Europe’s insurance industry
saw total premium income rise from €1.06trn ($1.56trn) in 2009 to
€1.12trn in 2010, an increase of 5.2%, according to preliminary
data from European insurance industry body the Comité Européen des
Assurances (CEA).
The CEA noted that the
increase in 2010 was a big improvement on the previous year when
premium income, at current exchange rates, showed no growth
compared with 2008.
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The life insurance sector was
the biggest growth-driver in 2010, with premium income rising by
6.2%, from €648bn to an estimated €688bn, or 64.9% of the
industry’s total premium income.
The CEA put the rise in
general insurance premium income at 4.1%, from €411bn in 2009 to
€428bn in 2010. This, noted the CEA, was the first increase in
general insurance premium income in two years.
Within the general insurance
sector, health insurance premium income reflected the highest
growth, rising by 7% to €108bn. The largest component of the
general insurance sector, motor insurance, reflected a 3.3%
increase in premium income to €125bn. Property insurance premium
income at €83bn was only slightly up, noted the CEA.
The CEA also reported that the European insurance
industry’s total investments increased by 7% to €7.5trn.
