European Insurance in Figures 2011

CEA Statistics N44 European Insurance in Figures December 2011
CEA Statistics European Insurance in Figures

www.cea.eu
About the CEA

The CEA is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance associations the CEA represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. The CEA, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europes economic growth and development. European insurers generate premium income of over 1 100bn, employ nearly one million people and invest almost 7 500bn in the economy.
European Insurance in Figures
Contents
CEA full member associations Methodological note 6 7
Abbreviations 7 Executive summary 8
I. Premiums 11 I.1 Life insurance premiums 12
I.2 Non-life insurance premiums I.2.1 Motor 16 I.2.2 Health 17 I.2.3 Property 18 I.2.4 Other non-life business lines 19 II. Insurance density and penetration II.1 Insurance density II.1.1 Overall density II.1.2 Life density II.1.3 Property, casualty and accident density II.1.4 Health density II.2 Insurance penetration III. Insurers investment portfolio III.1 Structure of the portfolio III.2 Ratio of investment portfolio to GDP IV. Market operators 20 20 20 21 22 22 24 28 28 29 31
IV.1 Companies 31 IV.2 Employees 31 IV.3 Distribution channels IV.3.1 Life insurance IV.3.2 Non-life insurance 32 32 33
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Annex I. Statistical tables Part A: Insurance market data Table 1 | Total European gross written premiums 20012010 (m) Table 2 | Worldwide premiums 20002010 ($bn) Table 3 | Life gross written premiums 20012010 (m) Table 4 | Non-life gross written premiums 20012010 (m) Table 5 | Motor gross written premiums 20012010 (m) Table 6 | Health gross written premiums 20012010 (m) Table 7 | Property gross written premiums 20012010 (m) Table 8 | Other non-life gross written premiums 20012010 (m) Table 9 | Total insurers investment portfolio 20012010 (m) Table 10 | Life insurers investment portfolio 20012010 (m) Table 11 | Non-life insurers investment portfolio 20012010 (m) Table 12 | Structure of insurers investment portfolio 20002009 (%) Table 13 | Number of insurance companies 20012010 Table 14 | Number of employees 20012010 Table 15 | Breakdown of life premiums by distribution channel 2009 Table 16 | Breakdown of non-life premiums by distribution channel 2009 Part B: Macroeconomic data Table 17 | Euro exchange rates 20012010 Table 18 | GDP at current market prices 20012010 (m) Table 19 | Population 20012010 (thousands) Annex II. Distribution channel classication
36 36 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 50 51 51 52 53 54
Authors note To strip out the effects of exchange rate changes and better reflect economic reality, the growth rates shown in the text have been calculated on the basis of 2010 exchange rates.
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CEA full member associations

Austria (AT) Versicherungsverband sterreich (VVO) Belgium (BE) Assuralia Bulgaria (BG) Association of Bulgarian Insurers (ABZ) Croatia (HR) Hrvatski ured za osiguranje Cyprus (CY) Insurance Association of Cyprus Czech Republic (CZ) esk asociace pojitoven (AP) Denmark (DK) Forsikring & Pension (F&P) Estonia (EE) Eesti Kindlustusseltside Liit Finland (FI) Finanssialan Keskusliitto France (FR) Fdration Franaise des Socits dAssurances (FFSA) Germany (DE) Gesamtverband der Deutschen Versicherungswirtschaft (GDV) Greece (GR) Hellenic Association of Insurance Companies Hungary (HU) Magyar Biztostk Szvetsge (MABISZ) Iceland (IS) Samtk Fjrmlafyrirt kja (SFF) Ireland (IE) Irish Insurance Federation (IIF) Italy (IT) Associazione Nazionale fra le Imprese Assicuratrici (ANIA) Latvia (LV) Latvijas Apdrointju asocicija (LAA) Liechtenstein (LI) Liechtensteinischer Versicherungsverband Luxembourg (LU) Association des Compagnies dAssurances (ACA) Malta (MT) Malta Insurance Association Netherlands (NL) Verbond van Verzekeraars Norway (NO) Finansnringens Fellesorganisasjon (FNO) Poland (PL) Polska Izba Ubezpiecze (PIU) Portugal (PT) Associao Portuguesa de Seguradores (APS) Romania (RO) Uniunea Naional a Societilor de Asigurare i Reasigurare (Unsar) Slovakia (SK) Slovensk asocicia poistovn Slovenia (SI) Slovensko Zavarovalno Zdruenje (SZZ) Spain (ES) Unin Espaola de Entidades Aseguradoras y Reaseguradoras (Unespa) Sweden (SE) Svensk Frskring Switzerland (CH) Schweizerischer Versicherungsverband (ASA/SVV) Turkey (TR) Trkiye Sigorta ve Reasrans irketleri Birlii United Kingdom (UK) The British Insurers European Committee: Association of British Insurers (ABI) International Underwriting Association of London (IUA) Lloyds
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Methodological note
This report is based on annual data collected by the CEA from its member associations (see list on p6). Most 2010 gures are provisional. The gures are based on samples that represent more than 90% of the market for most countries. The gures for Romania represent around 70% of the market. For Slovenia, all gures (excluding those referring to the number of companies) refer to association members only. For data on European insurance groups, the source is LArgus de lAssurance. For data on worldwide premiums, the source is Swiss Re. Macroeconomic data, ie, population, gross domestic product (GDP) and exchange rates, have been taken from Eurostat, the statistical office of the European Union, and from national statistical ofces. The monetary unit used for the nancial data is the euro. For the periods prior to the introduction of the euro, for which the ECU is the reference currency, and for the countries that are not part of the euro area, the gures are converted into euro using the annual average exchange rate. Unless otherwise stated, premiums are gross written premiums (direct business) on home territory underwritten by companies with their head office in the corresponding country. Year-on-year changes have been calculated by subtracting from the total the data for those countries for which there is no information for the previous or subsequent year. The average growth over time represents the average of the past year-on-year changes. The changes are calculated in nominal terms, ie nonination adjusted.
Abbreviations
bn billion EU European Union GDP gross domestic product m million n.a. not available pp percentage point
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Executive summary
Gross written premiums
Provisional gures for 2010 show that European insurers weathered the ongoing economic turmoil well, as total gross written premiums increased by 2.5%, at constant exchange rates, to reach 1 104bn. This growth is slightly lower than that experienced in 2009, which was 3.0% at constant exchange rates, but a signicant improvement on 2008 when total premiums dropped by almost 6% (at constant exchange rates). European life premiums, which account for 60% of all insurance premiums, amounted to 676bn in 2010, based on provisional gures. This corresponds to a 2.5% increase at constant exchange rates over 2009, when the year-onyear increase was +4.6%. The largest markets continue to be the UK, France, Germany and Italy, which jointly account for almost 70% of total European life premiums. The latter three countries experienced increases, but the UK saw premiums fall. The increases, which were reected in a rise in new business, are considered to be the consequence of customers desire for security during times of economic turbulence, while the decline in the UK is the result of a drop in group pensions. After two successive years of relatively stable premium income, there appears to be a recovery in the non-life sector in 2010, since the provisional gures show a growth of 2.7% at constant exchange rates to 428bn. This overall increase is mainly the result of improvements in the economy, with households and companies showing a renewed interest in insurance products. The three largest classes of non-life insurance motor, health and property saw their premiums growing by respectively 1.3%, 5.9% and 2.6% (at constant exchange rates), amounting to 125bn, 108bn and 84bn in 2010.
Insurance density and penetration1

On a per capita basis, an average of 1 879 was spent on insurance in 2010 in the 32 full member countries represented by the CEA. Of this amount, 1 150 was spent on life insurance and the remaining 729 on non-life insurance, of which 184 was on health. In total, this is 38 more (at constant exchange rates) than in 2009. With a nominal GDP growth of +3.6% in Europe and overall insurance premium growth of +2.5% (at constant exchange rates) in 2010, average insurance penetration remained stable at 8.2%. Life insurance penetration (5.0%) and non-life insurance penetration (3.2%) also remained stable.
Insurers investment portfolio

Following the rebound of capital markets that began in 2009, and despite the signicant level of volatility experienced in 2010, European insurers total
1 Insurance penetration is a commonly recognised indicator of insurance activity. It is expressed here by showing total gross written premiums as a percentage of GDP
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investment portfolio continued its recovery to reach more than 7 400bn in 2010, according to the provisional estimates. This represents an increase of almost 5% at constant exchange rates. The changes in the total investment portfolio have been mainly driven by life business, since the investment holdings of the life insurance industry account for more than 80% of the total. In Europe insurers invest the largest proportion of their portfolio in debt securities and other xed-income assets and in shares and other variable-yield securities. Together these two types of assets account for around 70% of the total. In 2009 the proportions of both debt securities and shares remained broadly stable and even increased very slightly. The former accounted for 40% of European insurers assets while the latter represented 32% of the total. Loans still constitute the third largest type of investment (12% in 2009).
Market operators
Companies and employees The number of companies carrying out insurance activities had been declining steadily for a decade, after a wave of mergers and acquisitions at the end of the 1990s following market liberalisation and deregulation in the EU. In 2010, however, this trend was reversed with the number of companies in the 32 countries that are full CEA members totalling around 5 350 compared to over 4 900 in 2009. This corresponds to an 8% rise against a decrease of almost 3% in 2009. After two years of minor growth, the trend reversed in 2009, since the number of employees in the European insurance industry decreased by nearly 6% to under 960 000 direct employees. This development is for the most part explained by a drop of around 60 000 employees in the UK. Available data for 2009 indicate that more than 86% of European employees work full-time, although this proportion has been decreasing slowly over the last 10 years (from 89% in 2000). Distribution channels Bancassurance is the main distribution channel for life insurance products in many European countries, with a market share ranging from 42% in Belgium to 87% in Portugal in 2009, the latest year for which gures are available. Bancassurance is particularly dominant in south European countries as well as in Austria. In most of these markets, there were signicant increases in the share of bancassurance in 2009. Agents outnumber brokers in the distribution of life insurance products in most countries. Agents are particularly widespread in Bulgaria, Slovenia, Germany2 and Croatia. Of these countries, only Germany reported a decrease in the market share held by agents between 2008 and 2009. Brokers lead life insurance distribution in the UK3 and Ireland and are also popular in Belgium. In none of the markets surveyed does direct writing prevail over the other
2 New business 3 New business
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distribution channels. Nonetheless, in Croatia 40% of life insurance premiums are distributed through direct sales, despite the predominance of agents. Direct sales are also very common in Ireland, Slovakia, Poland and the Netherlands. Agents and brokers continue to be the largest suppliers of life insurance products in most countries surveyed. In general, agents account for the lions share of the distribution of non-life insurance products. Despite a slight fall in their market shares in 2009, agents continue to be particularly widespread in Italy, Turkey, Slovenia and Portugal. Conversely, in countries such as Belgium, Ireland and the UK, brokers are predominant in the non-life sector. Direct writing is the second largest distribution channel after intermediaries and it was even the main distribution channel in Croatia and the Netherlands. Direct writing also fares well in Ireland, Austria and France. Bancassurance generally plays a minor role in nonlife insurance, and is still extremely rare in central and eastern European markets.
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I. Premiums
Provisional gures for 2010 show that European insurers weathered the ongoing economic turmoil well, as total gross written premiums increased by 2.5%, at constant exchange rates, to reach 1 104bn. As Table 1 shows, this growth is slightly lower than that experienced in 2009, which was 3.0% at constant exchange rates, but it is a signicant improvement on 2008 when total premiums dropped by almost 6% (at constant exchange rates). Table 1 | European premiums and growth 20082010
Gross written premiums (bn) Life Non-life Total 2008 642 418 1060 2009 648 411 1060 2010 676 428 1104 Nominal growth (at current exchange rates) 2008/09 -1.0% -1.6% 0.0% 2009/10 4.3% 4.1% 4.2% Nominal growth (at constant exchange rates) 2008/09 4.6% 0.6% 3.0% 2009/10 2.5% 2.7% 2.5%
Both life and non-life drove growth in total insurance premiums in 2010
While the 2009 growth was mainly driven by the life sector, which accounts for more than 60% of total business, 2010 shows a rather different picture since a similar growth is seen in both life (+2.5%) and non-life premiums (+2.7%). Chart 1 | Total European premiums 20012010 (bn)
bn
1 200 1 050 900 750 600 450 300 150 0 2001 2002 2003 2004 2005 Life 2006 Non-life 2007 2008 2009 2010
Figures from Swiss Re show that the insurance industry globally also managed to grow despite the adverse economic climate. After the 2.6% decrease seen in 2009, worldwide premiums grew 5.6%. According to Swiss Re, worldwide premiums amounted to $4 339bn (3 273bn) in 20104, which corresponds to a 5.6% nominal increase against a 2.6% fall in 2009. Broken down by region, premiums increased everywhere in 2010, with the highest growth in Asia (+14.5%, up from +8.5% in 2009) and the lowest in Europe (+0.4% against -5.2% the previous year5). With a 37% share of the global market in 2010, the European insurance industry remains the largest in the world followed by North America (30%) and Asia (27%).
4 Swiss Re Sigma No.2/2011 World insurance in 2010 5 The discrepancy with the CEA gures is due to the Swiss Re gures being calculated using the previous years premium volumes converted into US dollars at market exchange rates
Worldwide premiums grew 5.6% in 2010 against a 2.6% decline in 2009
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Chart 2 | Worldwide premiums 20002010 ($bn)

bn
4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2000
2001
2002
2003 Europe
2004 Asia
2005
2006
2007 Other
2008
2009
2010
North America
Source: Swiss Re Sigma Note: Europe covers western, central and eastern Europe and therefore includes Russia and Ukraine (which together account for less than 1% of worldwide premiums)
Chart 2 shows the regional breakdown of worldwide premiums over the last decade. Between 2002 and 2007, since premiums in Europe were growing faster than the total growth in worldwide premium income, Europes share of the global market rose from 32% to 43%. However, with the decline of European premiums in 2008 and 2009, the market share decreased to 39%. This loss of global market share was mostly to the benet of Asia, while the US saw its global market share continuing to fall. In 2010, since the increase in European premiums was much smaller than that of Asia, the former saw its market share lose 2 percentage points to the benet of the latter, whereas the US market share remained stable.
I.1 Life insurance premiums

