CEA Statistics N°42European Insurance in FiguresNovember 2010
CEA StatisticsEuropean Insurance in Figures the CEAThe CEA is the European insurance and reinsurance federation. Through its 33 member bodies — the national insurance associations — the CEA represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. The CEA represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe’s economic growth and development. European insurers generate premium income of over €1 050bn, employ one million people and invest more than €6 800bn in the economy.
European Insurance in FiguresContentsCEA member associations 6Methodological note and abbreviations 7Executive summary 8I. Premiums Life insurance premiums Non-life insurance premiums Motor Health Property Other non-life business lines 17II. Insurance density and penetration Insurance density Overall density Life density Property, casualty and accident density Health density Insurance penetration 22III. Insurers’ investment portfolio Structure of the portfolio Ratio of investment portfolio to GDP 27IV. Market operators Companies Employees Distribution channels Life insurance Non-life insurance 314 | CEA Statistics N°42
European Insurance in FiguresAnnex I. Statistical tables 34Part A: Insurance market data 34Table 1 | Total European gross written premiums — 2001–2009 (€m) 34Table 2 | Worldwide premiums — 2000–2009 ($bn) 35Table 3 | Life gross written premiums — 2001–2009 (€m) 36Table 4 | Non-life gross written premiums — 2001–2009 (€m) 37Table 5 | Motor gross written premiums — 2001–2009 (€m) 38Table 6 | Health gross written premiums — 2001–2009 (€m) 39Table 7 | Property gross written premiums — 2001–2009 (€m) 40Table 8 | Other non-life gross written premiums — 2001–2009 (€m) 41Table 9 | Total insurers’ investment portfolio — 2001–2009 (€m) 42Table 10 | Life insurers’ investment portfolio — 2001–2009 (€m) 43Table 11 | Non-life insurers’ investment portfolio — 2001–2009 (€m) 44Table 12 | Structure of insurers’ investment portfolio — 2000–2008 (€bn) 45Table 13 | Number of insurance companies — 2000–2009 46Table 14 | Number of employees — 2000–2009 47Table 15 | Breakdown of life insurance premiums by distribution channel — 2008 48Table 16 | Breakdown of non-life insurance premiums by distribution channel — 2007 48Part B: Macroeconomic data 49Table 17 | Euro exchange rates — 2000–2009 49Table 18 | GDP at current market prices — 2000–2009 (€m) 50Table 19 | Population — 2000–2009 (thousands) 51Annex II. Distribution channel classification 52Author’s noteAs in 2008, the weakness of the pound sterling against the euro continued in 2009. To better reflect economic reality, 2008/09 growth rates shown in the text have therefore been calculated on the basis of constant exchange rates, as they were in last year’s publication. CEA Statistics N°42 | 5
European Insurance in FiguresCEA member associationsAustria (AT) — Versicherungsverband Österreich (VVO)Belgium (BE) — AssuraliaBulgaria (BG) — Association of Bulgarian Insurers (ABZ)Croatia (HR) — Hrvatski ured za osiguranjeCyprus (CY) — Insurance Association of CyprusCzech Republic (CZ) — Česká asociace pojišt’oven (ČAP)Denmark (DK) — Forsikring & Pension (F&P)Estonia (EE) — Eesti Kindlustusseltside LiitFinland (FI) — Finanssialan KeskusliittoFrance (FR) — Fédération Française des Sociétés d’Assurances (FFSA)Germany (DE) — Gesamtverband der Deutschen Versicherungswirtschaft (GDV)Greece (GR) — Hellenic Association of Insurance Companies Hungary (HU) — Magyar Biztosítók Szövetsége (MABISZ) Iceland (IS) — Samtök Fjármálafyrirt �kja (SFF)Ireland (IE) — Irish Insurance Federation (IIF)Italy (IT) — Associazione Nazionale fra le Imprese Assicuratrici (Ania)Latvia (LV) — Latvijas Apdrošinātāju asociācija (LAA)Liechtenstein (LI) — Liechtensteinischer VersicherungsverbandLithuania (LT) — Lietuvos draudikų asociacijaLuxembourg (LU) — Association des Compagnies d’Assurances (ACA)Malta (MT) — Malta Insurance AssociationNetherlands (NL) — Verbond van VerzekeraarsNorway (NO) — Finansn�ringens Fellesorganisasjon (FNO) Poland (PL) — Polska Izba Ubezpieczeń (PIU)Portugal (PT) — Associação Portuguesa de Seguradores (APS)Romania (RO) — Uniunea Naţionalã a Societãţilor de Asigurare şi Reasigurare (Unsar)Slovakia (SK) — Slovenská asociácia poist’ovníSlovenia (SI) — Slovensko Zavarovalno Združenje (SZZ)Spain (ES) — Unión Espańola de Entidades Aseguradoras y Reaseguradoras (Unespa)Sweden (SE) — Sveriges Försäkringsförbund Switzerland (CH) — Schweizerischer Versicherungsverband (ASA/SVV) Turkey (TR) — Türkiye Sigorta ve Reasürans Şirketleri Birliği United Kingdom (UK) — The British Insurers’ European Committee: Association of British Insurers (ABI) International Underwriting Association of London (IUA) Lloyd’s6 | CEA Statistics N°42
