 2011. However, this did not have a signicant impact on the EU trend, since each of them has a market share below 1%. While the decrease was rather low in Portugal (less than 1%), the drop was -4% in Ireland and -7% in Greece. These developments largely result from the economic situation, and it is again the motor sector that was the most affected, although in Ireland credit insurance also played a role.
310bn
Among the ve largest markets, only Germany and the Netherlands reported increases in 2011, of 2% and 4% respectively. The key drivers in Germany were both motor and health business, whereas growth in the Netherlands can be specically attributed to its health insurance business14, which accounts for more than 70% of non-life business.
The UK and France each saw Note: The growth in 2006 is mainly due to the privatisation of the healthcare claims paid decline by 1%, system in the Netherlands while Italy experienced a 3% fall. In the UK, the developments were mostly explained by both motor and property. In Italy, it is motor insurance business that contributed to the fall, while in France it was mainly due to a drop in property claims paid (see sections A.III.2.1 and A.III.3.1 for more detail by business line).
112bn
14 The Netherlands became the largest health insurance market in Europe following the introduction of a new healthcare system in 2006
24 Insurance Europe
In France (8.5% market share) health premiums remained stable in 2011 due to a change in its tax regime on 1 January 2011, compared to a 6% increase in 2010. The fourth largest health insurance market is Switzerland (7% market share), where premiums grew by 4%, after a 3% increase in 2010. The health premium gures indicate that all other Insurance Europe member countries experienced growth in 2011, with the exception of Croatia, Hungary, Luxembourg and Latvia. This, however, does not inuence the overall European health insurance gures, as these countries have a very small market share.
88bn
190
2010
2011
15 CEA Statistics No.41: The European Health Insurance Market in 2008 (CEA is the former name of Insurance Europe)
markets, health insurance density across the EU shows great disparities, ranging in 2011 from 2 in Hungary to more than 2400 in the Netherlands (see Chart 16). As already explained, the very high density reported in the Netherlands stems from the new private regime, which was introduced in 2006. The two other countries that stand out signicantly from the Insurance Europe average are Switzerland and Germany, where density is estimated to be respectively 952 and 424. These high levels are not surprising, as in both markets health insurance premiums account for more than 36% of total non-life premiums. Chart 16 also shows that there are only two markets in addition to the Netherlands Switzerland and Germany in which the health density is above the European average. These markets are Slovenia and Austria, where health premiums per capita in 2011 amounted to just over 200. From 2010 to 2011 no noticeable changes were reported in health density.
Health penetration
Health insurance penetration remained stable at Average health insurance penetration in Europe remained stable at 0.8% in 2011 (see Chart 17). Unsurprisingly, it is the Netherlands that has the highest penetration ratio with a steady 6.7% in 2011. This by far exceeds Switzerland, where the premium to GDP ratio was 1.6% in 2011. Even though it is the second largest market in terms of premiums, Germany ranks only third with a health penetration ratio of 1.3%, just behind Switzerland. Chart 17: Ratio of health premiums to GDP 20102011
6.7 % 2.0%
0.8%
1.5%
1.0%
0.5%
In contrast to what was observed for the density indicator, in addition to the three markets mentioned previously, only Slovenia shows a penetration ratio above the Insurance Europe average (1.2%). As the next section will also show, Slovenia is the only eastern European market with penetration ratios above the Insurance Europe average for non-life in general (see Charts 17 & 21). Between 2010 and 2011, no signicant changes in health insurance penetration were observed, except in Latvia, which experienced a decline of 0.1pp, following a similar decline between 2009 and 2010.
26 Insurance Europe
327bn
129bn
The largest increase (+20%) was reported in Turkey, which has a 2.1% share of European motor insurance business. A rise of 18% was already observed in Turkey in 2010. Poland, which is the leading market in the central and eastern region with a European market share of 2.7%, also experienced signicant growth in 2011 (+12%), which is twice the growth it saw in 2010. Most large motor insurance markets witnessed an increase in premiums in 2011, with the exception of Spain (the fth largest market with an 8% market share) and the Netherlands (3.5% market share). After two successive falls of 6% in 2009 and 2010, Spain experienced another, although less substantial, decline of 2%. These developments are mainly related to the recession.
16 Market shares were 16% in Germany, 16% in Italy, 15% in France and 14% in the UK
100bn
paid in motor claims
86bn
Premium growth in 2011 is due 40 000 largely to a number of severe 30 000 weather events that affected 20 000 Europe in 2010, which resulted 10 000 in price increases. The west 0 coast of France was particularly 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 hit by the Xynthia windstorm at the end of February 2010. Germany was also damaged by Xynthia, but signicant ooding in September was the main driver of premium growth there.
28 Insurance Europe
55bn
paid in property claims
III.3.2 P&C and accident density and penetration P&C and accident density
In 2011 an average of 554 per capita was dedicated to P&C and accident insurance products in Europe. This corresponds to a 2% increase over 2010. P&C and accident insurance seems to be an area in which markets are more homogeneous than, say, private health insurance. Even though the average still hides disparities, the density shows much less variation between countries. Excluding Liechtenstein, it ranges from 67 in Romania to more than 1 650 in Switzerland (see Chart 20). Chart 20: P&C and accident premiums per capita 2010 and 2011 ()
m
1 750 > 10 000
554
1 500
1 250
1 000
750
500
250
2011
Slovenia is again the eastern European country with the highest per capita consumption of P&C and accident insurance products. As already stated, it is mostly the motor sector that explains this trend. In 2011 P&C and accident density was 500, which is just 55 less than the European average and only 4 less than in Spain. It is also worth pointing out that the Netherlands, which shows the highest density in private health insurance, also performs fairly well in the other non-life classes. An average of slightly less than 1 000 is spent on P&C and accident insurance per year in the Netherlands, which is almost twice the European average.
2.3%
3%
2%
1%
0%
2010
2011
2010 2011
The average ratio of non-life premiums (excluding health) to GDP declined from 2.4% in 2010 to 2.3% in 2011. At country level, and excluding Liechtenstein, the highest penetration was in the UK (3.3%), followed by Slovenia (2.9%). While showing a slight improvement in 2011, the lowest level was still reported in Turkey with a penetration ratio of 1.0%.
30 Insurance Europe
7740bn
Total value of European insurers investment portfolio
55%
Ratio of the investment portfolio to GDP
France Germany UK
60% 40%
Other countries
73%
of total
7740bn
invested by European insurers
In 2011 the investment 6 000 portfolio of European insurers 5 000 had a value of 7 740bn. This 4 000 was an increase of 2.6% on 3 000 the 2010 total. The differences in economic growth rates 2 000 across the EU in 2011, 1 000 combined with the continued 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 market instability caused by Life insurers' investment portfolio Non-life insurers' investment portfolio the euro-area sovereign debt Breakdown between life and non-life for 20082011 is estimated, based on crisis weighed heavily on Note: extrapolations from 97% of the total European insurer investment portfolio market sentiment. Historically low interest rates in some countries in the euro area and other advanced economies continued to exert downward pressure on investment returns. From a medium-term perspective, European insurers total investment portfolio has continued to move beyond the losses suffered during 2008 as a result of the nancial crisis. 2011 saw the total value of the insurer portfolio increase by 10.5% over the pre-crisis high 2007 of 7320bn and increase by 18% over values recorded during the nancial crisis of 2008. In terms of national markets, the three largest national contributors to the total value of European insurers investment portfolio are France, Germany and the UK, which together constitute more than 60% of the total. Their individual portfolios grew between 2010 and 2011 by around 4% for the UK and Germany and 1% for France. Italian insurers, with a share of 7%, are the fourth largest contributors to total portfolio value.
34 Insurance Europe
Other Other
80% Deposits with credit institutions
60%
40%
Shares and other variable-yield securities and in units unit trusts securities and units unit in trusts Investments in affiliated Investments in afliated undertakings and participating undertakings and participating interests interests Land and buildings
20%
The contribution to the portfolio from debt securities and shares can be inuenced by market conditions. During periods of market uncertainty, the composition of the portfolio tends towards debt securities. In contrast, Chart 24: European insurers bonds and shares 20012010 (bn) during periods of growth the bn 6 000 composition of shares and other variable yield securities 5 000 within the portfolio increases.
4 000
Since 2001 there has been an increase of almost 50% in the total value of debt securities within the portfolio. The corresponding increase in the total value of shares over the same period has been approximately 30%.
3 000
2 000
1 000
0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Shares/variable-yield securities securities Debt securities/fixed-income securitiessecurities Debt securities/xed-income Shares/variable-yield
18 The structure of insurers investment portfolio follows the classication given in article 6 of Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings [EU Ofcial Journal L 374, 31.12.1991] 19 Insurers in certain countries offer mortgage-type products. However these are generally 100% collateralised or are guaranteed by a third party
2010 2010
2011
2011
Notes: Calculated at constant exchange rates Liechtenstein and Luxembourg include cross-border business 2011 data not available for Luxembourg, Slovenia and Romenia
55%
Ratio of the investment portfolio to GDP
Since in 2011 GDP grew faster than the total value of European insurers investment portfolio, the average ratio of the investment portfolio to GDP decreased from 56% in 2010 to 55%. At country level, many markets witnessed a slight decline in the ratio, also due to the fact that GDP growth was slightly higher than the increase in the value of insurers portfolio. However, there was variation between national markets. Notable increases occurred in Denmark (11pp) and notable decreases occurred in both Sweden (-4pp) and Finland (-5pp).
36 Insurance Europe
C. Market structure
Around 5 500 insurance companies were operating in the 32 Insurance Europe countries in 2011. The majority were joint stock companies and mutual insurers, but they can also be public institutions, cooperatives, etc. The insurance sector is a signicant employer in Europe, both in terms of direct and indirect employment. Insurers sell their products either directly or through a variety of distribution channels, of which the most familiar are brokers, agents and bancassurance. The distribution of insurance products has evolved signicantly. Technological developments, such as the internet and mobile phones, have opened up new distribution channels and insurers are increasingly developing multi-channel strategies.