Life insurance continued to grow in 2010
With a 2.5% increase at constant exchange rates over the previous year, based on provisional gures, (versus a 4.6% increase in 2009), European life premiums are expected to amount to 676bn in 2010. The largest markets continue to be the UK, France, Germany and Italy, which jointly account for almost 70% of total European life premiums. Apart from the UK, which underwent a decrease in life premiums for the third consecutive year (-6% versus -10% in 2009 and -27% in 2008), the three other countries experienced growth rates of 4%, 6% and 11% respectively. In general, this increase is considered to be the consequence of customers desire for security during times of economic turbulence and has been reected in a rise in new business, especially single premium business. The decline in the UK is the result of a drop in group pensions, which more than offset an increase in individual pension premiums. Investment and savings and protection lines remained largely stable.
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Chart 3 | European life premiums 20012010 (bn)

bn
800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Chart 4 shows that among CEA member countries (see p6 for list), only four other markets in addition to the UK witnessed a decrease in life premiums in 2010. Those four markets are the Netherlands (-12%), Spain (-6%), Greece (-8%) and Croatia (-2%). In the Netherlands, which accounts for 3% of total European life premiums, the fall is the result of a drop in new individual life business, which in turn results from greater competition from banks and the economic downturn. In Spain and Greece, whose market shares are respectively 4% and less than 1% of Europes total, the decline is mainly the consequence of weak economic conditions. Chart 4 | Nominal growth in European life premiums by country 2008/09 and 2009/10 (at constant exchange rates)
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -48% 69% 88% 51%
53%
2008/09
2009/10
Note: Finland includes pension funds
CE A
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For 2010, the sharpest increases are seen in Romania (+69%) and Estonia (+37%) but both countries share of the total European life market is below 1%. It should also be noted that the growth in Romania followed an almost 50% drop the previous year. Among western European countries, Finland and Portugal, which each account for 2% of the European life market, experienced signicant increases of 1718%. In Finland, this boost to the market is mainly due to capitalisation products, and, to a lesser extent, premiums from traditional insurance products. In Portugal, the growth achieved in the life segment against a background of great nancial market instability reects the attraction for savers of low investment-risk products.
I.2 Non-life insurance premiums

Non-life business recovered in 2010
After two successive years of relatively stable premium income, there appears to be a recovery in the non-life sector in 2010, since the provisional gures show a growth of 2.7% at constant exchange rates to 428bn. This overall increase is mainly the result of improvements in the economy, with households and companies showing a renewed interest in insurance products. Chart 5 | European non-life premiums 20012010 (bn)
bn
450 400 350 300 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Note: The sharp growth in 2006 is mainly due to the privatisation of the healthcare system in the Netherlands
The largest non-life insurance markets are Germany, the UK, France and the Netherlands
In 2010 the leading non-life insurance markets remain Germany, the UK, France and the Netherlands, which account for respectively 21%, 15%, 14% and 13% of overall European non-life business in terms of premiums. All four countries saw premiums rise in 2010. The most signicant improvement was in the UK, where the growth rate jumped from -0.1% in 2009 to +7.8% in 2010. The three other markets saw their positive growth rate almost double, reaching nearly +4% for the Netherlands (mainly due to health premiums) and the CEA average of +2.7% for both Germany and France.
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Chart 6 | Nominal growth in non-life premiums by country 2008/09 and 2009/10 (at constant exchange rates)
30% 42%
20%
10%
0%
-10%
-20%
-30% 2008/09
CE A
2009/10
Note: The drop in Sweden in 2009 is due to one health insurer retroactively lowering its premiums to 0 for 2009. This has reduced the market size by 1.1bn.
In the majority of CEA member countries, non-life premium levels rose in 2010, but 10 countries, including Spain and Italy, still recorded a decline in premiums (see Chart 6). Whereas in Spain the 6.6% drop is, as for the life sector, a result of the economic situation, in Italy the 2.3% decrease is due to the exit from direct Italian business of two large companies which no longer come under the responsibility of the Italian supervisor but which continue to operate in Italy as branches of European companies6. The largest increase is reported in Turkey (+14%), which accounts for 1.4% of the overall European non-life market. This development is largely explained by motor insurance, owing to growing new vehicle sales. Looking to the eastern European countries, only Poland, the largest non-life market in the region7, and Estonia experienced positive growth in 2010. For both countries, the growth stems mainly from property business. Chart 7 | Breakdown of non-life premiums 2010
Marine, aviation & transport 4% Property 20% Health 25% Accident 7%
Legal expenses 2%
Other non-life 26%
Other 6%
Motor 29%
General liability 7%
6 Were these two companies included, the increase in non-life business in Italy would be 2.1% 7 Polands share of the total European non-life market reached over 1.3% in 2010, ie a level comparable to Norway and Sweden and even higher than Finland which stands at under 1%
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As Chart 7 illustrates, the two main business lines of non-life insurance in Europe are motor and health (excluding accident) insurance with respective market shares of 29% and 25%. The third largest business line is property, which accounts for 20% of non-life insurance premiums. According to early estimates, the remaining 26% are distributed between general liability (7%), accident insurance (7%), marine, aviation & transport (MAT) (4%), legal expenses (2%) and other classes including notably travel and credit insurance. Compared to 2009, health and property saw their market share increasing by 0.5 percentage point (pp) and 0.1pp respectively, to the detriment of both motor (almost -0.4pp) and other non-life (-0.25pp).
I.2.1 Motor
Motor insurance returned to growth in 2010
Within the non-life sector, motor insurance continues to be the largest business line, with almost 30% of the market. In 2010 motor insurance premiums are estimated to have grown 1.3% at constant exchange rates to 125bn, compared with a 1.8% decrease the previous year. Germany and Italy are the main markets, both with a 16% share of the European total. These two countries, together with France and the UK, account for 60% of all Europes motor premiums. Of these four markets, only Italy reported a decline in motor premiums (-0.8%) in 2010. Recalculated to include the two large companies mentioned above, the growth would instead be positive (+3.6%). In Germany, France and the UK, growth rates reached respectively +0.5%, +2.6% and +8.1%, against -1.5%, -0.2% and -2.1% the previous year. Notably, the increase in Germany follows ve successive years of decline. It seems that the continuing decline in new motor vehicle registrations observed in Europe since 2008 (-4% in 2010 after -6% in 2009 and -8% in 20088) had no real impact on motor insurance business in 2010. In general, it is a rise in the price of motor insurance, following bad technical results, that drove the rise in premiums. Chart 8 | European motor premiums 20012010 (m)
140 000 120 000 100 000 80 000 60 000 40 000 20 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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8 European Automobile Manufacturers Association
Among western European countries, Spain, which accounts for 8.6% of European motor premiums and is thereby the fth largest market, shrank by around 6% for the second consecutive year. In Portugal, premiums recovered slightly in 2010 (+0.4%) after experiencing a rather steep fall of 8% in 2009. As mentioned earlier, Turkey with a market share of 2.2% recorded a signicant increase in motor premiums in 2010 (+17.8% versus -1.3% the previous year), mainly due to a rise in new business. Poland, the largest market among eastern and central European countries with a market share of 2.6%, saw motor premiums grow more than 6% in 2010 after remaining largely stable in 2009.
I.2.2 Health
With a market share of 25% in terms of premiums, health insurance remains the second largest non-life business line and is the most dynamic. After the slowdown observed in 2009, the health sector appears to have regained its usual pattern of growth in 2010, with early estimates indicating an increase of almost 6% at constant exchange rates and premiums amounting to 108bn. As in previous years, this positive trend is explained by the continued rising demand fuelled by both ageing populations and increasing medical costs. Chart 9 | European health premiums 20012010 (m)
m
110 000 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
The health sector returned to its usual pattern of growth in 2010
Note: The sharp growth in 2006 is mainly due to the privatisation of healthcare in the Netherlands
This sector is led by the Netherlands and Germany, which accounted for respectively 36% and 31% of the European market in 2010. The Netherlands, which became the largest health insurance market in Europe following the introduction of a new healthcare system in 2006, reported growth of about 8% in premiums in 2010, after an increase of almost 5% the previous year. In Germany, private health insurers expect premium revenues (including long-term care) to grow by 5.7% in 2010.
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France and Spain, the third and fourth largest markets with market shares of 9% and 6% respectively, experienced increases of 5.4% and 5.5%. Interestingly, in Spain health is the only line of business that experienced a positive development in premiums in 2010. Among western European markets, there are only two countries in which the situation deteriorated, albeit slightly. In the UK, which accounts for 4% of Europes private health insurance market, and in Sweden (market share 1%), health premiums declined by 0.9% and 0.4% respectively, while Italy (market share 2%) remained relatively stable. Eastern and central European countries all have a market share below 1% and thus do not inuence the overall European health insurance gures.
I.2.3 Property
Property insurance premiums grew faster in 2010
Property insurance is the third largest non-life business line, accounting for 20% of non-life premiums. According to the latest estimates, this sector experienced growth of 2.6% at constant exchange rates in 2010, with premiums totalling 84bn. In comparison, in 2009, the growth rate was +2.1%. The leading markets are the UK, Germany and France with around 15bn of gross written premiums each, or a market share of between 17% and 18% each. All three experienced a rise in property premiums in 2010, of 5.2%, 1.2% and 3.7% respectively. Spain and Italy, ranking fourth and fth with respective market shares of 8% and 6%, reported declines of 4.0% and 2.1%. For the latter again, as for motor insurance, the growth recalculated to include the two excluded companies would be positive. Chart 10 | European property premiums 20012010 (m)
m
90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Whereas the fall in premiums in Spain is mainly recession-related, the increases in the largest markets can to a large extent be explained by the bad weather conditions experienced in 2009, which led to higher prices.
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I.2.4 Other non-life business lines

The other main non-life lines include general liability, accident, marine, aviation and transport (MAT), legal expenses, credit and travel insurance9. As shown in Chart 7, both general liability and accident premiums accounted for 7% of total non-life premiums in 2010. MAT and legal expenses represented only 4% and 2% respectively of non-life business. Chart 11 suggests that combined non-life business other than motor, health and property recovered fairly well from the crisis since, after reporting relatively stable premiums (at constant exchange rates) in 2009, premiums rose to 112bn in 2010. This equates to a positive growth rate of 1.2% at constant exchange rates. Chart 11 | Other European non-life premiums 20012010 (m)
140 000
120 000
100 000
80 000
60 000
40 000
20 000
0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
The 2010 breakdown by business line and by country is not yet fully available. However, early estimates indicate that the general liability market, driven by the UK, Germany and France, which each account for more than 20% of the European market, witnessed a drop of nearly 5% at constant exchange rates in 2010 (-3.5% in 2009). As for accident insurance, after a decrease of almost 1% in 2009, premiums recovered in 2010 (+2.5%) mainly due to Germany and France, which together account for around 45% of the market. MAT insurance, where the UK alone accounts for more than 60% of European business, is expected to see only a slight rise in premiums (nearly 1%), while the legal expenses market, mainly driven by Germany (market share 43%), could experience an almost 2% rise in 2010.
9 The CEA does not compile data on credit and travel insurance
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II. Insurance density and penetration