European Insurance in FiguresMethodological noteThis report is based on annual data collected by the CEA from its member associations (see list on p6). Most 2009 figures are figures are based on samples that represent more than 90% of the market for most countries. The figures for Romania represent around 70% of the market. For Slovenia, all figures (excluding those referring to the number of companies) refer to association members data on European insurance groups, the source is L’Argus de l’Assurance. For data on worldwide premiums, the source is Swiss Re. Macroeconomic data, ie, population, gross domestic product (GDP) and exchange rates, have been taken from Eurostat, the statistical office of the European Union, and from national statistical monetary unit used for the financial data is the euro. For the periods prior to the introduction of the euro, for which the Ecu is the reference currency, and for the countries that are not part of the euro area, the figures are converted into euro using the annual average exchange otherwise stated, premiums are gross written premiums (direct business) on home territory underwritten by companies with their head office in the corresponding -on-year changes have been calculated by subtracting from the total the data for those countries for which there is no information for the previous or subsequent year. The average growth over time represents the average of the past year-on-year changes. The changes are calculated in nominal terms, ie non-inflation billionEU European UnionGDP gross domestic productm . not availableCEA Statistics N°42 | 7
European Insurance in FiguresExecutive summaryGross written premiumsProvisional figures for 2009 indicate that the insurance European industry weathered the continuing economic crisis better than in 2008 in terms of premium growth. Total premiums grew % (at constant exchange rates) to €1 057bn, mainly driven by the life sector, which accounts for more than 60% of all premiums. A year earlier, in comparison, total premiums dropped by more than 6% at constant exchange a sharp decrease in 2008 due to the financial crisis, European life premiums are expected to reach €647bn in 2009, which corresponds, at constant exchange rates, to a % increase over the previous year. The clear trend among households to increase their savings in 2009 benefited the guaranteed-return products offered by life insurers in some an almost 3% increase at constant exchange rates in 2008, total European non-life premiums decreased moderately in 2009 to €409bn from €417bn a year earlier. This is the first time in the last decade that year-on-year growth at current exchange rates has been negative. This development in non-life insurance is to a large extent recession-related, with households and companies prepared to forego insurance or to reduce their cover to keep costs down. As the largest business line in non-life insurance, motor insurance has also been the most affected (-2% at constant exchange rates).1Insurance density and penetrationOn a per capita basis, an average of €1 791 was spent on insurance in the 33 European countries represented by the CEA in 2009. Of this amount, €1 097 was spent on life insurance and the remaining €694 on non-life insurance, of which €171 was on health. In total, this is €14 less than in the GDP in Europe, at current exchange rates, contracted more than overall insurance premiums (% against %), insurance penetration increased on average from % in 2008 to % in 2009. Life insurance penetration grew from % to % in 2009, whereas non-life penetration grew from % to %.Insurers’ investment portfolioFollowing the rebound in the capital markets that began in late March 2009, European insurers’ total investment portfolio is estimated to have recovered from €6 500bn in 2008 to more than €6 800bn in 2009. This corresponds to an increase of more than 8%, compared to a fall of % in 2008 at constant exchange Insurance penetration is a commonly recognised indicator of insurance activity. It is expressed here by showing total gross written premiums as a percentage of GDP8 | CEA Statistics N°42
