Insurance Europe · EIOPA · OECD · AM Best · National Regulators

Insurance Market of
Europe

In-Depth Analytical Review 2019–2025 · 30+ countries · 9,000+ companies · EIOPA, Insurance Europe, AM Best
Analytical Period 2019–2025
All figures in euros (€ EUR) and dollars ($) Top 30 European Insurance Groups 9,000+ insurance companies
€1,47 tn
Total European Insurance Premiums (2024 est.)
The European insurance market is the second largest in the world after North America. It accumulates about one-third of all global insurance premiums. The market encompasses over 9,000 insurance and reinsurance companies, employing more than 920,000 people. Every year, European insurers pay out over €1,000bn in claims — approximately €2.8bn per day. The industry is the largest institutional investor in Europe, investing trillions of euros in government bonds, infrastructure and corporate assets.
Structural characteristics. The market shows high concentration: 5 countries (UK, Germany, France, Italy, Switzerland) generate over 75% of total European premiums. The dominance of large groups is growing — the top 30 insurance groups accumulate over $1.07tn in premiums. France is represented by 11 groups in the top 30 (the highest count), Germany leads by capital volume (Allianz — $55bn capital & surplus). The bancassurance model (sales through banks) is particularly developed in France (Crédit Agricole, BNP Paribas, Sogécap, BPCE) and Italy (Poste Italiane, Intesa Sanpaolo).
Regulator environment. Solvency II remains the core regulatory framework for EU/EEA countries. The average SCR ratio across the EEA exceeds 200%, demonstrating the industry's strong capitalization. Germany leads with SCR ~300% (BaFin). In 2025–2026, Solvency II updates are expected: revision of LTG measures, reserve and own funds requirements. Post-Brexit, the UK is reforming its Solvency UK regime to enhance London's competitiveness as a global insurance hub. EIOPA publishes quarterly statistics based on QRT reporting from all supervised companies.
Market Structure: Life vs Non-Life
Total Premium Dynamics 2019–2024 (€bn)
Top 10 Domestic Insurance Markets in Europe (€ bn, 2024 est.)
Key Trend 2024–2025:

Non-Life premium growth (+7–9% nominally) is supported by rate increases following the 2022–2023 inflation shock. The Life sector accelerated (+11% nominally, +7.8% real) driven by higher interest rates and the attractiveness of guaranteed products. Insurance penetration in the OECD reached 6.2% of GDP in 2024 but remains 0.4pp below the level of a decade ago. The penetration spread — from 1.1% (Romania) to 33% (Luxembourg) — points to significant growth potential in CEE.

Reinsurance Context:

Global reinsurance dedicated capital reached $769bn (+5.4%). The four largest European reinsurers (Munich Re, Swiss Re, Hannover Re, SCOR) posted record combined earnings of €11bn. The combined ratio improved to 86.3%. Europe controls ~36% of global reinsurance (AM Best). Hard reinsurance conditions translate into rate increases in the primary market, especially in property and casualty lines.

Key Market Metrics
Comparative indicators by European regions
RegionPremiums, €bnMarket ShareNo. of CompaniesSCR ratioPenetration
Western Europe~78053%~3 500240–300%7–12%
Southern Europe~25017%~2 200200–250%5–7%
Northern Europe~18012%~800180–260%6–9%
Central and Eastern Europe~1208%~1 500180–230%2–4%
United Kingdom and Switzerland~34023%~1 200150–287%10–14%
TOTAL EUROPE~1 470100%~9 200—~6,8%
Key European Insurance Markets
Premiums, structure, regulators and trends across 20 leading countries
#CountryRegulatorGWP, € bn (2023–2024)Life, € bnNon-Life, € bnCompaniesPenetrationYoY Growth
1United KingdomPRA / FCA~330~180~150~75010.4%+8%
2FranceACPR~280~178~102~7009.5%+7%
3GermanyBaFin~250~100~150~5006.2%+6%
4ItalyIVASS~165~93~72~2007.8%+5%
5SwitzerlandFINMA~65~30~35~2008.5%+4%
6NetherlandsDNB~85~35~50~1709.2%+6%
7SpainDGSFP~70~28~42~2505.0%+5%
8SwedenFI~45~28~17~3007.6%+4%
9AustriaFMA~22~8~14~454.8%+5%
10NorwayFinanstilsynet~25~12~13~805.4%+6%
11DenmarkFinanstilsynet~35~22~13~1208.8%+4%
12PolandKNF~18~6~12~552.6%+8%
13PortugalASF~14~8~6~505.2%+5%
14GreeceBank of Greece~5.5~2.5~3~402.5%+6%
15CzechiaCNB~7.7~1.9~5.8~452.7%+8%
16TurkeyTSB~24~3~21~601.5%+46%*
17RussiaBank of Russia~43~15~28~1401.4%+7%
18MoldovaNCFM (CNPF)~0.15~0.02~0.13~120.9%+10%
19CyprusICB~1.4~0.5~0.9~304.7%+8%
20LatviaNBL~1.35~0.25~1.1~153.2%+10%
* Turkey — growth in TRY; in EUR ~6.5%
Analyst Commentary:

The UK remains the largest European market by total premiums, driven by the strong global position of Lloyd's . France leads in the Life (€178 bn), while Germany leads in Non-Life (€150 bn). Central and Eastern Europe shows the highest growth rates (+8–10%), but maintains low penetration (2–4% GDP).

Top 30 European Insurance Groups
By Gross Written Premiums (GWP), AM Best data, 2024
Insurance Groups Ranked by GWP ($mn)
#Insurance GroupCountryGWP, $ mnCapital, $mnProfit, $bnS&P Rating
1AXAFrance106 14742 3347,32AA−
2AllianzGermany100 56954 9607,67AA
3GeneraliItaly85 16917 2983,41A−
4Munich ReGermany71 67922 4893,65AA−
5Zurich InsuranceSwitzerland58 84826 6354,92AA−
6Lloyd'sUnited Kingdom56 33447 766−0,93A+
7HDI (Talanx)Germany56 0538 9622,67A+
8ChubbSwitzerland51 97850 5195,25AA
9Swiss ReSwitzerland47 88912 6990,48AA−
10CNP AssurancesFrance38 49118 2802,42A
11Crédit Agricole Assur.France37 7208 6531,88A+
12BNP Paribas CardifFrance26 9833 4350,71A+
13MAPFRESpain26 2027 7831,16A
14CovéaFrance23 51119 5990,72A+
15PrudentialUnited Kingdom23 34416 960−0,01A+
16AvivaUnited Kingdom22 81915 180−1,37A+
17AchmeaNetherlands22 5169 9040,11A
18SCOR SEFrance21 0685 444−0,32AA−
19R+V VersicherungGermany19 9314 356−0,26A+
20Poste ItalianeItaly18 7259 4951,61A−
21Aéma GroupeFrance17 2235 4800,06A
22GroupamaFrance16 7858 0090,49A
23Legal & GeneralUnited Kingdom16 51414 6772,76A+
24SogécapFrance15 7783 1300,63A
25Swiss LifeSwitzerland15 29011 0071,58A+
26BPCE AssurancesFrance14 9902 1330,34A
27NN GroupNetherlands14 56518 9721,67A+
28VGZNetherlands14 2002 620−0,21—
29Crédit Mutuel Assur.France14 1829 6160,90A+
30Vienna Insurance GroupAustria13 4104 5100,50A+
TOTAL TOP 301 068 913482 905—
Distribution by Country
Top-30 Groups: Global GWP by Country of Headquarters ($mn)
Analytical Conclusion:

France has the most groups (11 of 30), but by GWP volume the Germany-France duo leads — AXA ($106bn) and Allianz ($101bn). Total Top 30 premiums amount to $1.07tn. Switzerland holds a disproportionately high position thanks to global reinsurers (Swiss Re, Zurich, Chubb).

Leading Insurance Companies by Country
Top companies in key European markets (2024 data)
Insurance Penetration and Density
Premiums to GDP (%) and premiums per capita (€)
Insurance Penetration (GWP/GDP, %) by Country, 2024
Density: Premiums per Capita (€)
Key Gap:

The gap between mature (UK — 10.4%, Denmark — 8.8%) and developing (Romania — 1.1%, Turkey — 1.5%) markets exceeds 7x. OECD average is 6.2%. In monetary terms: €3,800 per capita in Switzerland vs €90 in Moldova.

European Reinsurance Market
Europe — global reinsurance leader: ~36% of global market, 6 of top 10 global reinsurers
The European reinsurance market is the largest in the world. Total premiums of 154 global reinsurers reached $394.7bn in 2024, with European groups controlling over a third of the volume. Global dedicated reinsurance capital reached $769bn (+5.4% YoY), and net income of the largest reinsurers was $78bn. The four leading European reinsurers — Munich Re, Swiss Re, Hannover Re and SCOR — posted record combined results of €11bn for 2024 (+8% vs 2023).
Top 10 Global Reinsurers by GPW 2024 ($bn, S&P Global)
Big Four European Reinsurers
Munich Re, Swiss Re, Hannover Re, SCOR — record €11bn combined profit in 2024
Key Reinsurance Market Indicators
Indicator2022202320242025 (est.)Trend
Global Dedicated Capital, $bn680730769785↑ +5,4%
Total Premiums (154 companies), $bn340370395~436↑ +7%
Non-Life Reinsurance, $bn248275293~310↑ +6,5%
Life Reinsurance, $bn9295101,5~108↑ +2%
Combined Ratio (Non-Life)96.5%90.3%91.3%79,8%*↓ improving
Average ROE Big-4 Europe8.2%17.1%~18%19.6%↑ record
Top-10 Share in Non-Life54%55%56.4%~57%→ concentration
* P&C combined ratio Big-4 Europe (Fitch, 2025)
Swiss Re overtakes Munich Re.

