Industry Statistics and Trends
Insurance in Europe key trends
Aggressive acquisition activity takes place across the supply chain.
European insurance M&A activity has boomed thanks to intense competition, low financing costs and an abundance of opportunities.
Regulation will focus on societal outcomes.
Insurers are under pressure to guarantee and safeguard consumers, particularly in light of Italy’s Eurovita collapse in 2023.
Rising NatCat claims push up premiums.
The surge and cost of weather-related disasters have pushed both the volume and value of sales, ensuring a cushion for the industry.
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Insurance in Europe
Industry Revenue
Total value and annual change from 2011-2029. Includes 5-year outlook.
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Insurance in Europe market size (2019-2024)
Industry revenue has declined at a CAGR of 1.8 % over the past five years, to reach an estimated €1.5tr in 2024.
Trends and Insights
Commercial lines pave the way for growth
- It’s no shock cyber insurance sales in terms of volume and value have been on the up, driven by the rising frequency and severity of ransomware claims.
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Insurance in Europe outlook (2024-2029)
Market size is projected to grow over the next five years.
Europe has a problem with natural catastrophe (NatCat) insurance
- As weather events grow more severe and frequent across Europe, premiums will continue to rise, and NatCat coverages become a more attractive opportunity.
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Revenue
€1.5tr
Employees
917k
Wages
€XX.Xbn
European Leaders & Laggards
Top 5 Countries
Bottom 5 Countries
* CAGR values are for the years 2019-2024.
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Biggest companies in the Insurance in Europe
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Allianz SE | 168,329.1 | 15,431.5 | 9.2 | |
Assicurazioni Generali | 84,699.6 | 4,211.6 | 5.0 | |
Axa SA | 106,454.8 | 11,131.9 | 10.5 |
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Insurance in Europe
Products & Services Segmentation
Industry revenue broken down by key product and services lines.
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Top Questions Answered in this Report
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What is the market size of the Insurance industry in Europe in 2024?
The market size of the Insurance industry in Europe is €1.5tr in 2024.
How many businesses are there in the Insurance in Europe industry in 2024?
There are 9,149 businesses in the Insurance industry in Europe, which has declined at a CAGR of 3.5 % between 2019 and 2024.
Has the Insurance industry in Europe grown or declined over the past 5 years?
The market size of the Insurance industry in Europe has been declining at a CAGR of 1.8 % between 2019 and 2024.
What is the forecast growth of the Insurance industry in Europe over the next 5 years?
Over the next five years, the Insurance industry in Europe is expected to grow.
What does the Insurance in Europe include?
Motor vehicle insurance and Property and casualty insurance are part of the Insurance industry.
Which countries have the most businesses in the Insurance industry in Europe?
The European country with the most businesses in the Insurance industry is United Kingdom.
How competitive is the Insurance industry in Europe?
The level of competition is moderate and increasing in the Insurance industry in Europe.
Related Industries
This industry is covered in 37 countries
Table of Contents
About this industry
Industry definition
Businesses in the industry underwrite insurance policies relating to property, casualty, liability and other general risks and life products. The premiums they earn from this are then invested to generate additional income.
Related Terms
Premiums IncomeUnderwritingInvestment IncomeWhat's included in this industry?
Motor vehicle insuranceProperty and casualty insuranceAccident and health insurancePecuniary loss insuranceGeneral liability insuranceHome-foreign risk insuranceMarine, aviation and transport insuranceLife insuranceAnnuities (bulk and individual)Disability and long-term insuranceCompanies
Allianz SEAssicurazioni GeneraliAxa SAIndustry Code
651 - Insurance in Europe
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Performance
Key Takeaways
Commercial lines pave the way for growth
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Revenue Highlights
Trends
- Revenue
- 2024 Revenue Growth
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue in the Insurance in Europe industry (2011 -2029)
- Employees in the Insurance in Europe industry (2011 -2029)
- Business in the Insurance in Europe industry (2011 -2029)
- Profit in the Insurance in Europe industry (2011 -2029)
Analysis
What's driving current industry performance in the Insurance in Europe industry?
Outlook
Analysis
What's driving the Insurance in Europe industry outlook?
Volatility
Analysis
What influences volatility in the Insurance in Europe industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Insurance in Europe industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
Demand for cyber and specialist insurance surges amid digitisation and geopolitical conflict. Companies are increasingly investing in these specialised policies as they go digital, the threat of cyber-attacks grows more complex, and geopolitical conflicts become more prevalent.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Insurance in Europe industry's products and services performing?
Analysis
What are innovations in the Insurance in Europe industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Insurance in Europe industry?
International Trade
Highlights
- Total Imports into Europe
- Total Exports into Europe
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Revenue by Region (2024)
- Share of Total Industry Enterprises by Region (2024)
- Share of Total Industry Employment by Region (2024)
- Share of Total Industry Wages by Region (2024)
Industry Geographic Breakdown
Data Tables
Values and annual change provided for 37 European countries:
- Revenue (2024)
- IVA (2024)
- Enterprises (2024)
- Employment (2024)
- Exports (2024)
- Imports (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
Market diversity keeps market share concentration low. Europe has a breadth of different regulatory frameworks, languages, cultures and social norms. This diversity makes it challenging for insurers to dominate the market.
Supply Chain
Charts
Buyer and supply industries
Companies
Market Share
Charts
- Industry Market Share by Company (2019-2024)
Companies
Data Tables
Top 10 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit Margin (2024)
Data Tables
- Countries of operation for Allianz SE
- Countries of operation for Assicurazioni Generali
- Countries of operation for Axa SA
- Countries of operation for Credit Agricole Assurances
- Countries of operation for CNP Assurances
- Countries of operation for Zurich Insurance Group AG
- Countries of operation for Aviva plc
- Countries of operation for BNP Paribas
- Countries of operation for Legal & General Group
- Countries of operation for Chubb Ltd
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
The EIOPA is urging regulatory bodies to focus on good consumer practices. This has stemmed from an investigation into price-walking when a company continuously raises prices at renewal, which usually occurs once a year for non-life insurance customers.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Insurance in Europe industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
Policy payments account for the bulk of income. Insurance offers financial protection in the event of damage, loss or death. Payments are made when a policy is discontinued. Direct claims take up the largest share of payments.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Insurance in Europe industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
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Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
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