European Insurance in FiguresThe changes in the total investment portfolio have been mainly driven by life business, since the investment holdings of the life insurance industry account for more than 80% of the total. In 2008 the proportion of shares and variable yield products in insurers’ total investment portfolio shrank from 34% to 26% due to the financial crisis. This fall resulted in a large increase in the proportion of debt securities held; a jump from 34% to a record 40%. Loans still constitute the third largest type of investment (17% in 2008).Market operatorsCompanies and employeesThe number of insurance companies has been declining steadily over the last decade, after a wave of mergers and acquisitions at the end of the 1990s following market liberalisation and deregulation in the EU. In 2008 the number of companies carrying out insurance activities in the 33 CEA countries totalled a little over 5 100 against just over 5 200 in 2007, which corresponds to a % decrease. Provisional figures for 2009 indicate a further, as yet unquantified, five successive years of decline, caused mainly by consolidation, the number of people employed in the European insurance industry recovered in 2007 and 2008 by % and % respectively, taking the total number of employees to over one million. The 2009 trend points towards a slight decline. The share of full-time workers is continuing its slow decrease of the last 10 years (87% in 2008 against 89% in 1999).Distribution channelsBancassurance is the main distribution channel for life insurance products in many European countries, with a market share ranging from 44% in Poland — where the bancassurance market share nearly doubled between 2007 and 2008 — to 82% in Portugal. With the exception of Poland and Malta, 2008 has been generally marked by a slight decline in the market share of bancassurance. Agents outnumber brokers in the distribution of life insurance products in most countries. Agents are particularly widespread in Germany, Slovenia, Croatia and, to a lesser extent, Bulgaria. Brokers lead the life insurance distribution market in the UK (69%) and Ireland (45%) and are also popular in Belgium. With a market share of 62% and % respectively, direct writing dominates in Slovakia and Ireland. Direct writing is also common in Croatia, Bulgaria, the Netherlands, Poland and intermediaries continue to be the largest suppliers of non-life insurance products in most countries surveyed. General agents continue to be the largest suppliers of non-life insurance products. Agents are well established in Italy, Turkey, Slovenia and Portugal. Although agents are prevalent in most European countries, brokers play a significant role in Belgium, Ireland and the UK. Direct sales appear to be more common in non-life insurance than in life insurance. In 2008, they accounted for more than two thirds of total sales of non-life insurance products in Croatia and in Slovakia. Direct writing is also popular in the Netherlands, Lithuania, Ireland, Austria and France. The sale of non-life insurance products through bancassurance is not particularly widespread in Statistics N°42 | 9
European Insurance in FiguresI. PremiumsToProvisional figures for 2009 indicate that the European insurance industry tal premiums grewweathered the continuing economic crisis better than in 2008 in terms of %, driven by premium growth. Total premiums grew %, driven by the life sector, which the life sectoraccounts for more than 60% of all premiums. A year earlier, in comparison, total premiums dropped by more than 6% at constant exchange 1 | Total European premiums — 2001–2009 (€bn)€bn1 2001 0509007506004503001500200120022003200420052006200720082009With 30% of non-life premiums, motor insurance is the largest European non-life business line, followed by health (excluding accident) and property, with market shares of 25% and 20% respectively. This breakdown was broadly the same as the previous year, although health insurance was the only non-life business line that saw a slight increase in market share. The remaining 25% of premiums were divided between general liability (8%), accident (7%), marine, aviation and transport (MAT) (4%), legal expenses (2%) and other non-life insurance business lines, inclOuding travel and credit 2 | Breakdown of total European premiums — 2009rotoMrehtOytreporPhltaeH10%11%LifeNon-life8%61%39%10%MotorHealthPropertyOther10 | CEA Statistics N°42