II.1 Insurance density
II.1.1 Overall density
In 2010 an average of 1879 per capita was spent on insurance in CEA member countries
On a per capita basis, provisional gures indicate that an average of 1 879 was spent on insurance in the CEA countries in 2010 (see Chart 12). Of this, 1 150 was spent on life insurance and the remaining 729 on non-life. The 2010 gure represents a 3.7% increase (+68) over that in 2009. However, recalculated at constant exchange rates, the 2010 growth rate would have been only +2.1%. Chart 12 | Total European premiums per capita 2009 and 2010 ()
5 500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2009
>180 000
>190 000
CE A
2010
Notes: Calculated at constant exchange rates Liechtenstein includes cross-border business For Finland, pension funds are included in life premiums
Even excluding Liechtenstein, for which premiums per capita reach more than 190 00010, insurance density still varies widely between countries, ranging from 93 in Romania to 5 124 in Switzerland. The high density in Switzerland is hardly surprising since it ranks with the UK and Luxembourg among the major nancial centres. As Chart 12 shows, Scandinavian countries also have quite high levels of density. For all these markets, it is the life insurance sector that dominates (see section II.1.2). Among western European countries, the Netherlands ranks just behind Switzerland with spending per capita of 4 699. Conversely to the nancial centres, it is the non-life market that dominates here, specically health insurance (see section II.1.4). In central and eastern Europe, the average amount policyholders dedicate to insurance products is at least 850 below the CEA average. Among these countries, the highest insurance density in 2010 is in Slovenia, as in 2009, with a level of 1 023 per capita.
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10 This high level is explained by the huge amount of cross-border life business
Looking at developments year-on-year, it is Finland that has experienced the most noticeable change, with total insurance density growing 15% to 3 486 in 2010. Portugal, despite the recession, also recorded an increase of 12%. For both countries, this positive trend is largely due to the life sector. Only six countries experienced a decrease in 2010, notable among which is the UK. II.1.2 Life density As seen in the previous section, average life insurance density in Europe was 1150 in 2010. At constant exchange rates, this corresponds to an increase of 2% (+22) on the previous year. Chart 13 | European life premiums per capita 2009 and 2010 ()
3 000
> 170 000
2 500
2 000
1 500
1 000
500
CE A
2009
2010
Notes: Calculated at constant exchange rates Liechtenstein includes cross-border business For Finland, pension funds are included
As Chart 13 shows, the average amount European citizens spend on life insurance products each year differs greatly from country to country. Excluding Liechtenstein, in 2010 it ranged from 2 844 in Finland down to 15 in Bulgaria and Turkey. As previously stated, life insurance density is high both in the large nancial centres and in the Scandinavian countries, and is rather low in eastern Europe. Similarly to total density, among eastern countries it is in Slovenia that life insurance density is the highest at 320 per capita. Since density is a reection of premium income, the rather signicant rises reported in Finland and Portugal are a logical consequence of the increase in life insurance premiums. With the substantial increase reported in Finland, life insurance there is now the highest in Europe and even exceeds that of Switzerland. Only four countries, namely the UK, the Netherlands, Spain and Greece, reported a fall in life insurance density in 2010.
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II.1.3 Property, casualty and accident density The property and casualty (P&C) market includes motor, property and general liability insurance. In 2010 Europeans allocated an average of 545 of their revenue to P&C and accident insurance products, against 53911 in 2009. This corresponds to a 1% increase. Chart 14 | European property & casualty and accident premiums per capita 2009 and 2010 ()
> 10 000 1 500
1 250
1 000
750
500
250
2009
Notes: Calculated at constant exchange rates Liechtenstein includes cross-border business
P&C and accident insurance is the area where density shows the least variation between countries. Excluding Liechtenstein, it nevertheless ranges from 71 in Turkey up to almost 1 500 in Switzerland. Slovenia is again the eastern European country in which policyholders spend the most on P&C and accident insurance products. Density here reaches 502, which is only 8% below the European average. The most noticeable changes, compared to the previous year, are to be found in Spain (-10%) and in the UK (+8%). As a consequence, for 2010, Spains density is now just below the CEA average. It is also worth pointing out that out of the 32 CEA full member countries, nine markets witnessed a decline in 2010, although the changes are, apart from Spain, not signicant. II.1.4 Health density In 2010 the average amount spent on private health insurance by European citizens was 184, up from 174 in 200912. Similarly to life insurance, health insurance density shows huge disparities between countries. Given the great level of heterogeneity between the health insurance regimes in Europe, such differences are not surprising. In 2010, the density ranged from 2 in Greece and Poland to almost 2 400 in the Netherlands.
11 At constant exchange rates 12 At constant exchange rates
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CE A
2010
Chart 15 | European health premiums per capita 2009 and 2010 ()

1 000 >2 200 900 800 700 600 500 400 300 200 100 0
>2 350
CE A
2009
2010
Note: Calculated at constant exchange rates
As already explained, the very high level of spending reported in the Netherlands stems from the private health regime introduced in 2006. Unsurprisingly, the two other countries that stand out from the CEA average are Switzerland and Germany, where health insurance premiums account for more than one third of total non-life premiums. Density here amounted in 2010 to 825 and 407 respectively. It is noteworthy that Slovenia ranks fourth, with an average spend of 200 per year. Looking at the change from 2009 to 2010, Chart 15 indicates that the most noticeable change is in Luxembourg, where density increased by almost 50% in 2010, following a similar level of growth in gross written health premiums.
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II.2 Insurance penetration

Average insurance penetration remained stable at 8.2% in 2010
Insurance penetration is a commonly recognised indicator of insurance activity. It is expressed here by showing total gross written premiums as a percentage of GDP13. With GDP growth at +3.6% and overall insurance market growth at +2.5% (at constant exchange rates) in 2010, average insurance penetration remained to a large extent stable at 8.2%. Chart 16 | Ratio of total European premiums to GDP 20092010
20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
176% 172%
CE A
2009
2010
Notes: Calculations at constant exchange rates Liechtenstein includes cross-border business
As Chart 16 illustrates, insurance penetration varies between countries. In 2010, excluding Liechtenstein, the Netherlands had the highest penetration level (13.2%), closely followed by the UK (12.2%), while the lowest penetration rate was seen in Turkey (1.3%). As explained earlier, the high penetration rate observed in the Netherlands stems from the non-life insurance market and more particularly from health insurance. Among central and eastern European countries, Slovenia recorded the highest penetration rate (5.9%) and ranks between Germany and Austria. Whereas the average penetration rate in Europe remained largely stable between 2009 and 2010, the trend varies between markets. The largest declines were reported in the UK (-0.9pp), the Netherlands (-0.4pp) and Spain (-0.4pp). For each of these countries, premiums decreased while GDP increased. Conversely, in markets where premium growth was higher than GDP growth, the penetration rate grew. With a ratio of total premiums to GDP amounting to 10.3% in 2010, Finland experienced the highest growth (+1.0pp) and has now overtaken Switzerland in the ranking. In Portugal penetration also increased substantially (+0.8pp) to 9.5%. A comparison of life and non-life business shows penetration rates in both also remaining stable in 2010, amounting to 5.0% and 3.2% respectively.
13 This does not indicate the contribution of the insurance industry to the economy but instead allows comparisons between countries and over time
Chart 17 | Ratio of European life premiums to GDP 20092010

10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
165% 162%
CE A
2009
2010
In 2010 life penetration ranged from 0.2% in Iceland and Turkey to 8.6% in the UK and more than 160% in Liechtenstein. With the substantial increase in life premiums reported in Finland in 2010, the penetration rate there is now very close to that of the UK, reaching 8.4%. Even though its penetration ratio declined very slightly between 2009 and 2010, Poland is still the emerging eastern European market where life insurance penetration is the highest (2.2%). However, in all central and eastern European countries the penetration level is below the CEA average. With a ratio of just under 2%, Slovenia ranks second among these countries. Looking at year-on-year change, similarly to total insurance penetration and for the same reasons, the most noticeable changes are seen in the UK (-1.0pp), the Netherlands (-0.6pp), Finland (+1.0pp) and Portugal (+0.9pp). As in previous years, property & casualty (P&C) and accident insurance is the sector in which penetration rates are the most homogeneous across Europe. In 2010 the CEA average remained stable at 2.4%. In individual countries, and excluding Liechtenstein, the highest penetration is in the UK (3.3%), closely followed by Switzerland, Slovenia (mostly due to motor insurance) and the Netherlands, which each recorded a penetration ratio of 2.9%. With less than 1%, the lowest level is reported in Turkey. P&C and accident insurance is not only the area with the smallest differences in penetration rates, it is also the one in which no signicant changes were witnessed between 2009 and 2010. Notably, however, it is the only business line for which the UK saw an improvement, albeit small.
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Chart 18 | Ratio of European property & casualty and accident premiums to GDP 20092010
5%
10.5% 10.2%
4%
3%
2%
1%
0%
CE A
2009
2010
As far as health insurance is concerned, as Chart 19 illustrates, it is in the Netherlands that penetration is the highest, at 6.7% in 2010 against 6.4% in 2009. With the new health insurance regime it introduced in 2006, the Netherlands far exceeds the other European countries, since the second highest penetration ratio is more than 5 percentage points lower; Switzerland with 1.6%. As in 2009, in addition to the Netherlands and Switzerland only Germany and Slovenia recorded penetration ratios above the CEA average, which remained stable at 0.8%. Chart 19 | Ratio of European health premiums to GDP 20092010
7%
6%
5%
4%
3%
2%
1%
0%
CE A
2009
2010
Note: Calculations at constant exchange rates
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Between 2009 and 2010, with the exception of the Netherlands and Latvia, no change in health insurance penetration was observed. In the Netherlands, penetration grew by 0.3pp, while Latvia experienced a decline of 0.1pp. In non-life insurance in general, Slovenia emerges as the only eastern European market with penetration ratios above the CEA average (see Charts 18 & 19).
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III. Insurers investment portfolio

European investments should continue to recover in 2010 to more than 7400bn
Insurance companies are among the largest institutional investors, together with pension funds and investment funds. Following the rebound in capital markets that began in 2009 as a result of the exceptional measures put in place under the European Economic Recovery Plan to restore condence in the banking system and support demand and despite signicant volatility in 2010 European insurers total investment portfolio (estimated at market value) is expected to continue its recovery and reach around 7 445bn in 2010. This represents an increase of almost 5% at constant exchange rates. As Chart 20 indicates, the investment holdings of life insurers account for more than 80% of the total. The top three investors among the European insurance markets are France, the UK and Germany, accounting for 62% of the total portfolio. In 2010 they accounted for 23%, 21% and 18% of the market respectively. With a market share of 7%, Italian insurers are the fourth largest investors. Looking at the emerging markets of eastern and central Europe, Poland ranks rst but its market share is less than 0.5%. Chart 20 shows that insurers investment portfolios suffered considerably in 2008, mainly due to the fall in stock markets that started in the last quarter of 2007 as well as to the rise in sovereign yields. Nevertheless, insurance companies weathered that nancial crisis well and investment portfolios recovered to 2007 levels in 2010. Chart 20 | European life and non-life insurers investment portfolio 20012010 (bn)
8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Non-life insurers' investment portfolio Total insurers' investment portfolio Life insurers' investment portfolio
bn
Note: The life/non-life breakdown is not available from 2008 onwards
III.1 Structure of the portfolio

In Europe insurers invest the largest proportion of their portfolio in debt securities and other xed-income assets and in shares and other variable-yield securities. Together these two types of assets account for around 70% of the total. Chart21 illustrates that their respective proportions evolve broadly symmetrically; in
general, when stock markets fall the insurance industry prefers to invest in secure-yield assets, mostly to the detriment of variable income ones. This was particularly noticeable in 2002 and 2008. Chart 21 | Structure of European insurers investment portfolio 20002009
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2000
Land and buildings Shares and other variable-yield securities and units in unit trusts Loans, including loans guaranteed by mortgages Other
2001
2002
2003
2004
2005
2006
2007
2008
2009
Investments in affiliated undertakings and participating interests Debt securities and other fixed-income securities Deposits with credit institutions
However, 2009 shows a rather different picture since, despite the recovery in nancial markets, the proportions of both debt securities and shares remained broadly stable and even increased very slightly. The former accounted for 40% of European insurers assets while the latter represented 32% of the total. This would indicate that insurers chose to be conservative in their investment strategies in 2009, against the backdrop of highly changeable market conditions. Loans, including loans guaranteed by mortgages, constitute the third largest type of investment, with a market share ranging from 10% to 13% between 2000 and 2009. After experiencing a steady but slight decrease between 2000 and 2007, they grew signicantly in 2008. In 2009, they declined again, albeit slightly, accounting for 12% of insurers investment portfolios. Among the three remaining asset categories, investments in afliated undertakings and participating interests remained more or less stable over the whole period (5% in 2009), whereas land and buildings declined steadily (from 5% in 2000 to 3% in 2009). The share of the total investment portfolio represented by deposits with credit institutions rose progressively until 2008 but then lost almost 1.0pp (2% in 2009).
III.2 Ratio of investment portfolio to GDP

Like insurance penetration (see section II.2), the ratio of investment portfolio to GDP provides another indicator of the relative importance of insurance in the economy, enabling comparison of the development of the insurance sector from country to country and from year to year.
The ratio of investment portfolio to GDP increased from 54.6% to 55.2%
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Since in 2010 insurers total investment portfolio increased faster than GDP, the average ratio of the investment portfolio to GDP grew from 54.6% in 2009 to 55.2% in 2010. Chart 22 | Ratio of European insurers investment portfolio to GDP 2009 and 2010
110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
>500% >200%
CE A
2009
2010
Notes: Calculations at constant exchange rates Liechstentein and Luxembourg include cross-border business
As with insurance density and penetration, there are signicant differences in this average ratio between countries. For 2010, excluding Liechtenstein and Luxembourg, it ranges from 1.6% in Turkey to 94.4% in Denmark. Unsurprisingly, large international nancial centres such as the UK and Switzerland, as well as markets where life insurance penetration is high, have the highest ratios. Conversely, in emerging central and eastern European markets where life insurance is less developed, the ratio of investment portfolio to GDP is far below the CEA average, although here again Slovenia stands out with a ratio of 14.1%. The CEA average increased in 2010, but trends vary between markets. For those countries where GDP growth was higher than that in insurers portfolios, the ratio clearly declined. With investments dropping by 2.3% and GDP rising more than 5%, the largest fall was seen in Denmark (from 101.6% in 2009 to 94.4% in 2010). On the other hand, some signicant increases were reported in France, Finland, Malta, Ireland and Norway.
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IV. Market operators