5 500
insurance companies in Europe
960000
direct employees in Europe
Note: 2010 data
Bancassurance
is the main life distribution channel
5 500
European insurance companies
The number of companies carrying out insurance activities has been uctuating over the last 10 years, reecting the wave of mergers and acquisitions that took place at the end of the 1990s following the liberalisation and deregulation of the EU market. In 2011 the number of companies in Europe fell by almost 3% to slightly fewer than 5 500. The key driver for this overall negative trend is the UK the largest market in terms of insurer numbers (22% market share in 2011) which saw its number of insurance companies drop by almost 8% to about 1 200 in 2011. The largest decrease (-14%) was recorded in the Netherlands; from 263 companies in 2010 to 227 in 2011. These account for 4% of the total number. Chart 26: Number of insurance companies 2010 & 2011
1 400
1 200
1 000
800
600
400
200
Notes: Figures do not include the small mutual insurance association under Land supervision in Germany, the mutual insurers (Mutuelles 45) in France, the Belgian mutuals and the companies under regional supervision in Spain For Denmark, data includes life insurance companies and multi-employer pension funds as well as non-life insurance including foreign branches that are members of the Danish Insurance Association
2010
The second and third largest markets in terms of insurance companies are still Germany, with 580 insurance companies (market share 11%), and France, with just over 430 companies (market share 8%). The number of insurance companies remained stable in Germany, while in France a 2% decline was reported in 2011. In contrast, the number of companies grew by 14% in Bulgaria to about 420, which made it the fourth largest market in 2011, overtaking Sweden. It is remarkable that both countries have such a high number of insurers given their low share of total European premiums (0.1% for Bulgaria and 2.8% for Sweden).
40 Insurance Europe
I.2 Employees
The gures indicate that after a 5% drop reported in 2009, employment in the European insurance industry remained pretty much stable at around 960 000 in 201020. Germany remained the European country with the largest number of people directly employed in insurance in 2010, with 216 400 employees. France ranks second, with just under 148 000 employees, followed by the UK with an estimated 120 000 employees21. In 2010 the number of employees in both Germany and France remained largely stable. In terms of numbers, there is then a large gap, as between 47 000 and 57 000 persons were employed in countries such as the Netherlands, Switzerland, Spain and Italy. In those countries, the 2009/10 changes were very diverse. While Spain saw an increase of more than 4%, the Dutch labour force decreased by 2 000, ie a cut of over 3%. The data for 2010 indicates that almost 86% of European employees work full-time, although this proportion has been decreasing slowly over the last 10 years (from 89% in 2001).
960000
direct employees
Eastern Europe, bancassurance is generally not common, although in Poland life insurance products are almost evenly distributed between direct sales, agents and bancassurance23. As far as intermediaries Chart 27: European life distribution channels 2010 are concerned, Chart 100% 27 indicates that they 90% are the dominant 80% channel in Germany, the 70% Netherlands and most 60% central and eastern states. 50% Of the two traditional 40% intermediaries agents 30% and brokers agents 20% maintain their supremacy 10% in the distribution of life insurance products 0% AT BE BG DE ES FR HR IE IT LU MT NL PL PT RO SE SI SK TR UK in most countries. Direct sales Agents Brokers Bancassurance Other Agents are particularly Notes: Data for Germany, Sweden and the UK refers to new business only widespread in Slovakia, For the UK, bancassurance is included in all other channels Slovenia, Bulgaria and For the Netherlands, agents are included with brokers Data for Spain and Poland is from 2009 Romania, with market shares ranging from 60% down to 55% in 2010. Between 2009 and 2010 there were generally some declines in the agents market share. The biggest change was reported in the UK, where agents lost 10pp market share, dropping to 14%, largely to the advantage of brokers. With market shares of 55% and 47% respectively in 2010, Romania and Luxembourg were the only countries that experienced growth (+12pp and +5pp respectively), mostly at the expense of bancassurance. As in previous years, brokers still dominate the distribution of life insurance products in the UK (78%24), Ireland (48%) and the Netherlands25 and are also common in Belgium with a stable 33% market share in 2010. Year on year, no signicant change was noticed in the markets surveyed, except in the UK where, as stated earlier, brokers saw their market share improve signicantly. They notably regained in 2010 the 7pp they had lost the previous year. Out of the 20 insurance markets surveyed, direct writing only prevails over the other distribution channels in Croatia, where it accounted for 39% of the life premiums in 2010. Direct sales are also rather widespread in Ireland (42%), Slovakia (36%) and the Netherlands (29%). From 2009 to 2010 Turkey and Bulgaria witnessed the greatest changes in market shares, dropping 7pp to 12% and rising 7pp to 22% respectively. The development in Turkey beneted bancassurance, whereas in Bulgaria it was more at the expense of agents.
23 2009 data 24 New business 25 The split between brokers and agents is not available in the Netherlands, but it is widely understood that brokers predominate and, together with agents, accounted for 57% of life business
42 Insurance Europe
Conversely to life insurance, direct sales Notes: through employees For the Netherlands, agents are included with brokers Data for Spain and Poland is from 2009 and distance-selling are relatively common in the distribution of non-life products, where they constitute the second largest distribution channel after intermediaries in most markets. Direct selling is the main distribution channel in a few countries, such as Croatia and the Netherlands. Croatia is an unusual case since, as stated earlier, almost three quarters of non-life premiums were written through direct sales in 2010. In the Netherlands the prevalence of direct writing is far less striking given that its market share of 34% is only 3pp higher than that of intermediaries. Direct writing is also popular in Ireland (41%), as well as in Austria and France, where this channel accounted for 35% in 2010. Apart from Luxembourg, which saw its market share rising 7pp to over 14%, largely at the expense of brokers, there was very little change between 2009 and 2010 in the sale of non-life insurance products through direct writing.
AT BE BG DE ES FR HR IE IT LU MT NL PL PT RO SI SK TR UK Direct sales Agents Brokers Bancassurance Other
Another feature that differs from the life insurance sector is the fact that bancassurance generally plays a minor role in non-life insurance and is still extremely rare in central and eastern markets. In 2010 though, some slight increases in market shares were reported in almost all the countries surveyed. Portugal records the highest market share (14% in 2010) and there bancassurance is even the main distribution channel for non-life products. Turkey and France closely follow Portugal, with respective market shares of 13% and 11%.