According to S&P Global (September 2025), Swiss Re became the top global reinsurer by GPW for the first time ($43.1bn), overtaking Munich Re ($42.8bn). Hannover Re holds steady in third place ($37.7bn). Munich Re leads in Non-Life premiums ($29.4bn, 10% global market) and reported the best combined ratio — 77.3% (2024).

Catastrophe Losses and Their Impact
Insured nat-cat losses exceed $100bn for the fourth consecutive year. In 2024, global losses exceeded $320bn, with insured losses above $140bn. Hurricanes Milton and Helene were the most destructive events. In early 2025, LA wildfires are estimated at $30–50bn, consuming approximately 39% of reinsurers annual catastrophe budget. Secondary perils (severe convective storms) generated $64bn in insured losses in 2024.
Despite catastrophic events, reinsurers raised profit guidance. Hannover Re, Munich Re and Swiss Re raised their 2025 net income guidance by approximately 20%, supported by growing contractual service margins, steady premium growth and high investment yields. Moody's notes the outlook remains "favorable" absent additional major catastrophes.
Structural Reinsurance Trends
Cyber Reinsurance
$16,6 bn
expected global cyber premiums by 2025. Massive protection gap
Parametric Insurance
Growth
Linked to climate indices, instant payouts, reduced friction
Alternative Capital
ILS / Cat Bonds
Third-party capital expands capacity: cat bonds, sidecars, retrocession structures
AI Underwriting
2025+
Hannover Re launched AI platform (Jan 2025). SCOR deployed blockchain for contracts
Implications for Brokers:

Reinsurance drives primary market pricing. Rising attachment points and tighter terms in 2023–2024 translated into rate increases for end-insureds. In 2025–2026, "pockets" of softening appear for non-loss-affected portfolios, but loss-hit lines (property cat, casualty long-tail) maintain hard conditions. Partnership with large reinsurance groups through the broker channel (brokers hold 61.5% of Swiss revenue share) remains the key placement channel.

Solvency II: Reform 2025–2027
Directive (EU) 2025/2 · Published 8 January 2025 · Transposition by 30 January 2027 · EIOPA
Directive (EU) 2025/2 is the largest Solvency II reform since the framework was implemented in 2016. Published in the Official Journal of the EU on 8 January 2025, it requires all Member States to transpose changes by 30 January 2027. The amended Delegated Regulation will take effect simultaneously. EIOPA has already launched multiple consultations on technical standards (RTS/ITS), with guidelines reduced by 21–29% in line with regulatory simplification.
Three Pillars of Reform
Pillar I — Capital Requirements
SCR and LTG Measures Revision: new extrapolation formulas for long-term liabilities, revised risk margin calculation with lambda factor, updated spread-risk stress tests. Long-term Investments: preferential 22% risk factor for long-term equity investments (down from 39–49%), subject to ≥5 year hold. Goal — stimulate real economy financing under the Savings & Investments Union. Volatility Adjustment: updated representative portfolios (from end-2024 data) for VA calculation — effective from April 2026.
Pillar II — Governance and Supervision
Climate Risks: mandatory incorporation of sustainability risks into business model analysis. Cyber and IT Risks: new guidelines on SupTech and Digital Operational Resilience (DORA). Macroprudential Tools: pre-emptive recovery planning, early intervention measures. Cross-border Supervision: enhanced home/host supervisor cooperation, new criteria for determining cross-border activity significance. Liquidity: new powers to address deficiencies in insurers liquidity management.
Pillar III — Reporting and Disclosure
QRT Reporting: updated Quantitative Reporting Templates with new taxonomy — effective 2027. EIOPA launched public consultations on reporting ITS/RTS in July 2025. Proportionality: for "small and non-complex undertakings" (SNCU) — simplified regime across all three pillars. Guidelines reduced by 21–29%. SNCU criteria developed by EIOPA (January 2025) — clear classification methodology. Transparency: regular EIOPA reporting to the Commission, Parliament and Council; first report due by 31 December 2028.
Solvency III — What to Expect Next
The term "Solvency III" is not official. However, the scale of reform (Directive 2025/2) is so significant that some analysts and market participants use the term informally. Key elements that can be considered "third generation":
Climate Transformation
StatusMandatory from 2027
ScopeClimate stress-tests, ESG in assets
For the first time sustainability risks are formally included in supervisory business model analysis. Insurers must model climate scenarios in SCR calculations. EIOPA will develop methodological guidelines by 2027.
Macroprudential Supervision
StatusNew from 2027
ScopeRecovery planning, early intervention
Following the banking supervision model early warning tools and recovery plans have been introduced. Supervisors gain pre-emptive intervention powers for systemic risks.
DORA — Digital Resilience
StatusEffective from 2025
ScopeICT risk management, cyber resilience
The Digital Operational Resilience Act (DORA) establishes unified ICT risk management requirements for all financial institutions, including insurers. EIOPA integrates cyber risks into the supervisory review process.
UK Solvency Reform (post-Brexit)
StatusReform 2024–2025
ScopeMatching Adjustment, risk margin cut
The UK is reforming its Solvency UK independently from the EU: ~65% risk margin reduction, expanded Matching Adjustment for infrastructure investments. Goal — enhance London competitiveness.
SCR Ratio by Country
Solvency Capital Requirement Coverage Ratio, 2024
Reform Timeline:

