Contact
![Contact Meredith Alda](https://cdn.statcdn.com/contactPerson/3646.jpg)
Mon - Fri, 9am - 6pm (EST)
![Contact Yolanda Mega](https://cdn.statcdn.com/contactPerson/3195.jpg)
Mon - Fri, 9am - 5pm (SGT)
![Contact Kisara Mizuno](https://cdn.statcdn.com/contactPerson/2661.jpg)
Mon - Fri, 10:00am - 6:00pm (JST)
![Contact Lodovica Biagi](https://cdn.statcdn.com/contactPerson/863.jpg)
Mon - Fri, 9:30am - 5pm (GMT)
![Contact Carolina Dulin](https://cdn.statcdn.com/contactPerson/3012.jpg)
Mon - Fri, 9am - 6pm (EST)
The Insurances market in Central & Western Europe is experiencing a notable shift in customer preferences, trends, and local special circumstances.
Customer preferences: Customers in Central & Western Europe are increasingly seeking insurance products that offer comprehensive coverage, personalized services, and digital convenience. There is a growing demand for innovative insurance solutions that cater to specific needs such as health, travel, and property insurance. Additionally, customers are placing greater emphasis on sustainability and ethical business practices, influencing their choice of insurance providers.
Trends in the market: In Central & Western Europe, one of the prominent trends in the insurance market is the rise of Insurtech companies. These technology-driven firms are disrupting the traditional insurance landscape by offering digital-first solutions, streamlined processes, and enhanced customer experiences. Moreover, there is a noticeable trend towards usage-based insurance models, where premiums are determined based on individual behavior or usage patterns, particularly in the auto insurance sector.
Local special circumstances: Countries in Central & Western Europe have distinct regulatory environments and cultural norms that impact the insurance market. For instance, countries like Germany and Switzerland have a strong preference for savings-oriented insurance products, while countries like France and the Netherlands have a more balanced mix of protection and savings products. Furthermore, the presence of established insurance incumbents in some markets has created a competitive environment for new entrants and Insurtech startups.
Underlying macroeconomic factors: The economic stability and growth prospects of Central & Western European countries play a significant role in shaping the insurance market. Factors such as GDP growth, employment rates, interest rates, and regulatory changes influence consumer confidence, disposable income levels, and overall demand for insurance products. Additionally, demographic shifts, such as an aging population and changing family structures, are driving the need for specialized insurance offerings in areas like healthcare and retirement planning.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)