Over the past few years, the Insurances market in EU-27 has been experiencing significant growth and transformation.
Customer preferences: Customers in the EU-27 region have shown a growing interest in insurance products that offer comprehensive coverage and customization options. There is a notable shift towards digital channels for purchasing insurance policies, driven by the convenience and ease of comparison. Additionally, there is an increasing demand for sustainable and socially responsible insurance products, reflecting a broader global trend towards environmental and social consciousness.
Trends in the market: In countries like Germany and France, there is a noticeable trend towards Insurtech innovation, with startups offering tech-driven solutions for insurance services. These innovations focus on improving customer experience, streamlining processes, and enhancing risk assessment. Furthermore, the rise of cybersecurity threats has led to an increased demand for cyber insurance across the region. This trend is particularly pronounced in countries with a strong digital presence, such as the Netherlands and Sweden.
Local special circumstances: In countries with aging populations, such as Italy and Spain, there is a specific focus on insurance products tailored to the needs of seniors, including health and long-term care coverage. Moreover, in Eastern European countries like Poland and Hungary, there is a growing middle class that is driving demand for various insurance products, including life insurance and property insurance. These countries are also witnessing an increase in cross-border insurance activities, facilitated by EU regulations.
Underlying macroeconomic factors: The overall economic stability and regulatory framework within the EU-27 have played a crucial role in shaping the insurance market. Low-interest rates set by the European Central Bank have influenced investment returns for insurance companies, prompting them to adjust their product offerings and pricing strategies. Additionally, the impact of Brexit on the insurance market in the UK has created uncertainties and challenges for companies operating across borders within the EU-27. The ongoing digitalization of processes and the implementation of Solvency II regulations have also contributed to the evolving landscape of the insurance market in the region.
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.
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