IV.1 Companies
The number of companies carrying out insurance activities had been declining steadily for a decade, after a wave of mergers and acquisitions at the end of the 1990s following market liberalisation and deregulation in the EU. In 2010, however, this trend was reversed with the number of companies in the 32 countries that are full CEA members totalling around 5 350 compared to over 4 900 in 2009. This corresponds to an 8% rise against a decrease of almost 3% in 2009. This positive development is to a large extent driven by the UK, which, with in excess of 1 300 companies in 2010 (versus around 930 in 2009), accounted for 25% of the total (see Chart 23). This substantial increase appears to stem mainly from insurance companies writing under freedom of services. Chart 23 | Percentage of insurance companies by country 2010
About 5 350 companies were carrying out insurance activities in CEA countries
The second and third largest markets in terms of insurer numbers are respectively Germany with almost 600 insurance companies (market share 11%) and France with rather more than 440 companies (market share 8%). These two countries reported a 2% decline in the number of companies in 2010. With a market share of 7% Sweden ranks fourth, despite accounting for only 3% of total European premiums. In emerging eastern and central European markets the number of companies is declining slightly or remaining stable.
IV.2 Employees
After two years of minor growth, the trend reversed in 2009 since the number of employees in the European insurance industry decreased by nearly 6% to under 960 000. This development is for the most part explained by a cut of around 60000 employees in the UK, which, until 2008, had the second largest number of people in insurance. This change in the UK corresponds to a drastic fall of 35% (from almost 179 000 employees in 2008 to around 117 000 in 2009).
In 2009 European insurers directly employed almost 960 000 people
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At 216 500, Germany remained the European country with the largest number of people directly employed in insurance in 2009. France, with almost 148 000, overtook the UK and ranked second. In both Germany and France, an increase was reported in 2009. In terms of ranking there is then a large gap, since in countries such as the Netherlands, Switzerland, Spain and Italy the number of employees ranges between 46 000 and 59 000. Among these countries, Italy is the only market in which the labour force grew in 2009. Available data for 2009 indicate that more than 86% of European employees work full-time, although this proportion has been decreasing slowly over the last 10 years (from 89% in 2000).
IV.3 Distribution channels

The following survey shows the different channels through which European life and non-life insurance premiums were distributed in 2009, with the caveat that the distinction between different types of distribution channels is not always easy14. Some intermediaries, for example, use other channels such as the internet or mail to distribute products. The classication used in this analysis (see Annex II) has been designed to facilitate country comparisons and to take into account the availability of data. For some countries, categories have been merged with others due to a lack of detail. Such cases are indicated in footnotes. IV.3.1 Life insurance
Bancassurance is the main distribution channel for life insurance products
Bancassurance, which was introduced in Europe in the 1980s, is the main distribution channel for life insurance products in many European countries, with a market share ranging from 42% in Belgium to 87% in Portugal in 2009. Chart24 shows that bancassurance is particularly dominant (ie accounting for more than 50%) in south European countries as well as in Austria. In most of these markets there were signicant increases in the share of bancassurance in 2009, the highest being reported in Austria (from 52% to 65%), Turkey (from 46% to 56%) and Italy (from 62% to 74%). Most of these changes were to a large extent to the detriment of agents. In France, the market share of bancassurance remained stable at 60% in 2009. Among western European markets, in the UK, the largest European life insurance market, bancassurance only accounts for 1520% of new business. In eastern Europe, bancassurance is generally not common, with the notable exception of Poland, where life insurance products are evenly distributed between direct sales, intermediaries and bancassurance. Of the two traditional intermediaries agents and brokers agents account for the lions share of the distribution of life insurance products in most countries. Agents are particularly widespread in Bulgaria (62%), Slovenia (60%), Germany (54%15) and Croatia (42%). In Slovakia, the distinction between the two intermediaries is no longer available, but according to 2008 data, agents also
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14 This data reects employees working in insurance companies and therefore does not take into account the additional roughly 1 million outsourced employees and independent intermediaries 15 New business
account for the larger share. Between 2008 and 2009 the market shares held by agents generally grew very slightly, except in Germany where it lost 1pp. However the biggest change was reported in Slovenia, up from 53% in 2008. Chart 24 | European life distribution channels 2009
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% AT BE BG DE ES FR HR Agents IE IT Brokers MT NL PL PT RO Other SI SK TR UK Direct sales Bancassurance
Notes: Data for Germany and the UK refers to new business only For the UK, bancassurance is included in all other channels For the Netherlands and Slovakia, brokers are included with agents Data for Spain is from 2008
Brokers lead life insurance distribution in the UK (72%16) and Ireland (51%) and are also popular in Belgium, with a 33% market share. In the Netherlands brokers and agents together account for 58% of life business. Year-on-year, no real change was noticed in the markets surveyed, except in the UK where agents lost the 6-7pp they had gained in 2008 and, conversely, in Ireland where agents regained the 3pp they had lost the year before. It would seem that these developments stem from a switch between brokers and agents. In none of the markets surveyed does direct writing prevail over the other distribution channels. Nonetheless, in Croatia 40% of life insurance premiums are distributed through direct sales, despite the predominance of agents. Direct sales are also very popular in Ireland (39%), Slovakia (36%), Poland (33%) and the Netherlands (29%). IV.3.2 Non-life insurance As in previous years, agents and brokers continue to be the largest suppliers of life insurance products in most European countries. Direct writing appears to be more common in the non-life sector, since for such products it is the second largest distribution channel after intermediaries. Year-on-year, no signicant changes have been observed, although in Slovakia direct sales gained 9.0pp in 2009, mostly to the detriment of brokers.
Non-life insurance products are mainly purchased through agents and brokers
16 New business
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Chart 25 | European non-life distribution channels 2009

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% AT BE BG DE ES FR HR Agents IE IT Brokers MT NL PL PT RO Other SI SK TR UK Direct sales Bancassurance
Notes: For the Netherlands, brokers are included with agents Data for Spain and the Netherlands is from 2008
Direct writing is more common in non-life than life
As far as the split between agents and brokers is concerned, Chart 25 illustrates that, as in the life sector, agents generally account for the largest share of the distribution of non-life products. Despite a slight fall in their market shares in 2009, agents continue to be prevalent in Italy (83%), Turkey (69%), Slovenia (65%) and Portugal (55%). Conversely, in countries such as Belgium, Ireland and the UK, brokers are predominant in the non-life sector, with market shares of respectively 62%, 58% and 57%. As previously stated, and conversely to the sale of complex life products, direct sales through employees and distance-selling are relatively common in the distribution of non-life products. In two countries direct writing is even the main distribution channel; namely Croatia (market share 72%) and the Netherlands (49%). Direct writing also fares well in Ireland (42%) and in Austria and France, which both recorded a market share of 35%. Whereas life insurance products are mainly purchased through bancassurance in most European countries, this channel generally plays a minor role in non-life insurance, and is still extremely rare in central and eastern European markets. Chart 25 shows that bancassurance accounts for a maximum of 14% of the total. This record level was reported in Portugal, where it grew almost 4.0pp over the previous year. Bancassurance is also the most popular distribution channel for life insurance policies in Portugal. With respective market shares of 12% and 10%, Turkey and France closely follow Portugal.
Bancassurance is generally not a common channel for non-life
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Annexes
Annex I
Annex I. Statistical tables

Part A: Insurance market data
Table 1 | Total European gross written premiums 20012010 (m)
AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV NL PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Netherlands Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 12 470 20 571 228 33 603 427 2 010 135 093 12 271 114 41 015 11 819 128 059 2 642 682 1 635 10 518 269 76 254 n.a. 783 175 163 43 860 7 872 6 095 7 989 n.a. 17 751 1 055 736 2 273 228 546 806 976 2002 12 615 22 304 319 36 151 454 2 548 141 008 13 426 139 48 061 12 247 131 998 2 895 753 2 036 11 208 294 87 708 n.a. 916 179 183 44 149 9 172 6 006 8 414 434 16 964 1 185 850 2 527 255 172 872 314 2003 13 128 25 774 342 33 907 526 2 837 147 729 15 038 168 40 630 12 641 142 028 3 235 801 2 206 11 884 294 96 993 n.a. 891 195 208 46 444 9 498 5 646 9 445 514 19 264 1 275 1 008 2 938 236 682 884 170 2004 13 974 28 417 428 32 816 549 3 332 152 166 15 890 203 45 418 13 191 158 226 3 624 884 2 380 11 998 281 101 038 1 490 964 197 237 48 710 10 381 6 091 10 472 614 19 096 1 457 1 198 3 725 246 071 2005 15 295 33 832 555 32 658 594 3 709 157 984 16 988 254 48 779 14 297 175 884 3 923 993 2 767 13 580 344 109 780 2 713 1 100 219 258 48 519 11 968 7 717 13 444 890 22 384 1 547 1 309 4 739 266 491 2006 15 589 29 489 643 31 352 646 4 099 161 945 18 698 284 52 836 14 942 197 092 4 371 1 118 3 142 16 150 350 106 502 4 311 1 138 291 286 73 602 11 945 9 631 13 123 1 276 23 079 1 726 1 439 5 340 294 270 2007 15 874 31 193 772 30 132 714 4 445 162 923 19 565 434 54 297 15 047 195 732 5 007 1 235 3 701 18 204 403 99 095 4 203 1 222 438 352 74 980 12 965 11 580 13 751 2 016 24 887 1 894 1 714 6 119 366 458 2008 16 214 29 278 915 33 532 773 5 196 164 532 20 622 372 59 266 15 812 183 194 5 085 1 341 3 540 13 431 279 92 019 3 769 1 899 476 275 78 513 12 711 16 825 15 326 2 440 25 010 2 019 2 031 6 049 246 988 2009 16 415 28 439 850 35 508 815 5 130 171 416 20 322 367 61 194 16 181 199 640 5 374 1 282 2 963 12 470 236 117 802 5 948 1 808 373 288 77 683 11 846 11 863 14 516 1 804 23 488 2 070 2 027 5 677 203 878 2010 16 748 29 414 813 39 897 855 5 824 178 854 20 917 425 57 230 18 656 206 579 5 236 1 268 3 063 12 713 263 125 954 6 826 2 033 323 321 77 878 13 784 13 559 16 342 1 988 28 314 2 094 2 067 7 077 206 906 Nominal growth 2009/10* 2.0% 3.4% -4.4% 2.7% 5.0% 8.6% 4.3% 2.9% 16.0% -6.5% 15.3% 3.5% -2.6% -1.8% 1.6% 1.9% 4.2% 6.9% 4.9% 12.5% -12.9% 11.3% 0.3% 6.7% 5.5% 12.6% 9.4% 8.3% 1.2% 2.0% 15.1% -2.3% 2.5%
MT Malta NO Norway
935 518 1 015 517 1 100 704 1 181 351 1 059 731 1 059 674 1 104 221
* At constant exchange rates Notes: For DE, gures include Pensionskassen and pension funds For FI, gures include pension funds For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included
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Annex I
Table 2 | Worldwide premiums 20002010 ($bn)