European Insurance in FiguresThe financial crisis has affected global insurance activity. According to Swiss 2Re, worldwide premiums amounted to $4 066bn (€2 915bn) in 2009, a % nominal decrease compared with % growth in 2008 and % growth in 2007. This is only the second time in the last decade that worldwide premiums have decreased in nominal terms. The first decline, observed in 2001 after the burst of the dotcom bubble, was only %. Looking at individual regions, it appears that premiums decreased everywhere except Asia in 2009 (see Chart 3).Between 2002 and 2007 the European share of the global market rose from 32% to 43% as premiums in Europe grew faster than total worldwide premium income. However, with the decline of European premiums in 2008 and 2009, Europe’s market share decreased to 40%. The US also saw its share of global premiums continue its downward trend, while Asia’s premium share 3 | Worldwide premiums — 2000–2009 ($bn)$bnEuropeAsiaNorth AmericaRest of the world4500400035003000250020001500100050002000200120022003200420052006200720082009EuropeAsiaNorth AmericaRest of the worldSource: Swiss Re Sigma Note: ”Europe” covers western, central and eastern Europe and therefore includes Russia and Ukraine (which together account for less than 1% of global premiums) Life insurance premiumsAfter Life insurance recovered a sharp decrease in 2008 as a result of the financial crisis, European life premiums are expected to recover to €647bn in 2009, which in 2009 (+%)corresponds, at constant exchange rates, to a % increase on the previous year. The largest markets are the UK, France, Germany and Italy, which together account for nearly 75% of European life See Swiss Re, Sigma “World insurance in 2009”CEA Statistics N°42 | 11
European Insurance in FiguresChart 4 | European life insurance premiums — 2001–2009 (€bn)€bn8007006005004003002001000200120022003200420052006200720082009Despite overall growth being positive in 2009, individual country growth rates ranged from -48% for Romania and -22% in Poland to +49% for Italy and +51% for Liechtenstein, which had been seriously hit by the economic crisis in 2008. Nevertheless, the disparity in growth rates was less marked in 2009 than in 2008 (see Chart 5).Among the four largest markets, only the UK witnessed a decrease (-10%) in life premiums. This drop is the result of the continued decline in new business, particularly in the first three quarters, due to the recession. Conversely, France, Germany and Italy showed significant improvements in life business (+13%, +7% and +49% respectively), mainly driven by a rise in single premium new business. The clear trend among households to increase their savings in 2009 benefited the guaranteed-return products offered by life insurers in some 48% drop in life premiums in Romania was mainly due to the recession. In Poland, the 22% fall in life premiums in 2009 was the result of a combination of two factors; the huge increase in life premiums in 2008 compared to previous years and a decrease in life policies with a substantial investment element in 2009. These products had been extremely popular in Poland, as there was no tax on investment income and the expectations of a good investment return were high. This changed in late 2008 as a result of the financial crisis. Additionally, insurance companies had to compete with banks, which started to offer attractive investment western Europe, the Netherlands and Portugal recorded declines of 8% and 5% respectively in life premiums in 2009. In the Netherlands, the decrease was mainly caused by a reduction in the number of individual life policies, due largely to the overall economic situation, damage to the reputation of unit-linked products and competition from banks. In Portugal, the decline in life business in 2009 must be seen in the context of the wider savings market, where non-insurance products were at a competitive advantage as a result of the recovery in the capital | CEA Statistics N°42
European Insurance in FiguresChart 5 | Nominal growth in European life premiums by country — 2007/08and 2008/09 (at constant exchange rates)51%49%117%53%35%25%15%5%0%-5%-15%-25%-48%-35% IETAESYITRTRREZELKUETGLSVUHIRKOTKOLIIFSTFSBENLUKILIITTRFRSECZ ISDEMTEECEAESCYLVLUFIATGRSK CHSIHRDKNOPPTBNIEHULLTBGPPLROCDMEECLLAGSCHDNUHBRC2007/082008/ Non-life insurance premiumsProvisional figures show that after a % increase in 2008, at constant exchange Non-life business rates, total European non-life premiums remained largely stable (%) in 2009, weakened slightly in 2009amounting to €409bn. It is the first time after a decade of year-on-year growth at current exchange rates that the growth is negative. This predictable development is to a large extent recession-related, with households and companies prepared to forego insurance or to reduce their cover to keep costs 6 | European non-life insurance premiums — 2001–2009 (€bn)€bn450400350300250200150100500200120022003200420052006200720082009Note: The sharp growth in 2006 is mainly due to the privatisation of the healthcare system in the NetherlandsCEA Statistics N°42 | 13