January 2025 — Directive 2025/2 published. EIOPA issued advice on proportionality.
July 2025 — EIOPA submitted first package of technical standards to the Commission.
October 2025 — 6 new consultations: risk margin, ring-fenced funds, liquidity.
December 2025 — VA portfolios updated (effective April 2026).
February 2026 — Guidelines updated on supervisory review and market/counterparty risk.
2026 — final RTS/ITS, updated QRT taxonomy.
30 January 2027 — transposition deadline, all new rules take effect.

Impact on Brokers and Policyholders:

Reduced risk factor for long-term equity (22% vs 39–49%) may lower guarantee costs in Life products. SNCU proportionality will simplify working with smaller insurers. Climate stress tests will improve cat risk transparency. UK Solvency Reform creates competitive advantages for London placements. Brokers must track implementation across each jurisdiction — timing and details will vary.

Interactive Market Comparison
Select countries to compare key insurance market indicators
Select Countries (up to 5)
GWP — Gross Written Premiums (€bn)
Insurance Penetration (GWP/GDP, %)
Density: Premiums per Capita (€)
Structure: Life vs Non-Life (€bn)
Summary Table of Selected Countries
How to Use:

Click on country names — they highlight and are added to comparison. Use presets for quick region selection. All charts and tables update instantly. Data: EIOPA, Insurance Europe, AM Best, national regulators (2023–2025).

Conclusions and Recommendations
Strategic overview for market participants
1
The European market demonstrates sustained growth. Total premiums exceeded €1.47tn in 2024, growing +7–8% nominally. Leaders AXA and Allianz control over $200bn in combined premiums. The market is highly concentrated: the top 30 groups accumulate over $1tn.
2
The Life segment is recovering. After stagnation in 2020–2022, the life sector posted +11% in 2024 driven by rising interest rates and the attractiveness of guaranteed products. France (€178bn) is the undisputed Life segment leader.
3
Non-Life is fueled by rate inflation. Rate increases in motor, property and liability offset claims inflation. In the UK, motor showed one of the best underwriting results in recent years. The Ogden rate review (+75bp to 0.50%) released reserves.
4
CEE — growth territory. Central and Eastern Europe grows at 8–10% annually. Kyrgyzstan showed +94% (from a low base). Turkey +46% nominally, but only +6.5% in EUR due to lira devaluation. Penetration potential is enormous: 2–4% vs 7–12% in Western Europe.
5
Solvency remains strong. The average SCR ratio across the EEA exceeds 200%. Germany shows the highest figures (~300%), reflecting BaFin conservative approach. Munich Re maintains SCR at 287% with €32.8bn equity.
6
Reinsurance sets the market tone. Four European reinsurers achieved record combined earnings of €11bn. Swiss Re overtook Munich Re as #1 by GPW ($43.1bn). Average Big-4 ROE reached 19.6% in 2025 — an all-time record. However, cat losses exceed $100bn for the fourth consecutive year, and LA 2025 wildfires consumed 39% of the annual catastrophe budget. Trends — growth of alternative capital (cat bonds, ILS), cyber reinsurance ($16.6bn), parametric covers.
7
Recommendations for Brokers. Working with pan-European clients requires understanding differences in regulation, taxation and market structure. The optimal strategy is to focus on niche segments (cyber, ESG, embedded insurance, parametric covers) and partnerships with local brokers in each jurisdiction. The 2025–2026 reinsurance cycle creates an opportunity window for placing complex risks through the broker channel, which controls over 60% of reinsurance flows in Switzerland and London.