Europe Asia North America Other Total Source: Swiss Re Sigma 2000 786 647 906 106 2 445 2001 767 595 949 104 2 416 2002 847 629 1 054 102 2 632 2003 1 036 685 1 117 120 2 958 2004 1 206 739 1 179 140 3 264 2005 1 335 765 1 188 158 3 446 2006 1 489 779 1 262 181 3 711 2007 1 763 812 1 339 212 4 126 2008 1 704 935 1 344 238 4 220 2009 1 614 1 014 1 249 232 4 110 2010 1 620 1 161 1 282 276 4 339
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Annex I
Table 3 | Life gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 5 831 13 170 45 21 944 251 478 62 565 8 132 23 22 864 9 367 84 635 1 292 124 682 7 168 21 46 329 n.a. 277 7 75 25 879 4 382 2 522 4 487 n.a. 13 112 225 321 418 166 844 503 470 2002 5 617 14 431 76 23 612 260 708 65 301 8 891 29 26 531 9 680 85 500 1 310 155 834 7 253 26 55 294 n.a. 398 7 84 24 052 5 209 2 569 4 562 111 11 749 268 367 466 186 570 541 921 2003 5 704 17 524 38 21 154 265 842 68 574 9 676 37 17 799 9 982 92 022 1 435 178 885 7 644 28 62 780 n.a. 343 8 104 24 838 5 332 2 538 5 402 122 12 503 305 410 608 166 375 535 458 2004 6 165 19 891 52 19 585 266 1 219 70 343 10 143 52 19 530 10 357 105 341 1 729 209 968 7 930 29 65 627 1 490 389 10 129 25 136 6 283 2 778 6 250 137 12 314 429 486 689 176 560 572 515 2005 7 124 25 177 77 19 229 274 1 318 75 244 11 007 81 21 004 11 251 120 668 1 935 256 1 218 9 739 33 73 471 2 596 490 16 142 24 824 7 561 3 809 9 136 235 15 059 465 571 741 193 979 638 731 2006 7 183 20 382 95 17 847 294 1 457 78 455 12 471 84 23 341 11 806 140 203 2 311 297 1 592 12 327 31 69 377 4 171 511 24 171 25 730 7 442 5 418 8 762 252 15 452 541 680 766 222 918 692 393 2007 7 206 21 658 117 17 477 322 1 687 78 967 13 617 180 23 241 11 918 137 080 2 515 338 2 024 14 594 34 61 439 4 030 549 37 228 26 464 8 371 6 743 9 369 448 17 508 609 853 745 295 249 765 619 2008 7 362 19 352 128 18 651 341 1 964 79 586 14 540 127 27 489 12 548 122 368 2 489 352 1 834 10 097 21 54 565 3 534 1 194 27 181 26 446 7 973 11 100 11 005 507 17 723 642 1 066 827 185 734 641 773 2009 7 416 18 371 103 19 483 353 2 044 85 248 14 354 133 29 131 12 853 137 923 2 500 339 1 466 9 346 15 81 116 5 596 1 125 51 193 24 401 7 140 6 997 10 384 229 18 209 630 1 062 835 149 206 648 254 2010 7 552 19 103 110 21 828 376 2 600 90 365 14 938 182 27 337 15 222 143 216 2 307 336 1 606 9 671 18 90 102 6 419 1 288 61 224 21 586 8 382 7 866 12 173 388 22 203 656 1 126 1 092 145 718 676 052 Nominal growth 2009/10* 1.8% 4.0% 6.4% 2.4% 6.5% 21.7% 6.0% 4.1% 36.7% -6.2% 18.4% 3.8% -7.7% -1.7% 7.6% 3.5% 7.3% 11.1% 4.9% 14.5% 19.4% 16.3% -11.5% 7.7% 3.8% 17.2% 68.6% 9.5% 4.1% 6.0% 20.7% -6.0% 2.5%
* At constant exchange rates Notes: For DE, gures include Pensionskassen and pension funds For DK, data cover life insurance and multi-employer pension funds under Danish supervision. Company pension funds are not covered, but they only constitute some 3% of the market and do not write new contracts. Foreign business is included and is estimated not to be substantial for life insurance For FI, gures include pension funds For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included
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Annex I
Table 4 | Non-life gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 6 639 7 401 183 11 658 176 1 532 72 528 4 138 91 18 152 2 452 43 424 1 350 558 953 3 350 247 29 925 n.a. 505 168 88 17 981 3 490 3 574 3 502 n.a. 4 639 830 415 1 854 61 702 303 506 2002 6 998 7 873 243 12 539 194 1 840 75 707 4 535 110 21 530 2 567 46 498 1 585 597 1 202 3 955 268 32 414 n.a. 518 172 99 20 097 3 963 3 437 3 852 323 5 215 917 483 2 060 68 602 330 394 2003 7 424 8 250 303 12 753 261 1 994 79 155 5 362 131 22 832 2 659 50 006 1 800 623 1 321 4 240 266 34 213 n.a. 549 187 104 21 606 4 165 3 108 4 044 392 6 761 970 598 2 330 70 307 348 712 2004 7 809 8 526 376 13 232 283 2 113 81 823 5 747 151 25 888 2 834 52 885 1 895 675 1 412 4 068 251 35 411 n.a. 575 187 108 23 574 4 097 3 313 4 222 477 6 782 1 028 713 3 036 69 511 363 003 2005 8 171 8 655 478 13 428 320 2 391 82 740 5 980 173 27 775 3 046 55 216 1 988 737 1 550 3 841 311 36 309 116 610 204 116 23 695 4 407 3 908 4 308 655 7 326 1 082 738 3 998 72 512 376 785 2006 8 406 9 107 548 13 504 352 2 642 83 490 6 226 200 29 495 3 136 56 889 2 060 821 1 550 3 823 318 37 125 140 627 267 115 47 872 4 502 4 213 4 361 1 024 7 627 1 185 759 4 574 71 352 408 310 2007 8 668 9 535 655 12 655 392 2 758 83 956 5 947 254 31 056 3 129 58 652 2 492 897 1 678 3 610 369 37 656 173 673 401 124 48 516 4 594 4 837 4 382 1 569 7 378 1 285 861 5 374 71 209 415 732 2008 8 852 9 926 787 14 880 432 3 233 84 946 6 082 245 31 777 3 264 60 826 2 596 988 1 706 3 334 258 37 454 235 705 449 93 52 067 4 738 5 724 4 321 1 933 7 287 1 377 965 5 222 61 254 417 957 2009 8 999 10 068 747 16 024 462 3 086 86 168 5 968 233 32 063 3 328 61 717 2 874 943 1 496 3 124 221 36 686 352 683 322 95 53 282 4 706 4 866 4 132 1 576 5 280 1 440 965 4 842 54 671 411 420 2010 9 196 10 311 703 18 069 479 3 224 88 489 5 979 243 29 893 3 434 63 363 2 929 931 1 457 3 042 245 35 852 407 745 262 97 56 292 5 402 5 693 4 168 1 599 6 111 1 438 941 5 985 61 187 428 168 Nominal growth 2009/10* 2.2% 2.4% -5.9% 3.1% 3.9% -0.1% 2.7% 0.2% 4.1% -6.8% 3.2% 2.7% 1.9% -2.0% -4.3% -2.6% 4.0% -2.3% 5.8% 9.1% -18.1% 1.3% 5.6% 5.3% 8.0% 0.9% 0.9% 3.9% -0.1% -2.5% 14.1% 7.8% 2.7%
* At constant exchange rates Notes: For LI, foreign business is included For MT, the drop in 2008 is because prior to 2008 cross-border business was included For NL, the sharp growth in 2006 is mainly due to the privatisation of the healthcare system
CEA Statistics
N44 | 39
Annex I
Table 5 | Motor gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 2 236 2 611 97 2 790 90 789 21 341 1 230 60 8 774 889 15 356 836 300 534 1 758 132 18 155 n.a. 242 75 44 3 988 1 409 2 381 1 680 n.a. 1 610 301 240 818 19 764 110 530 2002 2 410 2 735 98 3 015 96 973 21 968 1 365 71 9 794 908 16 277 980 332 667 1 891 139 19 608 n.a. 256 83 49 4 233 1 605 2 229 1 809 233 1 920 338 281 859 20 043 117 266 2003 2 588 2 831 142 3 116 112 1 039 22 325 1 581 87 10 409 957 17 136 1 100 353 731 1 895 137 20 708 n.a. 269 86 53 4 469 1 622 1 971 1 888 273 2 223 374 387 1 062 19 162 121 087 2004 2 745 2 931 187 3 224 133 1 102 22 504 1 637 101 11 110 1 045 17 623 1 147 388 818 1 705 125 21 232 n.a. 289 95 57 4 581 1 631 2 068 1 967 336 2 409 415 479 1 484 18 866 124 434 2005 2 841 2 983 230 3 345 151 1 243 22 005 1 692 117 11 514 1 143 17 860 1 218 421 904 1 625 158 21 352 n.a. 303 106 59 4 565 1 741 2 457 1 997 464 2 449 456 493 1 930 19 334 127 154 2006 2 883 3 034 347 3 373 161 1 328 21 221 1 751 137 11 933 1 196 17 729 1 231 461 884 1 632 164 21 612 n.a. 317 150 60 4 662 1 772 2 566 2 004 643 2 477 483 482 2 255 18 620 127 569 2007 2 884 3 089 444 3 270 178 1 418 20 800 1 551 176 12 298 1 189 17 703 1 592 517 929 1 544 202 21 524 n.a. 324 245 61 4 669 1 826 2 891 1 944 1 252 2 458 522 547 2 582 18 952 129 581 2008 2 853 3 144 547 3 399 193 1 633 20 372 1 737 165 12 107 1 244 17 878 1 650 564 909 1 421 133 20 845 n.a. 333 268 50 4 630 1 887 3 421 1 810 1 467 2 299 555 605 2 447 16 125 126 692 2009 2 818 3 208 531 3 731 201 1 536 20 057 1 633 149 11 430 1 300 17 836 1 881 535 756 1 333 116 20 126 n.a. 328 170 52 4 539 1 878 2 778 1 666 1 243 2 021 565 578 2 128 14 104 121 227 2010 2 825 3 326 500 3 922 204 1 504 20 158 1 593 145 10 736 1 343 18 305 1 954 518 734 1 319 124 19 958 n.a. 340 135 51 4 635 2 165 3 202 1 672 1 203 2 344 557 560 2 716 15 835 124 583 Nominal growth 2009/10* 0.2% 3.7% -5.7% -3.9% 1.3% -6.4% 0.5% -2.5% -2.3% -6.1% 3.3% 2.6% 3.9% -3.8% -4.5% -1.1% 0.6% -0.8% n.a. 3.7% -20.0% -1.6% 2.1% 5.7% 6.4% 0.4% -3.8% 4.1% -1.4% -3.1% 17.8% 8.1% 1.3%
* At constant exchange rates Note: For MT, the drop in 2008 is because prior to 2008 cross-border business was included
40 | CEA Statistics
N44
Annex I
Table 6 | Health gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA * At constant exchange rates Notes: For MT, the drop in 2008 is because prior to 2008 cross-border business was included For NL, the sharp growth in 2006 is due to the privatisation of the healthcare system Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 1 207 601 1 3 339 20 8 21 718 n.a. 3 2 981 69 4 548 4 43 21 n.a. n.a. 1 343 n.a. 15 20 n.a. 5 412 n.a. 36 228 n.a. n.a. 266 n.a. 246 5 186 47 313 2002 1 252 659 0 3 661 25 10 23 082 n.a. 3 3 251 48 4 841 28 23 31 n.a. n.a. 1 426 n.a. 17 22 14 6 202 n.a. 38 273 0 n.a. 290 n.a. 284 4 899 50 379 2003 1 300 711 0 3 662 25 13 24 741 n.a. 3 3 588 85 5 600 32 14 32 n.a. n.a. 1 509 n.a. 19 24 15 6 632 7 33 315 0 n.a. 297 n.a. 302 4 714 53 672 2004 1 344 773 0 4 017 31 19 26 413 n.a. 4 4 016 93 6 451 5 17 35 n.a. n.a. 1 577 n.a. 21 27 15 7 667 8 32 346 0 n.a. 289 n.a. 366 4 962 58 528 2005 1 398 856 1 4 016 39 26 27 348 n.a. 4 4 381 112 7 103 5 25 40 n.a. n.a. 1 716 n.a. 24 35 16 7 750 13 39 372 4 n.a. 286 n.a. 460 5 359 61 429 2006 1 437 936 0 4 020 44 31 28 483 n.a. 4 4 812 122 7 569 5 31 23 n.a. n.a. 1 828 n.a. 28 45 18 31 463 14 43 408 9 n.a. 337 n.a. 543 5 822 88 076 2007 1 483 1 035 0 3 846 62 44 29 461 n.a. 5 5 267 137 8 314 7 34 25 n.a. n.a. 2 050 n.a. 30 61 19 31 964 19 53 440 8 n.a. 368 n.a. 682 6 219 91 635 2008 1 535 1 118 0 5 472 73 64 30 331 n.a. 6 5 656 161 8 503 9 39 33 n.a. n.a. 2 159 n.a. 30 77 5 34 862 20 84 483 8 1 778 390 n.a. 696 4 982 98 574 2009 1 591 1 199 0 5 685 84 67 31 468 n.a. 9 6 041 176 9 058 11 37 17 n.a. n.a. 2 194 n.a. 33 62 5 36 531 26 64 500 6 582 415 n.a. 654 4 549 101 064 2010 1 638 1 259 n.a. 6 420 88 105 33 270 n.a. 10 6 374 197 9 548 18 36 29 n.a. n.a. 2 193 n.a. 49 42 5 39 387 36 86 532 5 645 410 n.a. 854 4 682 107 918 Nominal growth 2009/10* 3.0% 5.0% n.a. 3.2% 5.0% 49.6% 5.7% n.a. 16.1% 5.5% 11.9% 5.4% 63.6% -4.4% 65.8% n.a. n.a. 0.0% n.a. 48.5% -31.8% 10.2% 7.8% 26.8% 24.6% 6.5% -5.6% -0.4% -1.2% n.a. 20.5% -0.9% 5.9%
CEA Statistics
N44 | 41
Annex I
Table 7 | Property gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA * At constant exchange rates Notes: For DK, property includes personal insurance (ie households, homeowners and vacation home insurance plus hidden-defects insurance from 2003) and commercial insurance (ie buildings and movable property insurance) For MT, the drop in 2008 is because prior to 2008 cross-border business was included Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 1 547 1 505 49 2 107 36 323 12 382 1 463 20 3 425 540 9 910 278 109 301 824 56 3 632 n.a. 136 34 20 2 811 1 151 632 525 n.a. 1 763 121 116 541 14 649 61 008 2002 1 615 1 656 62 2 238 43 413 13 113 1 587 25 4 288 563 11 041 326 122 398 1 016 63 4 058 n.a. 153 28 22 3 129 1 436 633 609 50 2 022 130 132 614 16 609 68 194 2003 1 718 1 784 74 2 268 60 503 13 844 1 874 29 4 944 610 11 853 386 126 429 1 158 61 4 195 n.a. 157 31 22 3 431 1 497 584 623 63 2 576 133 143 644 17 458 73 279 2004 1 879 1 825 95 2 235 69 520 14 110 1 966 34 5 526 634 12 366 422 136 420 1 117 59 4 446 n.a. 174 28 22 3 529 1 504 611 676 68 2 256 141 160 749 18 313 76 090 2005 1 989 1 813 94 2 250 78 579 14 172 2 018 38 6 173 660 12 645 430 141 457 1 071 72 4 654 n.a. 222 34 22 3 520 1 581 688 684 84 2 826 146 158 883 18 777 78 962 2006 2 078 1 969 116 2 244 87 605 14 234 2 028 45 6 560 654 12 831 463 159 456 1 030 71 4 834 n.a. 226 43 22 3 531 1 606 742 689 127 2 874 161 167 921 18 226 79 798 2007 2 193 2 126 120 1 882 98 595 14 016 1 817 55 6 857 685 13 303 540 167 497 1 021 82 4 918 n.a. 178 57 24 3 659 1 616 812 706 256 2 878 176 185 879 17 837 80 236 2008 2 266 2 244 127 2 238 106 698 14 583 2 169 56 7 343 721 13 806 561 187 559 978 56 5 078 n.a. 183 64 20 3 735 1 647 944 732 313 2 489 198 212 901 15 836 81 049 2009 2 310 2 304 138 2 518 115 686 14 962 2 105 58 7 314 762 14 096 595 185 484 945 51 5 079 n.a. 86 51 21 3 676 1 638 859 744 225 2 291 228 227 1 444 14 184 80 382 2010 2 381 2 347 134 2 933 121 724 15 139 2 260 63 7 019 786 14 612 594 184 531 977 60 4 970 n.a. 88 48 21 3 732 1 932 1 042 765 251 2 617 232 218 1 685 15 497 83 963 Nominal growth 2009/10* 3.1% 1.9% -3.3% 6.4% 5.6% 1.0% 1.2% 7.4% 7.6% -4.0% 3.1% 3.7% -0.2% -1.5% 7.7% 3.4% 10.4% -2.1% n.a. 2.3% -5.6% 3.2% 1.5% 8.2% 11.9% 2.8% 11.0% 2.6% 1.8% -4.0% 7.7% 5.2% 2.6%
