Written premiums account for the amount that customers pay insurance companies for the coverage provided and are, therefore, the main source of revenue for the sector. The insurance penetration rate shows how the sector relates to the economy of the country and is calculated as the ratio of insurance premiums written to the GDP of the country.
Insurance penetration in Europe
Among all European countries in 2020, the insurance sector was most developed in Luxembourg, with a penetration rate of 55.2 percent. Denmark and Finland completed the top three with approximately 11.2 and 10 percent penetration, respectively. In total, 14 countries in Europe had an insurance penetration rate of five percent or higher
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Insurance Europe. (August 5, 2022). Value of domestic market insurance premiums to GDP in Europe in 2020, by country [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. "Value of domestic market insurance premiums to GDP in Europe in 2020, by country ." Chart. August 5, 2022. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. (2022). Value of domestic market insurance premiums to GDP in Europe in 2020, by country . Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe. "Value of Domestic Market Insurance Premiums to Gdp in Europe in 2020, by Country ." Statista, Statista Inc., 5 Aug 2022, https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/
Insurance Europe, Value of domestic market insurance premiums to GDP in Europe in 2020, by country Statista, https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/ (last visited August 25, 2024)
Value of domestic market insurance premiums to GDP in Europe in 2020, by country [Graph], Insurance Europe, August 5, 2022. [Online]. Available: https://www.statista.com/statistics/1060920/insurance-penetration-europe-by-country/