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
141 007 147 729 152 166 157 984 161 945 162 922 164 533 171 417 178 845 178 079 13 405 139 48 061 12 247 14 534 168 40 630 12 641 15 515 203 45 418 13 191 16 398 254 48 779 14 297 18 118 299 52 836 14 942 19 377 376 54 297 15 047 20 496 326 59 266 15 812 20 386 307 61 194 16 181 20 917 296 56 306 18 631 21 881 283 59 568 18 145
131 998 142 028 158 226 175 884 197 092 195 732 183 194 199 640 207 257 190 013 2 895 753 2 036 11 208 294 87 708 n.a. 809 179 183 44 149 9 172 6 006 8 414 434 16 964 1 185 850 2 527 3 235 801 2 206 11 884 294 3 624 884 2 380 11 998 281 3 923 993 2 767 13 580 344 4 371 1 118 3 142 16 150 350 5 007 1 235 3 701 18 204 403 99 095 4 203 1 110 438 352 74 980 12 965 11 580 13 751 2 016 24 887 1 894 1 714 6 119 5 085 1 341 3 540 13 431 279 5 374 1 282 2 963 12 470 236 5 237 1 268 3 063 12 721 263 4 885 1 229 2 939 11 400 272
96 993 101 038 109 780 106 502 n.a. 784 195 208 46 444 9 498 5 646 9 445 514 19 264 1 275 1 008 2 938 1 490 864 197 237 48 710 10 381 6 091 10 472 614 19 096 1 457 1 198 3 725 2 713 988 219 258 48 519 11 968 7 717 13 444 890 22 384 1 547 1 309 4 739 4 311 1 023 291 286 78 602 11 945 9 631 13 123 1 276 23 079 1 726 1 439 5 340
92 019 117 802 125 720 110 228 3 769 1 778 476 275 78 513 12 711 16 825 15 326 2 440 25 010 2 019 2 031 6 049 5 948 1 710 373 284 77 683 11 846 11 863 14 516 1 804 23 488 2 070 2 027 5 677 6 826 2 080 266 325 77 878 13 784 13 555 16 340 1 972 28 331 2 094 1 994 7 059 3 893 1 991 316 301 78 751 15 096 13 869 11 666 1 845 29 689 2 053 2 109 7 342
255 173 236 682 246 072 266 491 294 270 366 459 247 567 205 297 206 906 206 019 872 142 883 514 935 001 1 014 735 1 105 024 1 180 993 1 060 017 1 060 996 1 103 676 1 072 460
Insurance Europe
* At constant exchange rates Notes: For DE, gures include Pensionskassen and pension funds For FI, gures include pension funds For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included For NL, the sharp growth in 2006 is mainly due to the privatisation of the healthcare system 1 The dataset for all tables in Annex I is available via: http://www.insuranceeurope.eu/uploads/Modules/Publications/tables_annex_eif_2011.xls
44 Insurance Europe
AT BE
Austria Belgium
8 176 11 906 n.a. 29 494 286 1 879 87 965 9 551 63 29 227 9 493 83 087 1 658 370 1 034 6 600 n.a. 42 835 n.a. n.a. 72 68 33 911 6 689 3 138 4 915 114 9 879 716 355 1 534 574 731
89 059 120 361 120 950 124 188 127 108 133 927 134 213 137 112 150 887 9 873 72 29 232 9 844 87 664 1 839 392 1 150 6 352 n.a. 47 748 n.a. n.a. 69 65 31 488 6 595 2 902 6 112 145 10 198 791 379 1 568 586 188 9 829 84 30 877 10 369 92 743 1 920 428 1 366 6 801 n.a. 57 493 n.a. n.a. 85 76 32 865 6 065 3 114 6 206 219 11 005 932 432 2 109 632 334 11 131 106 32 674 11 102 12 069 127 38 361 12 332 13 972 180 40 133 12 993 12 627 233 48 401 14 509 14 342 205 48 409 14 735 15 409 179 46 905 16 761 16 647 179 45 064 16 559
99 291 106 464 115 124 128 112 125 534 131 460 154 485 2 111 467 1 549 6 976 n.a. 67 406 n.a. n.a. 97 78 32 362 6 846 3 918 6 168 n.a. 13 159 875 451 2 875 680 677 2 261 537 1 632 9 996 n.a. 82 192 n.a. n.a. 127 96 58 148 7 912 4 308 7 387 n.a. 10 934 908 570 3 247 795 517 2 320 582 1 982 11 749 280 99 408 n.a. n.a. 179 123 62 095 10 660 4 891 9 589 n.a. 9 394 1 023 708 3 331 880 593 2 536 636 1 777 11 030 215 94 621 n.a. n.a. 246 93 64 162 10 827 8 421 7 932 n.a. 10 581 1 204 964 3 465 887 375 2 883 651 1 929 11 326 207 85 830 n.a. n.a. 237 116 66 391 7 225 9 287 7 485 899 11 101 1 238 1 035 3 691 821 657 2 892 603 2 198 10 623 191 2 982 480 1 990 10 840 185
92 976 102 137 n.a. n.a. 150 160 70 229 9 893 9 227 6 812 1 157 11 820 1 241 1 132 4 241 863 513 n.a. n.a. 173 174 71 864 9 229 9 661 8 841 1 057 14 203 1 289 1 177 4 238 929 648
MT Malta NL Netherlands
189 716 187 135 181 917 207 149 254 240 295 648 265 337 209 283 225 827 231 259
46 Insurance Europe
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
5 617 14 431 76 23 612 260 708 65 301 8 891 29 26 531 9 680 85 500 1 310 155 834 7 253 26 55 294 n.a. 370 7 84 24 052 5 209 2 569 4 562 111 11 749 268 367 466
7 206 21 658 117 17 477 322 1 687 78 967 13 617 122 23 241 11 918
7 362 19 352 128 18 651 341 1 964 79 585 14 540 81 27 489 12 548
7 416 18 371 103 19 483 353 2 044 85 248 14 354 74 29 131 12 853
7 552 19 271 115 21 828 376 2 601 90 355 14 938 79 27 298 15 222
6 988 18 572 119 24 795 385 2 685 86 798 15 941 66 29 749 14 535
92 022 105 341 120 668 140 203 137 080 122 368 137 923 143 837 124 476 1 435 178 885 7 644 28 62 780 n.a. 323 8 104 24 838 5 332 2 538 5 402 122 12 503 305 410 608 1 729 209 968 7 930 29 65 627 1 490 365 10 129 25 136 6 283 2 778 6 250 137 12 314 429 486 689 1 935 256 1 218 9 739 33 73 471 2 596 465 16 142 24 824 7 561 3 809 9 136 235 15 059 465 571 741 2 311 297 1 592 12 327 31 69 377 4 171 485 24 171 25 730 7 442 5 418 8 762 252 15 452 541 680 766 2 515 338 2 024 14 594 34 61 439 4 030 519 37 228 26 464 8 371 6 743 9 369 448 17 508 609 853 745 2 489 352 1 834 10 097 21 54 565 3 534 1 170 27 181 26 446 7 973 11 100 11 005 507 17 723 642 1 066 827 2 500 339 1 466 9 346 15 81 116 5 596 1 099 51 193 24 401 7 140 6 997 10 384 229 18 209 630 1 062 835 2 307 337 1 607 9 688 18 90 114 6 419 1 335 35 225 21 586 8 382 7 863 12 172 395 22 206 656 1 126 1 092 2 155 327 1 574 8 500 17 73 869 3 498 1 238 34 202 21 910 9 239 7 729 7 533 410 22 974 599 1 145 1 150
186 571 166 376 176 560 193 979 222 918 295 250 186 312 149 206 145 719 143 799 541 893 535 438 572 491 638 705 692 383 765 532 642 282 648 169 676 752 633 009
Insurance Europe
* At constant exchange rates Notes: For DE, gures include Pensionskassen and pension funds For DK, data covers life insurance and multi-employer pension funds under Danish supervision. Company pension funds are not covered, but only make up 3% of the market and do not write new contracts. Foreign business is included and is estimated not to be substantial for life insurance. For FI, gures include pension funds For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included
AT BE BG
3 375 6 734 n.a. 21 100 196 403 28 757 5 517 4 15 895 7 649 54 041 721 19 444 3 730 n.a. 21 546 n.a. n.a. 3 9 20 179 2 865 1 117 2 231 8 5 544 91 130 372
4 021 7 647 n.a. 23 856 170 482 33 353 5 852 5 15 306 8 013 57 657 803 23 508 3 683 n.a. 25 212 n.a. n.a. 5 11 17 237 2 808 1 171 3 346 12 5 736 114 140 371
2 990 8 321 n.a. 23 598 188 735 64 418 6 244 7 16 067 8 459 62 442 875 35 695 4 370 n.a. 34 241 n.a. n.a. 9 15 17 955 2 751 1 358 3 560 16 6 465 189 165 504
3 203 9 692 n.a. 19 568 185 662 64 007 6 882 12 16 785 9 134 68 665 964 43 814 4 910 n.a. 43 131 n.a. n.a. 4 24 17 661 3 357 1 851 3 631 45 8 277 136 188 646
3 707 12 604 n.a. 20 526 188 656 66 462 8 112 20 20 123 10 283 75 382 1 128 57 917 7 964 n.a. 57 381 n.a. n.a. 4 39 20 943 4 377 2 150 4 733 61 6 131 108 252 809
4 647 12 683 38 18 708 216 798 66 161 9 126 40 20 273 10 978 83 451 1 110 87 1 191 9 891 9 73 429 n.a. n.a. 4 67 22 278 6 926 2 730 6 780 n.a. 5 103 162 317 564
5 116 15 160 45 20 820 215 1 040 71 876 8 503 92 25 539 12 265 94 342 1 233 95 951 8 688 7 66 127 n.a. n.a. 9 53 22 284 6 572 5 508 5 120 n.a. 6 090 178 463 653