42 | CEA Statistics
N44
Annex I
Table 8 | Other non-life gross written premiums 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA * At constant exchange rates Notes: The other non-life business lines include general liability, accident, marine, aviation and transport (MAT), legal expenses, credit and travel insurance For MT, the drop in 2008 is because prior to 2008 cross-border business was included Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 1 649 2 684 36 3 423 30 412 17 087 1 445 9 2 973 954 13 610 233 106 96 768 59 6 795 n.a. 112 39 24 5 770 930 525 1 069 n.a. 1 265 142 60 248 22 103 84 656 2002 1 721 2 823 82 3 625 31 443 17 544 1 583 10 4 198 1 048 14 339 251 120 106 1 048 66 7 322 n.a. 92 40 14 6 533 922 538 1 160 40 1 273 159 70 304 27 051 94 555 2003 1 818 2 924 87 3 708 65 439 18 245 1 906 11 3 890 1 007 15 417 282 130 128 1 187 68 7 801 n.a. 104 45 14 7 074 1 040 520 1 218 56 1 962 166 67 322 28 972 100 674 2004 1 841 2 997 93 3 755 51 472 18 796 2 143 12 5 236 1 062 16 445 321 134 139 1 246 67 8 156 n.a. 91 36 14 7 797 954 602 1 234 74 2 117 183 74 437 27 371 103 951 2005 1 943 3 003 153 3 817 52 544 19 215 2 270 13 5 706 1 131 17 608 335 150 149 1 145 81 8 587 n.a. 61 29 18 7 860 1 073 725 1 254 104 2 051 194 87 724 29 042 109 241 2006 2 008 3 168 85 3 867 60 678 19 552 2 448 14 6 189 1 164 18 760 361 170 186 1 161 84 8 851 n.a. 56 30 16 8 216 1 111 862 1 260 245 2 275 204 109 855 28 684 112 868 2007 2 108 3 285 91 3 658 54 700 19 679 2 579 18 6 634 1 118 19 332 353 178 225 1 045 84 9 164 n.a. 141 37 20 8 224 1 133 1 081 1 291 53 2 043 219 128 1 231 28 201 114 280 2008 2 198 3 420 113 3 771 59 838 19 660 2 176 17 6 670 1 138 20 639 376 199 206 935 69 9 372 n.a. 159 41 18 8 840 1 184 1 276 1 296 146 721 234 148 1 179 24 311 111 643 2009 2 280 3 357 78 4 089 61 797 19 681 2 230 18 7 278 1 090 20 727 387 186 239 846 54 9 287 n.a. 236 38 18 8 536 1 165 1 165 1 222 103 386 232 160 615 21 834 108 748 2010 2 352 3 379 69 4 794 66 891 19 922 2 126 25 5 763 1 108 20 898 363 194 163 746 60 8 731 n.a. 268 37 19 8 538 1 270 1 363 1 199 140 505 239 163 730 25 174 111 703 Nominal growth 2009/10* 3.2% 0.7% -11.3% 7.2% 7.6% 6.9% 1.2% -4.6% 40.4% -20.8% 1.7% 0.8% -6.2% 3.4% -33.2% -11.8% 5.2% -6.0% n.a. 13.6% -3.7% 5.1% 0.0% 0.0% 8.0% -1.9% 35.5% 17.6% 3.0% 1.9% 9.5% 11.0% 1.2%
CEA Statistics
N44 | 43
Annex I
Table 9 | Total insurers investment portfolio 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 51 055 108 974 n.a. 263 678 1 518 4 858 129 681 124 104 952 70 526 893 705 5 696 993 2 964 47 412 615 277 912 1 238 25 866 154 589 264 011 61 006 11 335 23 790 n.a. 204 574 2 292 1 043 2 815 2002 53 768 112 906 n.a. 272 399 1 306 6 454 132 737 154 117 523 74 945 5 820 1 176 3 730 46 644 687 314 586 1 518 25 736 154 676 250 887 71 092 13 061 25 968 161 203 870 3 103 1 152 2 924 2003 55 953 128 595 n.a. 269 399 1 429 6 775 144 659 205 129 377 81 933 6 928 1 335 4 109 54 201 n.a. 365 385 2 432 30 357 150 587 267 743 69 848 13 302 28 696 223 228 466 3 514 1 427 3 443 2004 59 873 151 730 n.a. 264 315 1 489 7 831 158 958 281 145 181 89 069 7 963 1 530 4 722 65 968 n.a. 410 678 3 433 35 742 159 710 288 008 78 045 15 711 32 853 325 249 663 4 051 1 749 4 126 2005 65 768 178 589 n.a. 272 341 1 730 8 990 183 548 409 158 595 101 346 9 267 1 824 5 729 78 889 n.a. 459 464 6 394 44 973 178 1 237 324 930 92 343 20 456 40 228 440 288 588 3 771 2 169 6 171 2006 69 413 193 085 560 278 443 2 081 9 649 192 356 562 175 477 107 831 10 460 2 252 6 090 90 990 1 500 477 545 10 325 54 112 224 1 677 334 535 102 056 25 699 45 452 n.a. 279 490 4 458 2 818 6 818 2007 71 941 202 781 773 275 384 2 195 10 195 196 439 798 181 780 111 812 11 843 2 640 7 067 92 516 1 343 466 398 n.a. 60 546 305 2 257 322 546 113 663 30 926 49 446 n.a. 327 976 5 847 3 285 8 191 2008 76 788 198 288 881 257 746 1 968 12 123 205 864 673 191 531 98 162 11 330 2 678 7 957 73 034 588 434 676 n.a. 59 293 387 2 294 311 505 105 832 35 842 50 981 n.a. 255 652 4 451 3 701 8 460 2009 77 925 218 570 995 262 659 2 052 12 028 227 607 1 041 218 252 113 750 12 539 2 890 7 514 78 757 490 489 479 17 881 76 623 408 2 781 334 994 105 714 29 315 57 394 1 425 263 188 5 038 n.a. 7 685 2010 82 142 230 608 1 071 294 625 2 080 12 961 222 298 1 246 214 395 123 681 11 300 3 195 8 092 81 572 487 517 080 21 372 96 509 416 3 286 358 676 129 974 32 795 58 158 n.a. 309 260 5 000 n.a. 8 708 Nominal growth 2009/10* 5.4% 5.5% 7.6% 2.5% 1.3% 3.1% 4.1% -2.3% 19.7% -1.8% 8.7% 6.2% -9.9% 9.8% 5.8% 3.6% -6.8% 5.6% 9.3% 26.0% 2.4% 18.2% 7.1% 12.8% 3.3% 1.3% n.a. 5.5% -0.8% n.a. 4.6% 3.8% 4.8%
943 844 1 001 581 1 058 275 1 091 831 1 138 555 1 199 745 1 249 461 1 265 890 1 300 528 1 354 115
921 217 1 012 337 1 125 661 1 277 679 1 402 201 1 491 236 1 406 552 1 585 896 1 683 902
1 486 385 1 386 198 1 391 360 1 493 355 1 733 507 1 857 171 1 969 461 1 495 802 1 461 573 1 575 147 4 993 603 5 054 133 5 362 443 5 795 009 6 508 110 6 945 073 7 271 052 6 580 929 6 976 993 7 445 672
* At constant exchange rates Note: For ES, the total insurers investment portfolio is greater than the sum of life & non-life insurers investment portfolios as unaffected investment is included in the total
44 | CEA Statistics
N44
Annex I
Table 10 | Life insurers investment portfolio 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 36 730 81 393 n.a. 192 827 n.a. 3 520 570 948 117 526 56 87 612 61 218 782 049 3 954 281 1 378 40 058 35 218 168 n.a. 23 841 45 394 236 720 49 327 6 760 18 749 n.a. 163 022 1 292 800 1 441 2002 38 850 85 097 n.a. 198 916 n.a. 4 545 589 989 120 479 72 93 676 66 984 810 951 3 992 539 1 734 38 047 34 250 751 n.a. 23 770 49 475 223 767 57 308 8 122 20 777 89 170 399 1 762 920 1 676 2003 40 625 99 610 n.a. 195 688 n.a. n.a. 608 698 131 230 102 100 237 73 638 886 934 3 900 492 n.a. 44 575 n.a. 297 899 n.a. 28 107 46 471 238 222 56 514 8 418 23 371 132 191 631 1 954 1 094 1 897 2004 43 315 119 958 n.a. 188 956 n.a. n.a. 626 264 144 608 145 107 987 80 203 5 529 628 n.a. 55 308 n.a. 338 812 2 850 33 463 39 603 254 953 64 157 9 764 26 846 191 209 910 2 313 1 307 2 252 2005 47 442 148 318 n.a. 189 565 n.a. n.a. 648 722 167 484 227 116 507 91 710 6 580 665 n.a. 68 823 n.a. 383 676 5 813 42 307 43 801 287 660 75 947 12 849 33 664 333 243 152 2 497 1 577 3 615 2006 50 099 161 940 221 190 366 n.a. 6 499 666 451 174 778 318 124 072 97 782 7 621 n.a. n.a. 80 521 80 398 711 9 746 51 082 68 1 009 294 406 84 335 16 697 38 697 n.a. 231 644 2 996 1 791 2 882 2007 52 299 172 242 344 190 312 n.a. 7 156 684 012 177 943 512 126 265 101 309 8 678 1 285 n.a. 82 342 57 388 507 n.a. 57 273 50 1 258 284 023 92 580 20 187 42 242 n.a. 277 765 3 958 2 113 3 166 2008 53 684 167 831 391 169 948 1 676 8 313 686 071 188 123 378 n.a. 87 976 8 130 1 429 n.a. 63 818 20 358 205 n.a. 53 012 72 1 222 272 925 84 439 23 054 41 288 n.a. 209 767 2 876 2 399 3 388 n.a. 2009 53 415 188 342 432 179 310 1 829 8 454 732 755 209 048 692 164 432 102 442 8 923 1 620 n.a. 70 015 39 410 827 n.a. 70 246 99 1 453 293 177 85 031 19 365 48 954 441 217 586 3 162 n.a. 3 205 n.a. 2010 53 915 199 730 457 202 624 1 797 n.a. 765 025 202 756 833 n.a. 111 969 n.a. 1 810 n.a. 73 430 48 442 749 19 706 89 980 126 1 688 315 760 106 466 22 442 50 056 n.a. 257 065 3 200 n.a. 3 853 n.a. Nominal growth 2009/10* 0.9% 6.0% 5.8% 3.3% -1.7% n.a. 4.4% -3.0% 20.4% n.a. 9.3% 6.8% n.a. 10.9% n.a. 4.9% 15.2% 7.8% n.a. 28.1% 27.1% 16.2% 7.7% 14.8% 7.0% 2.3% n.a. 6.1% 1.2% n.a. 11.0% 3.4% n.a.
989 294 1 120 441 1 230 039 1 311 114 1 242 297 1 406 344 1 501 547
1 384 584 1 278 582 1 290 075 1 372 989 1 615 762 1 730 820 1 833 331 1 388 577 1 367 054 1 468 125 4 084 727 4 092 353 4 325 558 4 682 645 5 316 179 5 655 671 5 922 323
* At constant exchange rates
CEA Statistics
N44 | 45
Annex I
Table 11 | Non-life insurers investment portfolio 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 14 325 27 581 n.a. 70 851 n.a. 1 338 372 896 12 155 68 28 165 9 308 111 656 1 681 712 1 586 7 354 580 59 744 n.a. 2 025 108 195 27 291 11 679 4 575 5 041 n.a. 41 552 985 242 1 373 101 801 916 869 2002 14 918 27 809 n.a. 73 483 n.a. 1 909 411 592 12 265 82 21 267 7 961 110 266 1 780 795 1 996 8 597 653 63 835 n.a. 1 966 106 200 27 120 13 784 4 939 5 190 72 33 471 1 341 232 1 247 107 616 2003 15 329 28 985 n.a. 73 712 n.a. n.a. 449 577 13 429 102 23 530 8 295 125 403 3 028 843 n.a. 9 626 n.a. 67 486 n.a. 2 250 104 116 29 521 13 334 4 883 5 325 91 36 836 1 560 334 1 546 101 285 2004 16 557 31 772 n.a. 75 353 n.a. n.a. 465 567 14 350 136 26 002 8 866 136 367 2 434 902 n.a. 10 660 n.a. 71 866 583 2 279 120 107 33 055 13 888 5 947 6 007 134 39 753 1 738 442 1 874 120 365 2005 18 326 30 271 n.a. 82 775 n.a. n.a. 489 833 16 064 183 29 196 9 636 157 238 2 687 1 043 n.a. 10 066 n.a. 75 788 581 2 666 135 436 37 270 16 396 7 607 6 565 107 45 435 1 274 593 2 618 117 745 2006 19 314 31 145 339 88 076 n.a. 3 150 533 294 17 578 244 31 786 10 049 172 162 2 839 n.a. n.a. 10 469 1 420 78 834 579 3 030 173 669 40 129 17 721 9 002 6 755 n.a. 47 846 1 462 1 027 3 390 126 351 2007 19 642 30 539 429 85 226 n.a. 2 993 567 355 18 497 286 34 210 10 522 180 122 3 165 1 355 n.a. 10 174 1 286 77 890 n.a. 3 273 254 999 38 523 20 727 10 738 7 204 n.a. 50 612 1 889 1 172 4 423 136 130 2008 23 104 30 457 490 87 799 292 3 608 579 819 17 741 295 n.a. 10 186 164 255 3 200 1 249 n.a. 9 216 567 76 471 n.a. 6 281 316 1 072 38 580 21 393 12 789 7 134 n.a. 43 423 1 571 1 302 5 073 107 225 n.a. 2009 24 510 30 228 563 83 349 224 3 574 567 774 18 559 349 53 820 11 308 179 552 3 616 1 269 n.a. 8 742 451 78 652 n.a. 6 377 309 1 328 41 817 20 683 9 950 8 441 888 45 602 1 876 n.a. 4 480 94 519 n.a. 2010 28 227 30 878 614 92 001 283 n.a. 589 090 19 542 413 n.a. 11 712 182 355 n.a. 1 386 n.a. 8 142 439 74 331 1 666 6 529 291 1 598 42 916 23 508 10 353 8 101 n.a. 52 195 1 800 n.a. 4 855 107 022 n.a. Nominal growth 2009/10* 15.2% 2.2% 9.0% 0.9% 26.4% n.a. 3.8% 5.3% 18.4% n.a. 3.6% 1.6% n.a. 8.4% n.a. -6.9% -8.7% -5.5% n.a. 2.4% -5.5% 20.3% 2.6% 4.2% -4.0% -4.0% n.a. 2.8% -4.1% n.a. 0.0% 9.0% n.a.
956 491 1 016 530 1 087 125 1 162 533 1 258 831 1 319 636
* At constant exchange rates
46 | CEA Statistics
N44
Annex I
Table 12 | Structure of insurers investment portfolio 20002009 (%)

