Non-life insurances - EU-27

EU-27

The Non-life insurance market in the EU-27 is projected to reach a market size (gross written premium) of US$493.10bn in 2024.
The average spending per capita in the Non-life insurance market is estimated to be US$1,102.00 in 2024.
It is expected that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 2.08%, resulting in a market volume of US$546.60bn by 2029.
When compared globally, the United States is predicted to generate the highest gross written premium, amounting to US$2,500.0bn in 2024.
In Germany, the non-life insurance market is experiencing a trend of increased demand for cyber insurance due to the rising threat of cyber attacks.

Market

Region

Region comparison

Currency

Analyst Opinion

Over the past few years, the Non-life insurances market in EU-27 has shown significant growth and development.

Customer preferences: Customers in the EU-27 region are increasingly looking for Non-life insurance products that offer comprehensive coverage at competitive prices. They are also placing a higher emphasis on digitalization and convenience when purchasing insurance policies, leading to a rise in online sales and digital insurance platforms.

Trends in the market: In countries like Germany and France, there is a growing trend towards sustainable and green insurance products, reflecting the increasing awareness of climate change and environmental issues among consumers. Additionally, the introduction of innovative insurance products such as usage-based insurance and parametric insurance is gaining traction in countries like the Netherlands and Sweden, catering to the evolving needs of customers.

Local special circumstances: Certain countries in the EU-27 region, such as Italy and Spain, have unique regulatory frameworks and market dynamics that influence the Non-life insurance sector. For example, in Italy, the presence of a large number of small and medium-sized insurance companies creates a competitive market landscape, driving insurers to differentiate their products and services to attract customers. Similarly, in Spain, the impact of economic fluctuations and regulatory changes plays a significant role in shaping the Non-life insurance market.

Underlying macroeconomic factors: The overall economic stability and growth prospects in the EU-27 region have a direct impact on the Non-life insurance market. As the economy continues to recover from the effects of the global pandemic, consumer confidence is increasing, leading to higher demand for insurance products. Additionally, factors such as interest rates, inflation, and employment levels influence the affordability and uptake of Non-life insurance policies across different countries in the region.

Methodology

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.