5 758 13 262 44 18 773 210 1 117 71 196 9 212 68 24 966 12 506 87 773 1 613 127 1 193 8 576 6 56 734 n.a. n.a. 17 73 21 575 3 857 6 404 4 710 15 6 448 188 552 666
CH Switzerland CY CZ DE DK EE ES FI FR GR HR Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia
92 752 116 216 1 692 142 1 356 8 222 6 65 430 n.a. n.a. 13 109 24 301 4 996 5 657 3 805 29 6 624 246 609 744 1 919 175 1 300 8 869 7 75 456 n.a. n.a. 14 135 24 067 5 099 6 327 5 796 68 8 860 345 659 686
MT Malta NL Netherlands
NO Norway PL PT RO SE SI SK TR UK Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
144 715 143 132 140 167 161 587 211 554 248 640 226 245 171 753 176 238 182 859 347 395 360 673 406 838 446 062 536 672 606 408 605 288 529 393 553 743 619 480
Insurance Europe
48 Insurance Europe
AT BE
Austria Belgium
6 998 7 873 199 12 539 194 1 840 75 706 4 513 110 21 530 2 567 46 498 1 585 597 1 202 3 955 268 32 414 n.a. 439 172 99 20 097 3 963 3 437 3 852 323 5 215 917 483 2 060 68 602
7 424 8 250 258 12 753 261 1 994 79 155 4 858 131 22 832 2 659 50 006 1 800 623 1 321 4 240 266 34 213 n.a. 461 187 104 21 606 4 165 3 108 4 044 392 6 761 970 598 2 330 70 307
7 809 8 526 333 13 232 283 2 113 81 823 5 372 151 25 888 2 834 52 885 1 895 675 1 412 4 068 251 35 411 n.a. 499 187 108 23 574 4 097 3 313 4 222 477 6 782 1 028 713 3 036 69 511
8 171 8 655 401 13 428 320 2 391 82 740 5 391 173 27 775 3 046 55 216 1 988 737 1 550 3 841 311 36 309 116 523 204 116 23 695 4 407 3 908 4 308 655 7 326 1 082 738 3 998 72 512
8 406 9 107 548 13 504 352 2 642 83 490 5 646 200 29 495 3 136 56 889 2 060 821 1 550 3 823 318 37 125 140 538 267 115 47 872 4 502 4 213 4 361 1 024 7 627 1 185 759 4 574 71 352
8 668 9 535 655 12 655 392 2 758 83 955 5 760 254 31 056 3 129 58 652 2 492 897 1 678 3 610 369 37 656 173 591 401 124 48 516 4 594 4 837 4 382 1 569 7 378 1 285 861 5 374 71 209
8 852 9 926 787 14 880 432 3 233 84 948 5 955 245 31 777 3 264 60 826 2 596 988 1 706 3 334 258 37 454 235 608 449 93 52 067 4 738 5 724 4 321 1 933 7 287 1 377 965 5 222 61 254
8 999 10 068 747 16 024 462 3 086 86 169 6 032 233 32 063 3 328 61 717 2 874 943 1 496 3 124 221 36 686 352 611 322 91 53 282 4 706 4 866 4 132 1 576 5 280 1 440 965 4 842 56 090
9 191 10 341 706 18 068 468 3 224 88 490 5 979 217 29 008 3 409 63 420 2 930 931 1 456 3 033 245 35 606 407 745 232 100 56 292 5 402 5 692 4 168 1 576 6 125 1 438 868 5 967 61 188
9 466 10 635 695 20 512 474 3 272 91 282 5 940 217 29 819 3 610 65 537 2 730 903 1 365 2 900 255 36 359 395 753 282 99 56 841 5 857 6 140 4 133 1 435 6 715 1 454 964 6 192 62 221
MT Malta NL Netherlands
330 248 348 076 362 509 376 031 407 642 415 462 417 735 412 827 426 924 439 450
* At constant exchange rates Notes: For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included For NL, the sharp growth in 2006 is mainly due to the privatisation of the healthcare system
AT BE
Austria Belgium
4 801 5 172 n.a. 8 393 89 1 476 59 208 4 034 60 13 332 1 844 29 046 937 351 590 2 870 214 21 289 n.a. n.a. 69 59 13 732 3 824 2 021 2 685 107 4 335 626 225 1 161 45 001
4 698 5 037 n.a. 8 099 116 1 391 55 706 4 021 66 13 926 1 831 30 007 1 036 369 642 2 669 n.a. 22 536 n.a. n.a. 64 54 14 251 3 788 1 731 2 766 133 4 462 677 239 1 197 44 003
4 730 5 052 n.a. 8 207 117 1 099 55 943 3 585 77 14 810 1 910 30 301 1 045 394 672 2 431 n.a. 23 252 n.a. n.a. 77 62 14 910 3 314 1 756 2 646 202 4 540 743 268 1 605 41 749
5 056 4 944 n.a. 8 353 132 1 138 56 943 4 249 94 15 890 1 968 30 626 1 147 424 735 2 066 n.a. 24 275 n.a. n.a. 93 54 14 701 3 490 2 067 2 537 n.a. 4 882 739 263 2 229 45 563
5 130 5 064 n.a. 8 110 162 1 333 57 726 3 957 107 18 239 2 049 31 082 1 133 479 716 2 032 n.a. 24 811 n.a. n.a. 123 57 37 205 3 535 2 158 2 655 n.a. 4 803 800 318 2 438 42 686
5 247 5 570 233 7 526 157 1 299 60 947 4 846 140 19 860 2 015 31 673 1 210 495 791 1 858 271 25 979 n.a. n.a. 174 56 39 817 3 733 2 160 2 809 n.a. 4 291 861 391 2 767 47 009
6 123 5 838 306 9 129 194 1 532 62 051 4 124 141 22 862 2 244 33 770 1 303 541 826 2 342 208 28 494 n.a. n.a. 237 40 41 878 4 255 2 914 2 812 n.a. 4 492 1 026 501 2 812 39 093
5 512 6 212 350 10 381 218 1 568 63 018 5 130 137 23 443 2 229 37 761 1 270 525 736 2 750 201 29 096 n.a. n.a. 220 43 44 816 3 368 2 883 2 775 884 4 653 1 050 483 3 026 37 530
6 030 6 289 393 11 234 223 1 786 65 197 5 259 134 20 933 2 430 38 708 1 200 461 843 2 401 185 27 546 n.a. 378 137 51 45 928 4 898 3 570 3 007 1 129 5 196 995 523 3 497 49 589
6 161 6 521 326 12 941 189 1 717 66 559 5 134 134 20 524 2 555 38 269 1 063 305 691 1 971 178 26 681 n.a. 419 159 39 47 797 4 130 3 334 3 045 990 5 343 944 518 3 552 48 399
BG Bulgaria CH Switzerland CY Cyprus CZ Czech Republic DE Germany DK Denmark EE ES FI FR Estonia Spain Finland France
MT Malta NL Netherlands
227 550 225 515 225 496 234 659 258 906 274 185 282 088 292 264 310 148 310 587
* At constant exchange rates Notes For NL, the sharp growth in 2006 is mainly due to the privatisation of the healthcare system For IE, the gures show gross claims expenditure (ie claims paid + change in the provision for claims)
50 Insurance Europe
AT BE
Austria Belgium
1 252 659 0 3 661 25 10 23 082 n.a. 3 3 251 48 4 841 28 23 31 n.a. n.a. 1 426 n.a. n.a. 22 14 6 202 n.a. 38 273 2 n.a. 290 n.a. 284 4 899 50 364
1 300 711 0 3 662 25 13 24 741 17 3 3 588 85 5 600 32 14 32 n.a. n.a. 1 509 n.a. n.a. 24 15 6 632 7 33 315 2 n.a. 297 n.a. 302 4 714 53 672
1 344 773 0 4 017 31 19 26 413 26 4 4 016 93 6 451 5 17 35 n.a. n.a. 1 577 n.a. 21 27 15 7 667 8 32 346 3 n.a. 289 n.a. 366 4 962 58 557
1 398 856 1 4 016 39 26 27 348 44 4 4 381 112 7 103 5 25 40 n.a. n.a. 1 716 n.a. 25 35 16 7 750 13 39 372 4 n.a. 286 n.a. 460 5 359 61 474
1 437 936 0 4 020 44 31 28 483 50 4 4 812 122 7 569 5 31 23 n.a. n.a. 1 828 n.a. 28 45 18 31 463 14 43 408 9 n.a. 337 n.a. 543 5 822 88 126
1 483 1 035 0 3 846 62 44 29 461 67 5 5 267 137 8 314 7 34 25 n.a. n.a. 2 050 n.a. 31 61 19 31 964 19 53 440 8 n.a. 368 n.a. 682 6 219 91 704
1 535 1 118 0 5 472 73 64 30 331 91 6 5 656 161 8 503 9 39 33 n.a. n.a. 2 159 n.a. 40 77 5 34 862 20 84 483 8 1 778 390 n.a. 696 4 982
1 591 1 199 0 5 685 84 67 31 468 116 9 6 041 176 9 058 11 37 17 n.a. n.a. 2 194 n.a. 45 62 6 36 531 26 64 500 6 582 415 n.a. 654 4 549
1 638 1 259 0 6 420 88 105 33 270 130 7 6 334 197 9 587 18 36 29 n.a. n.a. 2 167 n.a. 49 36 6 39 387 36 86 532 5 645 410 n.a. 854 4 682
1 697 1 308 0 7 496 97 123 34 667 153 7 6 540 218 9 566 19 34 23 n.a. n.a. 2 172 n.a. 40 23 6 40 465 57 106 540 7 728 429 n.a. 855 4 707
MT Malta NL Netherlands
* At constant exchange rates Notes: For MT, the drop in 2008 is because prior to 2008 cross-border business was included For NL, the sharp growth in 2006 is mainly due to the privatisation of the healthcare system
AT BE
Austria Belgium
963 494 n.a. 2 792 n.a. n.a. 15 220 n.a. 1 2 623 35 3 617 n.a. 17 5 n.a. n.a. 1 030 n.a. n.a. 17 10 n.a. n.a. 16 267 0 n.a. 236 n.a. 179 3 611 31 133
982 563 n.a. 2 794 n.a. n.a. 15 810 n.a. 1 2 877 88 3 980 n.a. 13 5 n.a. n.a. 1 099 n.a. n.a. 16 10 n.a. n.a. 15 303 0 n.a. 247 n.a. 208 3 506 32 517
1 002 624 n.a. 2 897 n.a. n.a. 16 553 n.a. 1 3 173 85 4 456 n.a. n.a. 5 n.a. n.a. 1 166 n.a. 12 18 12 n.a. n.a. 15 348 1 n.a. 251 n.a. 275 3 736 34 631
1 040 669 n.a. 2 829 n.a. n.a. 17 300 n.a. 1 3 444 105 4 717 n.a. 15 6 n.a. n.a. 1 198 n.a. 13 22 14 n.a. n.a. 15 287 n.a. n.a. 266 n.a. 345 3 886 36 171