Land and buildings Investments in afliated undertakings and participating interests Shares and other variable-yield securities and units in unit trusts Debt securities and other xedincome securities Loans, including loans guaranteed by mortgages Deposits with credit institutions Other 2000 5.0% 3.9% 41.1% 30.6% 12.9% 0.9% 5.5% 2001 4.9% 4.8% 37.2% 32.9% 12.3% 1.2% 6.7% 2002 5.0% 5.4% 31.7% 36.8% 12.5% 1.6% 7.0% 2003 4.5% 5.3% 32.2% 37.7% 12.3% 1.5% 6.5% 2004 4.2% 4.8% 32.5% 38.5% 11.9% 2.6% 5.4% 2005 4.0% 4.5% 35.9% 36.8% 10.9% 2.4% 5.5% 2006 4.2% 4.4% 37.4% 35.7% 10.6% 2.4% 5.3% 2007 3.9% 4.5% 38.7% 35.3% 10.4% 2.5% 4.7% 2008 3.7% 5.0% 31.2% 39.9% 12.1% 3.3% 4.9% 2009 3.1% 4.7% 31.8% 40.4% 11.8% 2.4% 5.7%
CEA Statistics
N44 | 47
Annex I
Table 13 | Number of insurance companies 20012010

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 75 204 n.a. 142 36 43 640 243 14 414 69 504 107 24 23 196 11 246 19 93 21 19 353 96 71 86 n.a. 461 14 28 63 810 5 125 2002 73 201 n.a. 143 36 42 645 228 13 401 68 495 102 23 28 199 10 245 21 94 20 18 389 96 74 85 42 448 14 29 58 806 5 146 2003 72 189 n.a. 141 34 42 640 216 13 393 68 486 100 24 28 224 11 236 23 95 19 18 379 96 77 74 46 440 15 28 55 772 5 054 2004 71 181 n.a. 143 33 40 633 213 13 379 68 475 99 24 28 217 11 235 28 95 18 20 363 112 74 70 39 428 16 25 53 1 167 5 371 2005 73 171 n.a. 143 33 45 632 206 12 362 67 486 95 25 28 226 10 230 32 95 20 25 344 116 74 70 37 415 18 26 53 1 118 5 287 2006 72 161 n.a. 143 32 49 613 201 16 354 66 477 90 20 27 229 10 235 35 95 20 37 360 114 72 76 36 392 18 25 53 1 050 5 178 2007 71 156 41 143 30 52 609 202 19 357 63 464 86 23 31 233 9 234 37 94 21 41 345 118 76 83 42 392 20 24 56 1 017 5 189 2008 71 151 45 148 34 53 607 202 20 296 63 461 85 25 30 236 9 239 42 96 23 44 329 122 66 85 43 381 21 20 59 972 5 078 2009 72 148 45 150 34 53 596 159 19 294 63 452 82 27 30 227 9 241 41 n.a. 25 53 287 124 66 87 45 381 21 20 60 934 n.a. 2010 127 145 n.a. 151 34 53 582 184 19 292 63 441 73 26 32 227 13 242 40 97 24 52 268 120 63 82 45 386 21 20 64 1 314 n.a.
Notes: DK: includes life insurance companies and multi-employer pension funds as well as non-life insurance including foreign branches that are members of the Danish Insurance Association UK: there was a change in denition in 2004
48 | CEA Statistics
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Annex I
Table 14 | Number of employees 20012010

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 27 359 26 293 n.a. 48 171 1 650 15 718 245 400 13 692 1 623 55 728 10 888 138 600 9 500 5 049 27 762 12 842 600 41 746 n.a. 2 532 1 799 625 n.a. 9 000 32 595 13 700 n.a. 17 258 4 929 7 916 10 168 223 900 1 007 043 2002 25 925 25 912 n.a. 46 175 1 660 15 740 248 100 13 516 1 552 47 477 11 301 139 200 9 500 5 495 27 587 15 000 574 39 980 n.a. 2 654 1 786 542 n.a. 9 800 29 521 13 105 n.a. 18 987 5 204 7 622 10 750 217 475 2003 26 106 24 722 n.a. 44 514 1 665 15 658 244 300 13 647 1 458 48 116 11 542 138 500 9 500 6 194 28 069 15 227 572 39 291 n.a. 2 673 2 837 534 n.a. 9 600 28 946 12 575 25 300 18 973 5 521 6 743 11 426 211 300 2004 26 494 24 506 n.a. 42 186 1 691 14 600 240 800 14 181 1 444 45 953 11 180 138 000 9 500 6 190 27 226 14 989 563 40 105 154 2 969 2 988 642 63 000 9 300 28 677 11 835 36 130 18 914 5 690 6 484 12 140 208 100 2005 26 267 24 004 n.a. 45 606 1 700 14 506 233 300 14 046 1 364 49 135 10 448 143 700 9 500 7 017 26 001 14 303 575 39 924 170 3 045 3 333 667 63 000 9 900 28 864 11 829 36 000 19 000 5 878 6 304 12 837 176 100 2006 26 292 23 752 n.a. 47 184 1 749 14 410 225 700 14 259 1 458 48 049 10 583 143 750 9 000 7 984 26 131 14 256 577 39 795 223 3 170 3 800 806 62 000 9 300 28 474 11 518 n.a. 19 389 5 992 6 300 13 550 179 300 2007 26 667 24 048 n.a. 47 990 1 767 14 501 218 900 15 995 1 458 47 991 10 669 143 950 9 000 9 360 26 242 14 762 580 46 278 311 3 242 n.a. 832 61 000 9 500 30 251 11 295 n.a. 20 032 6 064 6 300 14 937 177 500 2008 26 547 24 300 n.a. 49 236 1 854 14 726 216 300 16 273 1 536 49 203 10 810 145 200 9 000 10 514 26 125 15 033 575 46 831 463 3 268 n.a. 786 59 000 9 310 29 623 11 307 n.a. 20 715 6 331 6 640 16 007 178 700 2009 26 732 23 964 n.a. 46 413 1 874 14 559 216 500 16 455 1 737 47 779 10 563 147 700 9 000 11 184 23 914 14 300 557 47 369 507 3 710 n.a. n.a. 59 000 9 310 29 129 11 270 15 083 19 259 6 306 6 218 18 840 117 000 956 232 2010 26 538 23 727 n.a. 45 659 1 965 14 359 216 400 16 773 n.a. n.a. 10 472 147 400 9 000 n.a. 25 003 14 000 557 47 185 510 3 950 n.a. n.a. 57 000 n.a. n.a. 11 224 n.a. 20 414 6 128 n.a. 16 683 n.a. n.a.
992 140 1 005 509 1 066 631 1 038 323
998 751 1 001 422 1 006 213
Notes: DK: includes all people employed in the Danish market FR: there was a break in the series in 2005 IT: there was a break in the series in 2007
CEA Statistics
N44 | 49
Annex I
Table 15 | Breakdown of life premiums by distribution channel 2009

AT BE BG DE ES FR HR IE IT MT NL PL PT RO SI SK TR UK Austria Belgium Bulgaria Germany Spain France Croatia Ireland Italy Malta Netherlands Poland Portugal Romania Slovenia Slovakia Turkey United Kingdom Direct writing 14.3% 19.0% 15.4% 2.5% 10.4% 16.0% 40.2% 38.7% 8.7% 2.5% 28.6% 32.5% 2.6% 10.6% 2.3% 36.0% 18.9% 5.3% 23.8% 23.2% 28.8% 9.6% 42.5% 60.3% 64.0% 0.9% 71.6% Agents 2.7% 5.2% 62.0% 53.5% 12.7% 7.0% 41.6% 10.5% 15.9% 3.0% 57.8% 4.7% 1.0% 16.6% 9.6% Brokers 13.4% 33.0% 22.6% 20.9% 8.1% 14.0% 1.5% 50.7% 1.0% 3.0% Bancassurance 64.8% 42.4% 0.0% 20.6% 66.2% 60.0% 16.1% 0.0% 74.4% 80.3% 11.6% 32.6% 86.7% 29.9% 5.4% 0.0% 56.4% 0.0% Other 4.8% 0.4% 0.0% 2.5% 2.6% 3.0% 0.6% 0.1% 0.0% 11.2% 2.0% 1.4% 0.1% 0.4% 22.4% 0.0% 0.0% 0.0%
Notes: Data for DE and the UK refers to new business For the UK, bancassurance is included in all other channels For NL and SK, brokers are included with agents Data for ES is from 2008
Table 16 | Breakdown of non-life premiums by distribution channel 2009

AT BE BG DE ES FR HR IE IT MT NL PL PT RO SI SK TR UK Austria Belgium Bulgaria Germany Spain France Croatia Ireland Italy Malta Netherlands Poland Portugal Romania Slovenia Slovakia Turkey United Kingdom Direct writing 35.0% 20.0% 20.0% 3.9% 22.2% 35.0% 72.4% 41.8% 6.0% 37.3% 49.0% 19.9% 10.1% 25.8% 27.9% 21.0% 8.1% 23.9% 58.5% 54.9% 34.6% 65.4% 62.3% 68.4% 5.3% Agents 12.8% 10.5% 34.2% 63.1% 36.3% 35.0% 21.3% 0.0% 83.0% 41.3% 41.0% 16.5% 19.6% 33.1% 4.6% 16.7% 11.3% 56.9% Brokers 39.4% 61.8% 45.7% 24.5% 26.7% 18.0% 2.2% 58.2% 7.9% 21.4% Bancassurance 5.5% 6.8% 0.0% 5.8% 8.8% 10.0% 1.6% 0.0% 3.1% 0.0% 9.0% 3.5% 13.6% 2.6% 0.5% 0.0% 12.1% 7.9% Other 7.3% 0.8% 0.0% 2.7% 6.0% 2.0% 2.5% 0.0% 0.0% 0.0% 1.0% 1.6% 1.8% 3.9% 1.6% 0.0% 0.1% 6.0%
Notes: For NL, brokers are included with agents Data for ES and NL is from 2008
50 | CEA Statistics
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Annex I
Part B: Macroeconomic data

