Insurance Europe study: €952bn paid out by insurers to individuals and businesses in Europe during 2013

BRUSSELS, 08-1-2015 — /EuropaWire/ — European insurers paid out an average of €2.6bn a day in claims and benefits during 2013, according to figures published today in a study by Insurance Europe, the European insurance and reinsurance federation.

The study, European Insurance in Figures, which examined trends in the European insurance market over several years, revealed that during 2013 a total of €952bn was paid out by insurers to individuals and businesses in Europe.

Michaela Koller, director general of Insurance Europe, said: “The constant and high volume of claims and benefits paid out by insurers to their customers demonstrates the important contribution which insurers make to our society. It is crucial for policymakers to provide insurers with a regulatory framework which allows them to continue providing such a valuable service.”

Of the total amount of claims and benefits paid out by insurers in 2013, €626bn were life benefits and €326bn were non-life claims and benefits.

Of the total non-life claims and benefits paid out in 2013:

• Motor insurance claims equalled €103bn (a 4.8% increase on 2012)
• Property insurance claims amounted to €57bn (a 13.9% increase on 2012)
• Health insurance claims totalled €97bn (a 12.9% increase on 2012)

The study revealed that total European gross written insurance premiums amounted to €1 117bn in 2013. It also noted that the assets under management of Europe’s insurers grew by 3.1% during 2013, to €8 527bn, with 82% of those assets used to back life insurance liabilities and the other 18% backing non-life insurance liabilities.

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Notes for editors
1. For further information please contact Richard Mackillican, Policy Advisor Communications & PR (tel: +32 2 894 30 69, mackillican@insuranceeurope.eu).
2. The full report is available here and the dataset can be downloaded here.
3. To receive Insurance Europe’s news and press releases:
follow us on Twitter @InsuranceEurope sign up to the RSS feeds at www.insuranceeurope.eu e-mail Amélie Chantrenne, chantrenne@insuranceeurope.eu, to be added to our mailing list
4. 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 Europe’s economic growth and development. European insurers generate premium income of more than €1 100bn, employ almost one million people and invest more than €8 500bn in the economy.