1 040 705 n.a. 2 759 n.a. n.a. 17 839 n.a. 1 3 560 98 4 974 n.a. 17 7 n.a. n.a. 1 296 n.a. 15 28 13 n.a. n.a. 16 315 n.a. n.a. 291 n.a. 285 4 266 37 526
1 065 760 0.02 2 674 n.a. n.a. 18 898 n.a. 2 4 175 99 5 332 n.a. 22 7 n.a. n.a. 1 399 n.a. 18 34 12 30 739 n.a. 19 336 n.a. n.a. 294 n.a. 334 4 420 70 639
1 047 823 0.01 3 991 45 13 20 169 102 3 4 596 140 5 891 6 25 10 n.a. 3 1 457 n.a. 23 54 3 31 939 n.a. 25 376 n.a. n.a. 322 n.a. 363 3 761 75 187
1 056 844 0.01 4 348 52 16 21 121 95 7 5 007 156 6 242 6 28 8 n.a. 3 1 546 n.a. 26 74 3 34 269 n.a. 27 403 3 n.a. 341 n.a. 568 3 490 79 739
1 085 853 0.01 4 907 56 22 21 916 90 4 4 619 162 6 595 10 26 8 n.a. 3 1 510 n.a. 31 35 4 35 803 n.a. 34 393 2 n.a. 366 n.a. 670 4 051 83 255
1 103 904 0.01 5 692 47 27 22 774 99 4 5 314 170 7 056 9 26 6 n.a. n.a. 1 577 n.a. 26 16 n.a. 37 685 n.a. 41 452 2 n.a. 375 n.a. 644 3 985 88 032
MT Malta NL Netherlands
* At constant exchange rates Notes: For ES, the 2010 gure is provisional as it does not cover the whole market For FI, the gures show gross claims expenditure For HU, the source is the Hungarian Financial Supervisory Authority
52 Insurance Europe
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
2 410 2 735 98 3 015 96 973 21 968 1 365 71 9 794 908 16 277 980 332 667 1 891 139 19 608 n.a. n.a. 83 49 4 233 1 605 2 229 1 809 233 1 920 338 281 859 20 043
2 588 2 831 142 3 116 112 1 039 22 325 1 503 87 10 409 957 17 136 1 100 353 731 1 895 137 20 708 n.a. n.a. 86 53 4 469 1 622 1 971 1 888 273 2 223 374 387 1 062 19 162
2 745 2 931 187 3 224 133 1 102 22 504 1 554 101 11 110 1 045 17 623 1 147 388 818 1 705 125 21 232 n.a. 288 95 57 4 581 1 631 2 068 1 967 336 2 409 415 479 1 484 18 866
2 841 2 983 230 3 345 151 1 243 22 005 1 604 117 11 514 1 143 17 860 1 218 421 904 1 625 158 21 352 n.a. 304 106 59 4 565 1 741 2 457 1 997 464 2 449 456 493 1 930 19 334
2 883 3 034 347 3 373 161 1 328 21 221 1 666 137 11 933 1 196 17 729 1 231 461 884 1 632 164 21 612 n.a. 316 150 60 4 662 1 772 2 566 2 004 643 2 477 483 482 2 255 18 620
2 884 3 089 444 3 270 178 1 418 20 800 1 671 176 12 298 1 189 17 703 1 592 517 929 1 544 202 21 524 n.a. 328 245 61 4 669 1 826 2 891 1 944 1 252 2 458 522 547 2 582 18 952
2 853 3 144 547 3 399 193 1 633 20 372 1 652 165 12 107 1 244 17 878 1 650 564 909 1 421 133 20 845 n.a. 345 268 50 4 631 1 887 3 421 1 810 1 467 2 299 555 605 2 447 16 125
2 818 3 208 531 3 553 201 1 536 20 057 1 633 149 11 430 1 300 17 836 1 881 535 756 1 333 116 20 126 n.a. 355 170 52 4 539 1 878 2 778 1 666 1 243 2 021 565 578 2 128 14 104
2 824 3 331 499 3 921 204 1 504 20 158 1 593 141 10 717 1 333 18 311 1 954 518 734 1 319 124 19 863 n.a. 341 125 51 4 635 2 165 3 200 1 672 1 175 2 344 557 560 2 716 15 835
2 875 3 471 495 4 471 198 1 457 20 887 1 556 137 10 524 1 389 18 957 1 827 502 616 1 294 124 20 685 n.a. 358 168 48 4 587 2 343 3 487 1 659 934 2 595 537 552 2 775 17 860
Insurance Europe
117 010 120 740 124 349 127 066 127 483 129 705 126 620 121 074 124 424 129 368
* At constant exchange rates Note: For MT, the drop in 2008 is because prior to 2008 cross-border business was included
AT BE
Austria Belgium
1 945 2 147 n.a. 2 072 60 255 20 358 1 040 44 6 759 636 11 223 711 213 400 n.a. n.a. 13 826 n.a. n.a. 36 37 3 014 n.a. 1 497 1 395 95 1 391 218 162 566 14 985 85 087
2 004 2 001 n.a. 2 071 71 265 19 584 1 175 49 7 241 675 11 022 770 236 403 1 372 n.a. 14 489 n.a. n.a. 37 35 3 045 n.a. 1 315 1 296 157 1 403 239 184 648 14 707 86 494
2 017 1 975 n.a. 2 190 73 291 19 223 1 137 58 7 542 719 10 896 852 n.a. 472 1 141 124 14 981 n.a. 183 42 33 3 045 n.a. 1 385 1 274 181 1 458 290 199 930 14 623 87 335
1 975 1 949 n.a. 2 136 81 640 18 953 1 131 68 7 847 769 11 183 911 n.a. 513 897 147 15 649 n.a. 192 51 32 2 955 n.a. 1 569 1 253 n.a. 1 551 281 200 1 415 15 135 89 483
1 923 1 963 n.a. 2 768 83 712 18 789 924 84 7 805 836 11 367 874 307 484 1 057 155 15 703 n.a. 201 78 31 2 914 n.a. 1 626 1 246 n.a. 1 559 298 243 1 627 14 304 89 960
1 961 2 077 193 1 916 91 700 19 094 981 114 8 865 808 11 272 985 311 501 890 164 16 462 n.a. 225 126 32 3 075 n.a. 1 642 1 275 n.a. 1 432 327 293 1 792 14 876 92 478
1 952 2 215 256 2 725 106 819 19 561 1 024 114 8 945 815 11 918 1 041 336 516 1 105 115 18 233 n.a. 167 161 26 3 406 1 350 1 990 1 300 487 1 439 373 309 1 905 13 109 97 817
2 003 2 314 303 2 426 116 791 19 420 1 189 99 9 529 805 12 529 996 304 465 1 153 103 17 946 n.a. 257 115 31 3 484 1 323 1 913 1 270 813 1 503 400 362 1 872 13 387
2 027 2 401 288 2 582 129 901 20 060 1 274 97 8 821 880 13 061 935 266 440 1 026 99 17 351 n.a. 250 86 34 3 468 1 530 2 290 1 161 811 1 679 364 348 2 096 15 105
2 032 2 373 284 2 908 119 903 20 444 1 274 99 8 171 914 13 030 824 249 396 974 96 16 482 n.a. 259 112 n.a. 3 396 1 518 2 225 1 359 859 1 727 334 346 2 146 14 093 99 944
BG Bulgaria CH Switzerland CY Cyprus CZ Czech Republic DE Germany DK Denmark EE ES FI FR Estonia Spain Finland France
MT Malta NL Netherlands
* At constant exchange rates Notes: For DE, DK and IE, gross claims expenditure For HU, the source is the Hungarian Financial Supervisory Authority
54 Insurance Europe
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
1 615 1 656 62 2 238 43 413 13 113 1 659 25 4 288 563 11 041 326 122 398 1 016 63 4 058 n.a. n.a. 28 22 3 129 1 436 633 609 50 2 022 130 132 614 16 609 68 113
1 718 1 784 74 2 268 60 503 13 844 2 033 29 4 944 610 11 853 386 126 429 1 158 61 4 195 n.a. n.a. 31 22 3 431 1 497 584 623 63 2 576 133 143 644 17 458 73 281
1 879 1 825 95 2 235 69 520 14 110 2 098 34 5 526 634 12 366 422 136 420 1 117 59 4 446 n.a. 79 28 22 3 529 1 504 611 676 68 2 256 141 160 749 18 313 76 127
1 989 1 813 94 2 250 78 579 14 172 2 193 38 6 173 660 12 645 430 141 457 1 071 72 4 654 n.a. 86 34 22 3 520 1 581 688 684 84 2 826 146 158 883 18 777 79 000
2 078 1 969 116 2 244 87 605 14 234 1 952 45 6 560 654 12 831 463 159 456 1 030 71 4 834 n.a. 94 43 22 3 531 1 606 742 689 127 2 874 161 167 921 18 226 79 590
2 193 2 126 120 1 882 98 595 14 016 2 260 55 6 857 685 13 303 540 167 497 1 021 82 4 918 n.a. 112 57 24 3 659 1 616 812 706 256 2 878 176 185 879 17 837 80 612
2 266 2 244 127 2 238 106 698 14 583 2 152 56 7 343 721 13 806 561 187 559 978 56 5 078 n.a. 122 64 20 3 735 1 647 944 732 313 2 489 198 212 901 15 836 80 971
2 308 2 304 138 2 518 115 686 14 962 2 240 58 7 314 762 14 096 595 185 484 945 51 5 079 n.a. 109 51 21 3 676 1 638 859 744 225 2 291 228 227 1 444 14 184 80 538
2 339 2 347 129 2 933 121 797 15 139 2 260 54 7 019 779 14 549 594 183 531 971 60 4 962 n.a. 88 42 26 3 732 1 932 1 041 765 260 2 631 232 218 1 685 15 498 83 917
2 406 2 400 125 3 237 118 837 15 454 2 265 55 7 089 829 15 320 547 178 544 961 67 4 989 n.a. 125 47 26 3 515 2 115 1 169 769 297 2 866 242 232 1 618 15 382 85 823
Insurance Europe
* At constant exchange rates Notes: For DK, property includes personal insurance (ie households, homeowners and vacation home insurance plus hidden-defects insurance from 2003) and commercial insurance (ie buildings and movable property insurance) For MT, the drop in 2008 is because prior to 2008 cross-border business was included
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
402 896 n.a. 500 8 n.a. 12 364 n.a. 9 2 065 444 9 800 n.a. 22 146 n.a. n.a. 2 203 n.a. n.a. 7 6 1 776 n.a. 168 n.a. 8 546 64 45 188 9 352 41 019