Table 17 | Euro exchange rates 20012010
BG CH CY CZ DK EE HR HU IS LI LV MT NO PL RO SE SI SK TR UK Bulgaria Switzerland Cyprus Czech Republic Denmark Estonia Croatia Hungary Iceland Liechtenstein Latvia Malta Norway Poland Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 1.948 1.511 0.576 34.068 7.452 15.647 7.482 256.590 87.420 1.511 0.560 0.403 8.048 3.672 2.600 9.255 217.980 43.300 0 575 0 609 2002 1.949 1.467 0.575 30.804 7.431 15.647 7.413 242.960 86.180 1.467 0.581 0.409 7.509 3.857 3.127 9.161 225.977 42.694 2003 1.949 1.521 0.584 31.846 7.431 15.647 7.569 253.620 86.650 1.521 0.641 0.426 8.003 4.400 3.755 9.124 233.849 41.489 1 102 0 622 2004 1.953 1.544 0.582 31.891 7.440 15.647 7.497 251.660 87.140 1.544 0.665 0.428 8.370 4.527 4.051 9.124 239.087 40.022 1 440 0 629 2005 1.956 1.548 0.577 29.782 7.452 15.647 7.401 248.050 78.230 1.548 0.696 0.430 8.009 4.023 3.621 9.282 239.568 38.599 1 695 0 692 2006 1.956 1.573 0.576 28.342 7.459 15.647 7.325 264.260 87.760 1.573 0.696 0.429 8.047 3.896 3.526 9.254 239.596 37.234 1 777 0 679 2007 1.956 1.643 0.583 27.766 7.451 15.647 7.338 251.350 87.630 1.643 0.700 0.429 8.017 3.784 3.335 9.250 239.640 33.775 1 677 0 684 2008 1.956 1.587 0.585 24.946 7.456 15.647 7.224 251.510 143.830 1.587 0.703 0.429 8.224 3.512 3.683 9.615 239.640 31.262 1 809 0 682 2009 1.956 1.510 0.585 26.435 7.446 15.647 7.340 280.330 172.670 1.510 0.706 0.429 8.728 4.328 4.240 10.619 239.640 30.126 1 787 0 684 2010 1.956 1.380 0.585 25.284 7.447 15.647 7.289 275.480 161.890 1.380 0.709 0.429 8.004 3.995 4.212 9.537 239.640 30.126 1 906 0 796
Source: Eurostat
CEA Statistics
N44 | 51
Annex I
Table 18 | GDP at current market prices 20012010 (m)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Source: Eurostat Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 214 201 259 803 15 552 284 886 10 720 71 873 179 226 6 971 680 397 139 288 146 428 25 700 58 864 118 122 8 830 2 784 22 572 9 216 4 375 447 731 190 956 212 294 134 137 45 357 253 743 22 828 23 573 229 358 2002 220 529 268 620 17 027 296 018 11 081 83 351 184 744 7 776 729 258 143 646 156 615 28 166 70 462 131 336 9 474 2 856 23 992 9 816 4 556 465 214 204 074 209 617 140 142 48 615 266 740 24 597 25 972 249 716 2003 224 996 276 156 18 374 287 754 11 654 84 410 188 500 8 719 783 082 145 531 172 431 30 247 73 883 140 981 9 711 2 718 25 834 9 943 4 533 476 945 199 146 191 644 143 015 52 577 278 914 25 819 29 489 273 401 2004 234 708 291 292 20 388 292 382 12 596 91 850 197 070 9 685 841 294 152 266 185 266 33 005 82 115 150 560 10 674 2 782 27 456 11 155 4 545 491 184 208 256 204 237 148 827 61 064 291 634 27 228 33 995 319 943 2005 245 243 303 357 23 256 299 554 13 598 104 629 207 367 11 182 909 298 157 429 193 050 36 030 88 766 163 462 13 112 2 943 30 283 12 928 4 811 513 407 242 935 244 420 153 728 79 802 298 353 28 731 38 489 392 514 2006 259 035 318 697 26 477 311 873 14 671 118 291 218 747 13 391 165 765 208 893 39 735 89 593 178 297 13 316 3 189 33 920 15 982 5 074 540 216 268 363 272 089 160 274 97 751 318 171 31 051 44 502 425 031 2007 274 020 335 610 30 772 317 222 15 902 131 909 227 534 16 069 179 830 222 771 43 380 99 431 189 933 14 932 3 363 37 491 21 027 5 455 571 773 283 366 311 002 169 319 124 729 337 944 34 562 54 811 479 209 2008 282 746 346 130 35 431 343 346 17 157 154 270 235 133 16 304 185 651 232 920 47 760 105 545 179 990 10 304 3 462 39 437 22 890 5 840 594 481 305 323 363 154 171 983 139 765 333 256 37 280 64 500 498 602 2009 274 818 340 398 34 933 354 735 16 854 141 450 223 985 13 840 173 267 231 642 45 666 91 403 160 596 8 674 3 457 37 393 18 521 5 830 571 145 267 066 310 418 168 587 118 196 291 347 35 311 62 896 440 367 2010 286 197 354 378 36 034 398 878 17 334 149 313 235 609 14 305 180 253 227 318 45 899 97 095 155 992 9 495 3 887 40 267 17 975 6 164 588 414 311 855 354 310 172 799 121 941 346 855 35 416 65 887 552 842
2 101 900 2 132 200 2 147 500 2 195 700 2 224 400 2 313 900 2 428 500 2 473 800 2 374 500 2 476 800
985 547 1 053 161 1 087 749 1 047 831 1 051 342
1 495 553 1 542 928 1 587 902 1 655 571 1 718 047 1 798 115 1 886 792 1 933 195 1 889 231 1 932 802
1 255 738 1 301 873 1 341 850 1 397 728 1 436 380 1 493 031 1 554 199 1 575 144 1 526 790 1 556 029
1 642 827 1 710 109 1 646 615 1 771 682 1 834 297 1 948 861 2 054 236 1 800 711 1 564 476 1 700 145 10 315 802 10 721 119 10 894 275 11 458 136 12 025 798 12 731 845 13 510 254 13 643 257 12 845 621 13 543 827
52 | CEA Statistics
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Annex I
Table 19 | Population 20012010 (thousands)

AT BE BG CH CY CZ DE DK EE ES FI FR GR HR HU IE IS IT LI LU LV MT NL NO PL PT RO SE SI SK TR UK CEA Source: Eurostat Austria Belgium Bulgaria Switzerland Cyprus Czech Republic Germany Denmark Estonia Spain Finland France Greece Croatia Hungary Ireland Iceland Italy Liechtenstein Luxembourg Latvia Malta Netherlands Norway Poland Portugal Romania Sweden Slovenia Slovakia Turkey United Kingdom 2001 8 064 10 310 7 891 7 256 706 10 206 82 440 5 368 1 361 40 964 5 195 61 424 10 969 4 445 10 175 3 900 287 56 994 34 444 2 346 395 16 105 4 524 38 242 10 329 21 833 8 909 1 994 5 379 68 838 59 216 566 542 2002 8 100 10 356 7 846 7 314 715 10 203 82 537 5 384 1 356 41 664 5 206 61 864 11 006 4 443 10 142 3 964 288 57 321 34 448 2 331 397 16 193 4 552 38 219 10 407 21 773 8 941 1 995 5 379 69 770 59 435 569 585 2003 8 143 10 396 7 801 7 364 730 10 211 82 532 5 398 1 351 42 345 5 220 62 292 11 041 4 442 10 117 4 029 291 57 888 34 455 2 319 400 16 258 4 577 38 191 10 475 21 711 8 976 1 996 5 380 70 692 59 697 572 752 2004 8 201 10 446 7 761 7 415 749 10 221 82 501 5 411 1 348 43 038 5 237 62 773 11 083 4 444 10 098 4 112 294 58 462 35 461 2 306 403 16 306 4 606 38 174 10 529 21 659 9 011 1 998 5 385 71 610 60 039 576 113 2005 8 254 10 511 7 719 7 459 766 10 251 82 438 5 427 1 345 43 758 5 256 63 230 11 125 4 443 10 077 4 208 300 58 752 35 469 2 295 405 16 334 4 640 38 157 10 570 21 610 9 048 2 003 5 389 72 520 60 410 579 204 2006 8 283 10 585 7 679 7 509 779 10 287 82 315 5 447 1 342 44 475 5 277 63 645 11 172 4 441 10 066 4 313 308 59 131 35 476 2 281 408 16 358 4 681 38 125 10 599 21 565 9 113 2 010 5 394 69 689 60 781 578 570 2007 8 319 10 667 7 640 7 593 789 10 381 82 218 5 476 1 341 45 283 5 300 64 007 11 214 4 436 10 045 4 401 315 59 619 35 484 2 271 410 16 405 4 737 38 116 10 618 21 529 9 183 2 010 5 401 70 586 61 192 582 024 2008 8 355 10 753 7 607 7 702 797 10 468 82 002 5 511 1 340 45 828 5 326 64 369 11 260 4 435 10 031 4 450 319 60 045 36 494 2 261 414 16 486 4 799 38 136 10 627 21 499 9 256 2 032 5 412 71 517 61 595 585 164 2009 8 375 10 840 7 564 7 786 803 10 507 81 802 5 535 1 340 45 989 5 351 64 716 11 305 4 426 10 014 4 468 318 60 340 36 502 2 248 414 16 575 4 858 38 167 10 638 21 462 9 341 2 047 5 425 72 561 62 027 587 782 2010 8 404 10 918 7 505 7 867 804 10 533 81 752 5 561 1 340 46 153 5 375 65 075 11 330 4 412 9 986 4 480 318 60 626 36 512 2 230 418 16 655 4 920 38 200 10 637 21 414 9 416 2 050 5 435 73 723 62 436 590 521
CEA Statistics
N44 | 53
Annex II
Annex II. Distribution channel classication

1. Direct writing Insurance distributed by insurance companies, without intermediaries, through the use of direct marketing. This channel is split into:
1.1 Employees1
The companys own sales force operating from branch networks
1.2 Distance selling

Call centres (telesales), the internet, mailing, etc. 2. Intermediaries
2.1 Agents
Intermediaries who represent the interests of the insurer
Tied agent
Intermediary acting as an agent of the insurer and under exclusive agreement to refer business to one insurer
Multi-tied agent
Intermediary acting as an agent for several insurers and with multiple insurer agency agreements
2.2 Brokers
Intermediaries who represent the interest of the insured
2.3 Other intermediaries

Intermediaries such as afnity groups, car sellers, estate agents, travel agencies, etc. 3. Bancassurance The provision of insurance products by banks or lending institutions. The bank or lending institution may act as an insurance agent, bank employee or insurance broker 4. Other
1 Tied agents with an employment contract with an insurer are included under Tied agents
54 | CEA Statistics
N44
CEA Statistics N44 is available on the CEAs website: www.cea.eu.
CEA aisbl Brussels, December 2011 For further information: stat@cea.eu All rights reserved Design: CEA, Morris & Chapman
CEA Statistics N44: European Insurance in Figures, December 2011 is subject to copyright with all rights reserved. Reproduction in part is permitted if the source reference CEA Statistics N44, December 2011 is indicated. Courtesy copies are appreciated. Reproduction, distribution, transmission or sale of this publication as a whole is prohibited without the prior authorisation of the CEA. Although all the information used in this publication was taken carefully from reliable sources, the CEA does not accept any responsibility for the accuracy or the comprehensiveness of the information given. The information provided is for information purposes only and in no event shall the CEA be liable for any loss or damage arising from the use of this information.
CEA aisbl Square de Mees 29 B-1000 Brussels Belgium Tel: +32 2 547 58 11 Fax: +32 2 547 58 19 www.cea.eu

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European Insurance in Figures 2011

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CEA Statistics N44 European Insurance in Figures December 2011

CEA Statistics European Insurance in Figures

About the CEA

European Insurance in Figures

Abbreviations 7 Executive summary 8

I. Premiums 11 I.1 Life insurance premiums 12

European Insurance in Figures

European Insurance in Figures

CEA full member associations

European Insurance in Figures

European Insurance in Figures

Insurance density and penetration1

Insurers investment portfolio

European Insurance in Figures

European Insurance in Figures

European Insurance in Figures

Worldwide premiums grew 5.6% in 2010 against a 2.6% decline in 2009

European Insurance in Figures

Chart 2 | Worldwide premiums 20002010 ($bn)

I.1 Life insurance premiums

European Insurance in Figures

Chart 3 | European life premiums 20012010 (bn)

Note: Finland includes pension funds

European Insurance in Figures

I.2 Non-life insurance premiums

European Insurance in Figures

Other non-life 26%

European Insurance in Figures

8 European Automobile Manufacturers Association

European Insurance in Figures

The health sector returned to its usual pattern of growth in 2010

European Insurance in Figures

European Insurance in Figures

I.2.4 Other non-life business lines

European Insurance in Figures

II. Insurance density and penetration

European Insurance in Figures

> 170 000

European Insurance in Figures

Notes: Calculated at constant exchange rates Liechtenstein includes cross-border business

European Insurance in Figures

Chart 15 | European health premiums per capita 2009 and 2010 ()

Note: Calculated at constant exchange rates

European Insurance in Figures

II.2 Insurance penetration

Notes: Calculations at constant exchange rates Liechtenstein includes cross-border business

European Insurance in Figures

Chart 17 | Ratio of European life premiums to GDP 20092010

Notes: Calculations at constant exchange rates Liechtenstein includes cross-border business

European Insurance in Figures

Notes: Calculations at constant exchange rates Liechtenstein includes cross-border business

Note: Calculations at constant exchange rates

European Insurance in Figures

European Insurance in Figures

III. Insurers investment portfolio

Note: The life/non-life breakdown is not available from 2008 onwards

III.1 Structure of the portfolio

European Insurance in Figures

III.2 Ratio of investment portfolio to GDP

European Insurance in Figures

European Insurance in Figures

IV. Market operators

European Insurance in Figures

IV.3 Distribution channels