The Annual European Insurance Overview is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European (re)insurance sector. The report is based on annually reported Solvency II information. This ensures that the data has a high coverage in all countries and is reported in a consistent manner across the EEA.
The report is objective, factual and data driven and does not contain analysis or policy messages. All indicators used in the report are calculated from the reported data from undertakings. All distributions displayed are unweighted, treating all undertakings in all countries equally. While the topics and indicators covered is intended to be relatively stable over time, the report will be adapted to respond to changes in micro prudential and supervisory priorities. It will therefore support the supervisory community and industry with highly relevant and easily-accessible data at European level.
This report is based on Annual reporting for 2022. The report is published with all data available for download in a separate excel file.
For the majority of countries a decrease in total gross written premium is observed in 2022. At line of business level, both annuity lines saw the highest increase. In both Portugal & Sweden, life business decreased by more than 20%. Life business in Cyprus, Bulgaria, Lichtenstein and Lithuania all increased by more than 10%. Both annuity lines of business remain the most reinsured.
EE, IS, LT, LV, MT & SK all have a 3 undertaking concentration above 80%. The least concentrated market is DE followed by IE, IT, ES & FR.
For the majority of countries a decrease in GWP is observed. The largest percentage increases are observed in CY & BG. The biggest decrease can be observed for PT & SE.
CY has the highest median growth rate followed by IS. IT and PT experienced the biggest median decrease with more than -10%.
Health Reins, IL & UL and Ins with PP had a decrease in growth at the median level in 2022.
Health Ins, IL & UL and Other Life are present in every national market.
LI has by far the largest GWP per capita followed by LU, then IE. The lowest value is found in RO, followed by BG.
IL & UL is the dominant LOB closely followed by Ins with PP, then Health Ins.
For the majority of countries an increase in total GWP is observed in 2022. Assistance and MAT were the line of business with the highest increase. A median combined ratio of 100% or above was observed for only 3 countries, France, Iceland & Romania. Credit & suretyship is the most reinsured line of business.
LV & LT have a 3 undertaking concentration above 90%. FR has the least concentrated market; followed by DE, ES & CY.
For the vast majority of countries, growth in GWP is observed in 2022. Only DK & SE showed a contraction in GWP in 2022.
LV at 42% has the highest median growth followed by EE & RO at 21%. The lowest growth at median level is observed in FI at 3%.
In all LOBs except Health Reins an increase in GWP is observed at the median level. The highest increase is observed in MAT & Assistance at 10%.
The highest Combined ratio at a median level is found in FR and RO at 101% whilst the lowest is found in MT at 67%.
The highest Claims ratio at a median level is found in IS at 79% whilst the lowest is found in MT at 32%.
The Expense ratio is defined as the expenses divided by premiums earned. The chart shows interquartile range and median.
The highest Expense ratio at a median level is found in RO at 60% whilst the lowest is found in LI and LU at 12%.
The highest median Combined Ratio at LOB level is observed in Motor Liab at 101% whilst the lowest is observed in Health Reins at 56%.
General Liab & Motor Liab make up a proportion of the market in each country, varying from 2% to 26% and 2% to 43% respectively.
NL have the highest GWP/GDP value at 7.1% followed by MT at 5.3%. RO have the lowest value at 0.6%.
Med Exp and Fire Prop are the largest lines of business in terms of GWP in the Non-Life market.
For all countries median SCR coverage ratios are above 155% & median MCR coverage ratios above 315%. Own funds consist of at least 80% Tier 1 - unrestricted own funds for every country.
For all undertaking types a median value above 215% is observed and 25th percentile value above 160%.
DE has the highest SCR coverage with a median value of 299% and lower quartile above 198%. IS has the lowest median value at 157%.
FI has the highest median MCR coverage value at 1111%. LV has the lowest median value with 303%.
Market risk accounts for more than 56% for every company type.
Market risk is the most prominent non underwriting related risk, accounting for between 26% and 87% of the BSCR. The diversification impact on the BSCR varies from ~15% to ~55%.
Non-Life undertakings have the highest proportion of Tier 1 unrestricted own funds at 95%.
The lowest proportion of Tier 1 unrestricted own funds is found in NO with 80% followed by BE with 84%. Conversely, CY, SE & SK all have 99% or more Tier 1 unrestricted own funds. CZ has the highest dependence on Tier 3 own funds at 6%.
LACDT has the highest median impact for reinsurance undertakings at -9%.
The highest impact at a country level is observed for IS with a median value of -12%.
EPIFP has the highest impact on own funds for composite undertakings at 6%.
The highest impact of EPIFP at country level is observed in SK, with a median value of 55%. This is followed by LT at 35%.
DE display the highest impact of transitionals to the SCR ratio at 34%. NL has the highest impact of LTGs to the SCR ratio at 54% respectively .
DE display the highest impact of transitionals to the SCR Ratio at 61% whilst NL have the highest impact of LTGs to the SCR Ratio at 78%.
DE display the highest impact of transitionals to the EOF at 16% whilst NL display the highest impact of transitionals to the EOF at 10%.
Government Bonds, Corporate Bonds, & Collective Investment Undertakings together account for ~70% of Solvency II investments with Equity investments making up a further ~17%.
Of those government bonds held by (re)insurance undertakings and issued in the EEA, the top 2 issuer countries together (FR & IT) account for 50%. The top 4 issuers of government bonds (DE, ES, FR, IT) together amount to 76% of the total.
Of those corporate bonds held by (re)insurance undertakings and issued in the EEA, the top 3 issuers (DE, FR, & NL) together account for 60%.
Of the equity held by (re)insurance undertakings and issued in Europe, the top 2 issuers (FR, DE) together account for 61%.
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