389 830 n.a. 454 19 n.a. 9 201 n.a. 11 2 112 418 11 100 n.a. 18 192 n.a. n.a. 2 461 n.a. n.a. 4 7 1 864 n.a. 109 260 7 499 79 36 164 8 464 38 697
404 780 n.a. 326 12 n.a. 9 001 n.a. 11 2 180 378 10 400 n.a. n.a. 143 n.a. n.a. 2 496 n.a. 26 8 12 1 812 n.a. 95 253 10 455 88 47 226 8 458 37 621
407 807 n.a. 461 18 n.a. 9 280 n.a. 20 2 492 383 10 500 n.a. n.a. 158 n.a. n.a. 2 642 n.a. 24 11 7 1 535 n.a. 145 250 n.a. 488 85 19 243 9 585 39 560
463 858 n.a. 462 36 n.a. 9 677 n.a. 15 2 782 396 10 500 n.a. 33 151 n.a. n.a. 2 684 n.a. 22 16 6 1 620 n.a. 167 289 n.a. 489 89 n.a. 175 9 254 40 186
425 1 092 18 295 19 n.a. 11 399 n.a. 18 3 174 441 11 500 n.a. 30 195 n.a. 54 2 921 n.a. 35 15 6 1 997 n.a. 187 296 n.a. 578 119 n.a. 179 12 804 47 797
626 1 078 19 1 085 16 347 10 321 1 650 19 3 492 444 11 800 183 105 220 n.a. 77 3 339 n.a. 36 24 6 2 007 1 227 258 360 n.a. 567 215 97 436 7 622 47 676
1 968 1 243 20 1 173 19 378 10 153 2 028 25 3 862 446 13 700 219 105 187 924 43 3 744 n.a. 40 17 10 2 075 1 200 409 338 59 547 180 66 788 7 207 53 175
2 918 1 306 29 1 247 27 481 11 150 2 129 22 3 794 532 13 400 128 93 326 791 41 3 161 n.a. 17 19 9 2 037 1 674 770 422 86 615 133 117 1 408 8 720 57 603
3 026 1 498 22 1 433 11 409 11 171 2 201 24 4 111 576 12 600 152 99 212 589 59 3 024 n.a. 50 23 n.a. 2 195 1 597 568 462 70 633 113 107 549 7 698 55 282
Insurance Europe
* At constant exchange rates Notes: For DE and IE, gross claims expenditure For HU, the source is the Hungarian Financial Supervisory Authority
56 Insurance Europe
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey
65 768
69 413
1001581 1058275 1091831 1138555 1199745 1249461 1265890 1300528 1354115 1403538 132 737 154 117 523 74 945 144 659 205 129 377 81 933 158 958 281 145 181 89 069 183 548 192 356 409 562 196 439 798 181 780 111 812 205 864 673 191 531 98 162 227 607 1 041 218 252 113 750 256 548 1 246 214 395 123 681 286 668 1 236 228 064 121 501
921 217 1 012 337 1 125 661 1 277 679 1 402 201 1 491 236 1 406 552 1 585 896 1 685 626 1 702 300 5 820 1 176 3 730 46 644 687 314 586 n.a. 25 736 154 676 250 890 71 092 13 061 25 968 161 203 870 3 103 1 152 2 924 6 928 1 335 4 109 54 201 n.a. 365 385 n.a. 30 357 150 587 267 742 69 848 13 302 28 696 223 228 466 3 514 1 427 3 443 7 963 1 530 4 722 65 968 n.a. 410 678 4 041 35 742 159 710 288 009 78 045 15 711 32 853 325 249 663 4 051 1 749 4 126 9 267 1 824 5 729 78 889 n.a. 10 460 2 252 6 090 90 990 1 500 11 843 2 640 7 067 92 516 1 343 466 398 13 581 60 546 305 2 257 322 546 113 663 30 926 49 446 n.a. 327 976 5 847 3 285 8 191 11 330 2 678 7 957 73 034 588 434 676 12 828 59 293 387 2 294 311 505 105 832 35 842 50 981 n.a. 255 652 4 451 3 701 8 460 12 539 2 890 7 514 78 757 490 489 479 19 459 76 623 408 2 781 334 994 105 714 29 315 57 394 1 425 263 188 5 038 n.a. 7 685 11 276 3 287 8 092 81 572 581 517 014 21 400 96 509 374 3 286 358 676 129 974 32 840 58 508 1 448 309 975 6 462 n.a. 8 708 10 433 3 445 7 691 79 421 650 511 000 23 595 n.a. 406 3 494 380 508 140 709 31 599 51 454 n.a. 325 948 n.a. n.a. 7 664
459 464 477 545 6 459 44 973 178 1 237 10 416 54 112 224 1 677
324 929 334 532 92 343 102 056 20 456 40 228 440 25 699 45 452 n.a.
288 588 279 490 3 771 2 169 6 171 4 458 2 818 6 818
United Kingdom 1 386197 1 389 020 1 493 355 1 718 871 1 858 360 2 007 124 1 491 877 1 460 953 1 596 075 1 636 171 5 052 617 5 357 671 5 795 619 6 493 538 6 946 351 7 322 297 6 589 832 6 979 030 7 506 600 7 739 562
Insurance Europe
AT BE
Austria Belgium
40 625
43 315
47 442
50 099
52 299
53 684
53 415
53 586
53 956
99 610 119 958 148 318 161 940 172 242 167 831 188 342 199 661 203 185 n.a. n.a. n.a. 221 344 391 432 468 425
BG Bulgaria CH Switzerland CY Cyprus CZ Czech Republic DE Germany DK Denmark EE ES FI FR Estonia Spain Finland France
198 916 195 688 188 956 189 565 190 366 190 312 169 948 179 661 203 334 169 087 n.a. 4 545 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6 499 n.a. 7 156 1 676 8 313 1 829 8 454 1 797 n.a. 1 746 n.a.
589 989 608 698 626 264 648 722 666 451 684 012 686 071 732 755 765 025 785 435 120 479 131 230 144 608 167 484 174 778 177 943 188 123 209 048 237 005 266 577 72 102 145 227 318 512 378 n.a. 1 242 297 8 130 1 429 n.a. 63 818 20 692 833 781
93 676 100 237 107 987 116 507 124 072 126 265 66 984 73 638 80 203 91 710 1 120 441 6 580 665 n.a. 68 823 n.a. 97 782 101 309 1 230 039 7 621 n.a. n.a. 80 521 80 1 311 114 8 678 1 285 n.a. 82 342 57
n.a. 151 322 157 689 1 406 344 8 923 1 620 n.a. 70 015 39 1 503 441 8 044 1 896 n.a. 73 430 48 1 523 500 7 283 1 988 n.a. 71 838 46
810 951 886 934 989 294 3 992 381 1 734 38 047 34 4 782 632 n.a. 44 575 n.a. 5 529 628 n.a. 55 308 n.a.
250 751 297 899 338 812 383 676 398 711 388 507 358 205 410 827 442 574 437 000 n.a. 23 770 49 475 n.a. 28 107 46 471 n.a. 33 463 39 603 5 516 42 307 43 801 9 390 51 082 68 1 009 12 766 57 273 50 1 258 11 780 53 010 72 1 222 17 881 70 244 99 1 453 19 706 89 979 95 1 688 22 073 n.a. 108 1 745
MT Malta NL Netherlands
223 768 238 222 254 953 287 660 294 403 284 023 272 925 293 177 315 760 335 879 57 308 8 122 20 777 89 56 514 8 418 23 371 132 64 157 9 764 26 846 191 75 947 12 849 33 664 333 84 335 16 697 38 697 n.a. 92 580 20 187 42 242 n.a. 84 439 23 054 41 288 n.a. 85 031 106 466 115 981 19 365 48 954 441 22 447 50 255 764 20 578 43 978 n.a.
170 399 191 631 209 910 243 152 231 644 277 765 209 767 216 419 257 780 270 954 1 762 920 1 676 1 954 1 094 1 897 2 313 1 307 2 252 2 497 1 577 3 615 2 996 1 791 2 882 3 958 2 113 3 166 2 876 2 399 3 388 3 162 n.a. 3 205 4 122 n.a. 3 853 n.a. n.a. 3 591
1278 582 1 290 074 1 372 989 1 601 139 1 731 720 1 871 447 1 384 601 1 367 040 1 488 526 1 517 491 4 092 196 4 326 580 4 679 794 5 301 260 5 656 211 5 973 204 n.a. n.a. n.a. n.a.
58 Insurance Europe
AT BE
Austria Belgium
411 592 449 577 465 567 489 833 533 294 567 355 579 819 567 774 589 090 618 103 12 265 82 21 267 7 961 13 429 102 23 530 8 295 14 350 136 26 002 8 866 16 064 183 29 196 9 636 17 578 244 31 786 10 049 18 497 286 34 210 10 522 17 741 295 n.a. 10 186 18 559 349 n.a. 11 308 19 542 413 30 032 11 712 20 091 455 30 003 11 692
110 266 125 403 136 367 157 238 172 162 180 122 164 255 179 552 182 185 178 800 1 780 795 1 996 8 597 653 63 835 n.a. n.a. 106 200 27 122 13 784 4 939 5 190 72 33 471 1 341 232 1 247 2 176 843 n.a. 9 626 n.a. 67 486 n.a. n.a. 104 116 29 520 13 334 4 883 5 325 91 36 836 1 560 334 1 546 2 434 902 n.a. 10 660 n.a. 71 866 n.a. 2 280 120 107 33 056 13 888 5 947 6 007 134 39 753 1 738 442 1 874 2 687 1 043 n.a. 10 066 n.a. 75 788 943 2 666 135 436 37 269 16 396 7 607 6 565 107 45 435 1 274 593 2 618 2 839 n.a. n.a. 10 469 1 420 78 834 1 026 3 030 173 669 40 129 17 721 9 002 6 755 n.a. 47 846 1 462 1 027 3 390 3 165 1 355 n.a. 10 174 1 286 77 890 816 3 273 254 999 38 523 20 727 10 738 7 204 n.a. 50 612 1 889 1 172 4 423 3 200 1 249 n.a. 9 216 567 76 471 1 048 6 281 316 1 072 38 580 21 393 12 789 7 134 n.a. 43 423 1 571 1 302 5 073 3 616 1 269 n.a. 8 742 451 78 652 1 578 6 377 309 1 328 41 817 20 683 9 950 8 441 888 45 602 1 876 n.a. 4 480 3 232 1 391 n.a. 8 142 533 74 441 1 694 6 529 278 1 598 42 916 23 508 10 393 8 253 680 52 195 2 340 n.a. 4 855 3 149 1 457 n.a. 7 583 604 74 000 1 522 n.a. 299 1 749 44 629 24 728 11 021 7 476 n.a. 54 994 n.a. n.a. 4 072
MT Malta NL Netherlands
107 615 101 285 120 365 117 732 126 641 135 677 107 276 954 527 1 013 427 1 086 545 1 163 139 1 256 080 1 319 999 n.a.
