Non-life insurances - Europe | Statista Market Forecast

The Non-life insurance market in Europe is expected to witness significant growth in the coming years.
By 2024, the market size, measured in terms of gross written premium, is projected to reach a staggering US$672.10bn.
This indicates a promising future for the industry in the region.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$796.40 in 2024.
This figure highlights the importance of insurance coverage among individuals in Europe.
Looking ahead, the market is forecasted to experience a steady annual growth rate of 2.42% from 2024 to 2029 (CAGR 2024-2029).
With this growth trajectory, the market volume is expected to reach an impressive US$757.60bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium in 2024, amounting to a substantial US$2.5tn.
This highlights the dominance of the US in the global insurance market.
Overall, the Non-life insurance market in Europe shows great potential for growth and development in the coming years.
The projected figures emphasize the significance of this market segment in the region and its contribution to the overall economy.
In the competitive Non-life insurance market in Europe, Germany stands out for its strong focus on automobile insurance.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Europe is witnessing a shift in customer preferences towards more comprehensive coverage options and digital insurance solutions.

Customer preferences: Customers in Europe are increasingly seeking non-life insurance policies that offer a wider range of coverage, including protection for cyber risks, natural disasters, and travel disruptions. There is a growing demand for personalized insurance products that can be tailored to individual needs and lifestyles.

Trends in the market: In countries like Germany and the UK, there is a noticeable trend towards usage-based insurance models, where premiums are calculated based on actual usage or behavior. This trend is being driven by advancements in telematics and IoT technologies, allowing insurers to offer more flexible and cost-effective policies to customers.

Local special circumstances: In countries with high exposure to natural disasters, such as Italy and Spain, there is a growing emphasis on insurance products that provide coverage for damages caused by events like earthquakes, floods, and wildfires. Insurers in these regions are innovating to develop specialized products that address these specific risks and provide financial protection to policyholders.

Underlying macroeconomic factors: The overall economic stability and growth in Europe are influencing the non-life insurance market, with increasing disposable incomes leading to higher insurance penetration rates. Additionally, regulatory changes and initiatives aimed at promoting competition and consumer protection are shaping the market dynamics in countries across 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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.