Life insurance premiums written on the European market 2017-2023

In 2023, the amount of direct gross written premiums on the European life insurance market amounted to nearly 678 billion euros. This an increase compared to the 669.6 billion euros recorded in 2022. The value of direct gross written premiums on the life insurance market in Europe peaked in 2021, when it reached approximately 723 billion euros. 

Leading life insurance markets

France had the highest value of life insurance premiums among all European countries in 2023, followed by Germany and Italy. Together, the top three countries accounted for more than 68 percent of the European market. In terms of investment portfolio, the top three markets were France, the UK, and Germany, with a total value of over 5.1 billion euros.

Insurance market concentration in Europe

Market concentration is an easy way to illustrate how the market within an industry is distributed among companies of various sizes. In 2018, Germany, Sweden, and Italy were the countries with the least concentrated life insurance market in Europe. In all three countries, the combined market share of the three largest life insurance companies did not exceed 35 percent.