Land and buildings Investments in afliated undertakings and participating interests Shares and other variable-yield securities and units in unit trusts Debt securities and other xed-income securities Loans, including loans guaranteed by mortgages Deposits with credit institutions Other
60 Insurance Europe
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
73 201 n.a. 143 36 42 645 228 13 401 68 495 102 23 28 199 10 245 21 94 20 18 343 96 74 85 42 448 14 29 58 806 5 100
72 189 n.a. 141 34 42 640 216 13 393 68 486 100 24 28 224 11 236 23 95 19 18 333 96 77 74 46 440 15 28 55 772 5 008
71 181 n.a. 143 33 40 633 213 13 379 68 475 99 24 28 217 11 235 28 95 18 20 322 112 74 70 39 428 16 25 53 1 167 5 330
73 171 n.a. 143 33 45 632 206 12 362 67 486 95 25 28 226 10 230 32 95 20 25 311 116 74 70 37 415 16 26 53 1 118 5 252
72 162 n.a. 143 32 49 613 201 16 354 66 477 90 20 27 229 10 235 35 95 20 37 330 114 72 76 36 392 17 25 53 1 050 5 148
71 157 205 143 30 52 609 202 19 357 63 464 86 23 31 233 9 234 37 94 21 41 316 118 76 83 42 392 17 24 56 1 017 5 322
71 152 284 148 34 53 607 202 20 296 63 461 85 25 30 236 9 239 42 96 23 44 301 122 66 85 43 381 17 20 59 972 5 286
72 148 325 150 34 53 596 159 19 294 63 452 82 27 30 227 9 233 41 97 25 53 287 124 66 87 45 381 20 20 60 934 5 213
72 147 367 151 34 53 582 186 19 287 63 441 73 26 32 227 13 242 40 95 25 56 263 120 63 82 43 384 20 22 64 1 314 5 606
72 149 417 148 34 54 580 174 18 279 68 434 71 26 30 227 13 239 40 95 22 57 227 117 61 78 43 361 20 23 66 1 213 5 456
Insurance Europe
Notes: For DK, data covers life insurance and multi-employer pension funds as well as non-life insurance including foreign branches that are members of the Danish Insurance Association For the UK, there was a change in the denition of an insurance company in 2004. The substantial increase reported in 2010 stems mainly from insurance companies writing under freedom of services.
AT BE
Austria Belgium
25 925 25 912 n.a. 46 175 1 660 15 740 248 100 13 516 1 552 n.a. 11 301 139 200 9 500 5 495 27 587 15 000 574 39 980 n.a. 2 654 1 786 542 n.a. 9 800 29 521 13 105 n.a. 18 987 5 204 7 622 10 750 217 475
26 106 24 722 n.a. 44 514 1 665 15 658 244 300 13 647 1 458 44 925 11 542 138 500 9 500 6 194 28 069 15 227 572 39 291 n.a. 2 673 2 837 534 n.a. 9 600 28 946 12 575 25 300 18 973 5 521 6 743 11 426 211 300
26 494 24 506 n.a. 42 186 1 691 14 600 240 800 14 181 1 444 42 656 11 180 138 000 9 500 6 190 27 226 14 989 563 40 105 154 2 969 2 988 642 63 000 9 033 28 677 11 835 36 130 18 914 5 690 6 484 12 140 208 100
26 267 24 004 n.a. 45 606 1 700 14 506 233 300 14 046 1 364 46 099 10 448 143 700 9 500 7 017 26 001 14 303 575 39 924 170 3 045 3 333 667 63 000 9 290 28 864 11 829 36 000 19 000 5 878 6 304 12 837 176 100
26 292 23 752 n.a. 47 184 1 749 14 410 225 700 14 259 1 458 45 854 10 583 143 750 9 000 7 984 26 131 14 256 577 39 795 223 3 170 3 800 806 62 000 9 587 28 474 11 518 n.a. 19 389 5 992 6 300 13 550 179 300 996 843
26 667 24 048 n.a. 47 990 1 767 14 501 218 900 15 995 1 458 45 258 10 669 143 950 9 000 9 360 26 242 14 762 580 46 278 311 3 242 n.a. 832 61 000 9 684 30 251 11 295 n.a. 20 032 6 064 6 300 14 937 177 500
26 547 24 300 n.a. 49 236 1 854 14 726 216 300 16 273 1 536 49 293 10 810 145 200 9 000 10 514 26 125 15 033 575 46 831 463 3 268 n.a. 786 59 000 9 902 29 623 11 307 n.a. 20 715 6 331 6 640 16 007 178 700
26 732 23 964 n.a. 49 413 1 874 14 498 216 500 16 455 1 737 48 116 10 563 147 700 9 000 11 184 23 914 14 304 557 47 369 507 3 710 n.a. n.a. 59 000 9 753 29 129 11 270 15 083 19 259 6 306 6 218 18 840 117 000 959 955
26 538 23 695 n.a. 48 659 1 965 14 270 216 400 16 773 1 739 50 212 10 472 147 500 9 000 11 085 25 003 13 556 557 47 185 510 3 956 n.a. n.a. 57 000 9 688 31 348 11 224 9 220 20 414 6 128 6 097 16 683 n.a. 836 877
25 794 23 911 n.a. 49 166 1 968 14 274 215 500 16 871 n.a. n.a. 10 646 147 750 9 000 11 259 24 493 13 500 560 47 477 577 4 021 n.a. n.a. 56 000 9 785 n.a. 11 242 n.a. 20 428 6 099 6 100 17 314 n.a. 743 735
MT Malta NL Netherlands
Notes: For DK, data includes all people employed in the Danish market For FR, there was a break in the series in 2005 For IT, there was a break in the series in 2007
62 Insurance Europe
AT BE BG DE ES FR HR IE IT LU MT NL PL PT RO SE SI SK TR UK
Austria Belgium Bulgaria Germany Spain France Croatia Ireland Italy Luxembourg Malta Netherlands Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom
16.5% 18.2% 21.8% 2.6% 10.4% 16.0% 39.3% 41.6% 7.4% 24.0% 1.2% 29.3% 32.5% 8.7% 10.6% 10.0% 2.8% 36.1% 11.7% 7.9%
2.9% 5.2% 56.3% 48.3% 12.7% 7.0% 36.1% 10.4% 15.3% 46.5% 3.2% 57.4% 28.8% 18.8% 55.0% 2.0% 58.0% 59.6% 18.0% 13.9%
14.5% 32.8% 21.9% 23.2% 8.1% 13.0% 1.4% 48.0% 1.0% 3.7% 3.7%
62.6% 43.2% 0.0% 23.6% 66.2% 61.0% 18.5% 0.0% 76.3% 25.8% 91.8% 11.3%
3.5% 0.6% 0.0% 2.3% 2.6% 3.0% 4.7% 0.0% 0.0% 0.0% 0.1% 2.1% 1.4% 0.5% 0.0% 44.0% 22.7% 0.0% 0.0% 0.0%
Notes: Data for DE, SE and the UK refers to new business only For the UK, bancassurance is included in all other channels For NL, agents are included with brokers Data for ES and PL is from 2009
AT BE BG DE ES FR HR IE IT LU MT NL PL PT RO SI SK TR UK
Austria Belgium Bulgaria Germany Spain France Croatia Ireland Italy Luxembourg Malta Netherlands Poland Portugal Romania Slovenia Slovakia Turkey United Kingdom
35.4% 20.4% 19.4% 4.2% 22.2% 35.0% 73.9% 40.9% 6.6% 14.5% 37.5% 34.0% 19.9% 9.7% 26.1% 27.1% 22.3% 8.1% 22.6%
13.9% 10.5% 37.1% 60.9% 36.3% 34.0% 20.3% 0.0% 82.4% 62.4% 37.8% 31.0% 58.5% 56.3% 36.4% 64.7% 70.1% 67.8% 5.8%
37.3% 61.3% 43.5% 25.0% 26.7% 18.0% 1.7% 59.1% 7.7% 22.1% 24.6%
5.4% 6.9% 0.0% 6.2% 8.8% 11.0% 2.3% 0.0% 3.3% 0.8% 0.0% 0.0%
8.1% 0.8% 0.0% 3.7% 5.9% 2.0% 1.8% 0.0% 0.0% 0.3% 0.1% 35.0% 1.6% 2.6% 3.2% 2.6% 0.0% 0.0% 6.1%
Notes: For NL, agents are included with brokers Data for ES and PL is from 2009
64 Insurance Europe
B: Macroeconomic data
Table 22: Euro exchange rates 20022011
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
BG CH CY CZ DK EE HR HU IS LI LV MT NO PL RO SE SI SK TR UK
Bulgaria Switzerland Cyprus Czech Republic Denmark Estonia Croatia Hungary Iceland Liechtenstein Latvia Malta Norway Poland Romania Sweden Slovenia Slovakia Turkey United Kingdom
1.949 1.467 0.575 30.804 7.431 15.647 7.413 242.960 86.180 1.467 0.581 0.409 7.509 3.857 3.127 9.161 225.977 42.694 1.440 0.629
1.949 1.521 0.584 31.846 7.431 15.647 7.569 253.620 86.650 1.521 0.641 0.426 8.003 4.400 3.755 9.124 233.849 41.489 1.695 0.692
1.953 1.544 0.582 31.891 7.440 15.647 7.497 251.660 87.140 1.544 0.665 0.428 8.370 4.527 4.051 9.124 239.087 40.022 1.777 0.679
1.956 1.548 0.577 29.782 7.452 15.647 7.401 248.050 78.230 1.548 0.696 0.430 8.009 4.023 3.621 9.282 239.568 38.599 1.677 0.684
1.956 1.573 0.576 28.342 7.459 15.647 7.325 264.260 87.760 1.573 0.696 0.429 8.047 3.896 3.526 9.254 239.596 37.234 1.809 0.682
1.956 1.643 0.583 27.766 7.451 15.647 7.338 251.350 87.630 1.643 0.700 0.429 8.017 3.784 3.335 9.250 239.640 33.775 1.787 0.684
1.956 1.587 0.585 24.946 7.456 15.647 7.224 251.510 143.830 1.587 0.703 0.429 8.224 3.512 3.683 9.615 239.640 31.262 1.906 0.796
