CEA: The total volume of insurance premiums has increased by 5% last year in member states
New figures published on June the 14th, 2011, by the CEA, the European insurance and reinsurance federation, show a provisional increase in gross written premiums in its member countries of 5% in 2010, at current exchange rates.
Initial 2010 figures suggest premiums totaled EUR 1,115 billion, up from EUR 1,060 billion in 2009. Premiums had remained flat in 2009, at current exchange rates. The growth in 2010 is based on increases in both life and non-life premiums.
Life premiums increased in 2010 by 6% to an estimated EUR 688 billion. Non-life premiums grew for the first time in two years by 4% to EUR 428 billion. A year earlier, the totals were EUR 648 billion and EUR 411 billion, respectively.
Motor insurance, the largest non-life business line, grew just over 3% from EUR 121 billion to EUR 125 billion, while health premiums grew more strongly by 7% to total EUR 108 billion and property premiums increased only slightly to EUR 83 billion.
Figures for insurers' total investments showed an increase in portfolios of 7% to EUR 7,500 billion at current exchange rates.
Commenting on the figures, CEA Director General, Michaela KOLLER, said: "Today's figures show that Europe's insurers have weathered the economic crisis well and that they continue to provide much needed stability and confidence to consumers and to Europe's economy as a whole".
The figures are contained in the CEA's 2010-2011 Annual Report, which was published on June the 14th, 2011. The report also details the activities and positions of the federation on key issues for the insurance industry, such as the new Solvency II regulatory regime, revised accounting standards for insurers, anti-discrimination issues and pension reform.
New figures published on June the 14th, 2011, by the CEA, the European insurance and reinsurance federation, show a provisional increase in gross written premiums in its member countries of 5% in 2010, at current exchange rates.