EU GWP reaches £1.2trn

Direct gross written premium in the EU reached €1.3trn (£1.2trn) in 2018, including €407bn (£362bn) in P/C premiums and €140bn (£125) in health.

This is according to a survey from industry association, Insurance Europe, which has just published its annual data on the European insurance industry.

Premiums increased overall by 6.2% y-o-y, with P/C premiums growing 5.7% and health 4.8%.

An average of €2,170 (£1,932) per capita was spent on insurance in the EU, compared with €2,049 (£1825) in 2017. On average, €673 (£599) was spent in P/C and €232 (£207) on health.

Insurance Europe indicated that European insurers paid out €1,069bn (£952bn) in claims and benefits to insureds in 2018, a 3.1% increase y-o-y. Amongst those, P/C claims paid increased by 5.6% to €253bn (£225bn) and health claims 4.0% to €111bn (£99bn).

European non-life premiums made up over a quarter (29%) of global non-life premiums.

UK

Insurance penetration, or GWP as a percentage of GDP, was 14.3% in 2018 in the UK. GWP amounted €341.6bn (£304.21bn), of which 30% was P/C (£91.26bn) and roughly 2.5% health (£7.61bn).

Insurers paid out some €315.9bn (£281.32bn) in claims and benefits to insured in 2018. P/C claims paid made up 21% of that amount (£59bn) and health claims roughly 2% (£5.63bn).

Separate data published by Swiss Re in August showed that global GWP in topped £4trn for first time ever in 2018 – a figure equivalent to more than 6% of global GDP and buoyed mainly by growth in non-life.

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