1.956 1.510 0.585 26.435 7.446 15.647 7.340 280.330 172.670 1.510 0.706 0.429 8.728 4.328 4.240 10.619 239.640 30.126 2.163 0.891
1.956 1.380 0.585 25.284 7.447 15.647 7.289 275.480 161.890 1.380 0.709 0.429 8.004 3.995 4.212 9.537 239.640 30.126 1.997 0.858
1.956 1.233 0.585 24.590 7.451 15.647 7.439 279.370 163.020 1.232 0.706 0.429 7.793 4.121 4.239 9.030 239.640 30.126 2.338 0.868
Source: Eurostat
AT BE
Austria Belgium
245 243 303 435 23 256 309 428 13 598 104 629
259 035 318 829 26 477 322 993 14 671 118 291
274 020 335 815 30 772 329 214 15 902 131 909
282 744 346 375 35 431 357 725 17 157 154 270
276 151 340 777 34 933 367 134 16 854 141 450
286 397 356 125 36 052 416 079 17 334 149 313
300 712 369 836 38 483 478 765 17 761 154 913
2 132 200 2 147 500 2 195 700 2 224 400 2 313 900 2 428 500 2 473 800 2 374 500 2 476 800 2 570 800 184 744 7 776 729 258 143 646 188 500 8 719 783 082 145 531 197 070 9 685 841 294 152 266 207 367 11 182 909 298 157 429 218 747 13 391 227 534 16 069 235 133 16 304 223 985 13 840 235 609 14 305 239 245 15 973
985 547 1 053 161 1 087 749 1 047 831 1 051 342 1 073 383 165 765 179 830 185 670 172 318 178 796 189 368
1 542 928 1 587 903 1 655 572 1 718 047 1 798 116 1 886 792 1 933 195 1 885 763 1 937 261 1 996 583 156 615 28 166 70 462 131 336 9 474 172 431 30 247 73 883 140 981 9 711 185 266 33 005 82 115 150 560 10 674 193 050 36 030 88 766 163 462 13 112 208 893 39 735 89 593 178 297 13 316 222 771 43 380 99 431 189 933 14 932 232 920 47 538 105 545 179 990 10 304 231 642 44 778 91 403 160 596 8 660 227 318 44 859 97 095 155 992 9 477 215 088 44 893 100 513 156 438 10 099
1 301 873 1 341 850 1 397 728 1 436 380 1 493 031 1 554 199 1 575 144 1 519 695 1 553 166 1 580 220 2 856 23 992 9 816 4 556 465 214 204 074 209 617 140 567 48 615 266 740 24 597 25 972 243 440 2 718 25 834 9 943 4 533 476 945 198 943 191 644 143 472 52 577 278 914 25 819 29 489 268 331 2 782 27 456 11 155 4 545 491 184 209 424 204 237 149 313 61 064 291 634 27 228 33 995 314 584 2 943 30 283 12 928 4 811 513 407 244 582 244 420 154 269 79 802 298 353 28 731 38 489 386 937 3 189 33 920 15 982 5 068 540 216 271 001 272 089 160 855 97 751 318 171 31 051 44 502 419 232 3 362 37 491 21 027 5 445 571 773 287 712 311 002 169 319 124 729 337 944 34 562 54 811 471 972 3 467 39 437 22 890 5 844 594 481 311 285 363 154 171 983 139 765 333 256 37 280 64 414 498 602 3 249 37 393 18 521 5 829 571 145 270 011 310 653 168 504 118 196 292 472 35 311 62 795 440 367 3 682 40 267 17 975 6 154 588 414 315 234 354 582 172 670 124 059 349 216 35 416 65 744 550 363 4 237 42 822 20 050 6 426 602 105 349 077 370 014 170 928 136 480 386 772 35 639 69 058 553 894
MT Malta NL Netherlands
1 699 345 1 642 504 1 768 015 1 846 607 1 955 550 2 063 476 1 809 578 1 573 465 1 709 607 1 746 962 10 713 043 10 893 789 11 459 807 12 044 672 12 747 202 13 528 788 13 672 427 12 860 220 13 576 701 14 047 536
66 Insurance Europe
AT BE
Austria Belgium
8 064 10 310 7 891 7 256 706 10 206 82 440 5 368 1 361 40 964 5 195 61 424 10 969 4 445 10 175 3 900 287 56 994 34 444 2 346 395 16 105 4 524 38 242 10 329 21 833 8 909 1 994 5 379 68 838 59 216 566 542
8 100 10 356 7 846 7 314 715 10 203 82 537 5 384 1 356 41 664 5 206 61 864 11 006 4 443 10 142 3 964 288 57 321 34 448 2 331 397 16 193 4 552 38 219 10 407 21 773 8 941 1 995 5 379 69 770 59 435 569 585
8 143 10 396 7 801 7 364 730 10 211 82 532 5 398 1 351 42 345 5 220 62 292 11 041 4 442 10 117 4 029 291 57 888 34 455 2 319 400 16 258 4 577 38 191 10 475 21 711 8 976 1 996 5 380 70 692 59 697 572 752
8 201 10 446 7 761 7 415 749 10 221 82 501 5 411 1 348 43 038 5 237 62 773 11 083 4 444 10 098 4 112 294 58 462 35 461 2 306 403 16 306 4 606 38 174 10 529 21 659 9 011 1 998 5 385 71 610 60 039 576 113
8 254 10 511 7 719 7 459 766 10 251 82 438 5 427 1 345 43 758 5 256 63 230 11 125 4 443 10 077 4 208 300 58 752 35 469 2 295 405 16 334 4 640 38 157 10 570 21 610 9 048 2 003 5 389 72 520 60 410 579 204
8 283 10 585 7 679 7 509 779 10 287 82 315 5 447 1 342 44 475 5 277 63 645 11 172 4 441 10 066 4 313 308 59 131 35 476 2 281 408 16 358 4 681 38 125 10 599 21 565 9 113 2 010 5 394 69 689 60 781 578 570
8 319 10 667 7 640 7 593 789 10 381 82 218 5 476 1 341 45 283 5 300 64 007 11 214 4 436 10 045 4 401 315 59 619 35 484 2 271 410 16 405 4 737 38 116 10 618 21 529 9 183 2 010 5 401 70 586 61 192 582 024
8 355 10 753 7 607 7 702 797 10 468 82 002 5 511 1 340 45 828 5 326 64 350 11 260 4 435 10 031 4 450 319 60 045 36 494 2 261 414 16 486 4 799 38 136 10 627 21 499 9 256 2 032 5 412 71 517 61 595 585 145
8 375 10 840 7 564 7 786 819 10 507 81 802 5 535 1 340 45 989 5 351 64 694 11 305 4 426 10 014 4 468 318 60 340 36 502 2 248 414 16 575 4 858 38 167 10 638 21 462 9 341 2 047 5 425 72 561 62 027 587 776
8 404 11 001 7 369 7 870 840 10 487 81 752 5 561 1 340 46 153 5 375 65 048 11 310 4 412 9 986 4 570 318 60 626 36 512 2 075 415 16 656 4 920 38 530 10 572 21 414 9 416 2 050 5 392 73 723 62 499 590 632
MT Malta NL Netherlands
1.1 Employees1 The companys own sales force operating from branch networks 1.2 Distance selling Call centres (telesales), the internet, mailing, etc.
2. Intermediaries
Tied agent
Intermediary acting as an agent of the insurer and under exclusive agreement to refer business to one insurer
Multi-tied agent
Intermediary acting as an agent for several insurers and with multiple insurer agency agreements
2.2 Brokers Intermediaries who represent the interest of the insured 2.3 Other intermediaries Intermediaries such as afnity groups, car sellers, estate agents, travel agencies, etc.
3. Bancassurance The provision of insurance products by banks or lending institutions. The bank or lending institution may act as an insurance agent, bank employee or insurance broker 4. Other
1 Tied agents with an employment contract with an insurer are included under Tied agents
68 Insurance Europe
Insurance Europe Statistics N46 is available on the Insurance Europe website: www.insuranceeurope.eu. The data set for the Annex I tables is available via: http://www.insuranceeurope.eu/uploads/Modules/Publications/tables_annex_eif_2011.xls
Insurance Europe aisbl Brussels, January 2013 For further information: stat@insuranceeurope.eu All rights reserved Design: Insurance Europe, Morris & Chapman
Insurance Europe Statistics N46: European Insurance in Figures, January 2013 is subject to copyright with all rights reserved. Reproduction in part is permitted if the source reference Insurance Europe Statistics N46, January 2013 is indicated. Courtesy copies are appreciated. Reproduction, distribution, transmission or sale of this publication as a whole is prohibited without the prior authorisation of Insurance Europe. Although all the information used in this publication was taken carefully from reliable sources, Insurance Europe does not accept any responsibility for the accuracy or the comprehensiveness of the information given. The information provided is for information purposes only and in no event shall Insurance Europe be liable for any loss or damage arising from the use of this information.
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