European Insurance in FiguresThe largest non-life The top four non-life insurance markets in Europe are, in order of size, Germany, insurance markets are the UK, France and the Netherlands, which together account for more than 60% 3Germany, the UK, France and of European non-life premiums. As Table 1 shows, motor and health insurance the Netherlandsare the two largest non-life business lines in Europe, with respective market shares of 30% and 25% (see analysis by product line below).Table 1 | Non-life insurance premiums by product — 2007–2009Nominal growth Nominal growth Gross written premiums (at current (at constant (€bn)exchange rates)exchange rates)2007200820092007/082008/092007/082008/09Total %%%%%%%%%%%%%%%%Other %%%%With the exception of Liechtenstein, where non-life premiums grew 42% in 2009, and Lithuania and Latvia, where declines in excess of 30% were reported, the range of 2008/09 growth rates in individual markets (see Chart 7) was less disparate than the previous year, varying from -16% in Sweden to +8% in both Greece and Cyprus. Unsurprisingly, most countries have experienced a deterioration in their growth rates, be they positive or the UK, growth decreased from 0% to %, while in France it declined from % to %. Of the other major non-life markets, Germany’s premiums remained stable in 2009, while in the Netherlands the situation improved slightly, mainly due to the health insurance market (see Section ).Chart 7 | Nominal growth in non-life premiums by country — 2007/08 and 2008/09 (at constant exchange rates)42%40%30%20%10%0%-10%-20%-30%-40%AIYRILLRSOITTZEREUHKKSRUKTETGOEETVLGRISFILICYIISNOSINLPPLTRFIMTATCZ FRDEBELUCHCEASK UKITESHRHUDKPTEEBGROIESELTLVCGTNNMACFDBLCSUEHESLHDPBRLC2007/082008/09Notes:• The substantial increase in Switzerland in 2008 is due to the fact that prior to 2008 health insurance premiums were not included in non-life premiums• For Malta, the drop in 2008 is due to the fact that prior to 2008 cross-border business was included3 The market shares of Germany, the UK, France and the Netherlands are respectively 20%, 15%, 15% and 12%14 | CEA Statistics N°42
European Insurance in FiguresAs mentioned earlier, the Swedish non-life market decreased at constant exchange rates by 16% in 2009. This quite remarkable development is mainly 4due to the fact that one health insurer reduced its premiums to 0 for eastern European countries, Poland saw its growth rate decrease from 11% in 2008 to 4% in 2009. This significant slowdown was mainly as a result of motor and health insurance. Sharp drops in Latvia and Lithuania were due to similar decreases in all non-life business lines. In Romania, a substantial increase in 2008 was followed by a negative growth rate in 2009. Property insurance was most affected, due to the downturn in the construction Motor Motor insurance is the largest European non-life business line, accounting for almost 30% of total non-life premiums. In 2009, European motor insurers generated an estimated total premium income of €121bn, compared to €127bn in 2008 and €130bn in 2007. 2009 was thus the second consecutive year in the last decade in which there was an overall nominal decrease at current exchange rates, albeit a smaller one than the year before. At constant exchange rates, this corresponds to a decline of %. This trend reflects both the competitiveness of the market and the impact of the economic slowdown. According to the European Automobile Manufacturers’ Association, new motor vehicle registrations decreased by 6% in 2009, after an 8% decline in 2008 and growth of 2% in 8 | European motor insurance premiums — 2001–2009 (€m)€m140 000120 000100 00080 00060 00040 00020 0000200120022003200420052006200720082009The motor insurance market is dominated by Italy, Germany, France and the UK, which together account for around 60% of all European motor premiums. These countries all reported a decrease in 2009, which is largely explained by the continuing decline in new business. The expected growth rates in 2009 are % in Italy, % in Germany, % in the UK and % in western European countries, the biggest decrease was reported in Portugal (-8%), while Spain — the fifth largest market — recorded a nearly 6% decline in premiums in 2009. In Poland, the largest market in eastern and central 4 This has reduced the market size by SEK (€)CEA Statistics N°42 | 15
European Insurance in FiguresEurope, motor premiums decreased by % in 2009 after a nearly 10% rise in 2008. This decline is due to a decrease in the number of cars sold and the very strong competition in the HealthHealth premiums Health insurance is the second largest non-life-business line, accounting for 25% continued to grow in 2009, of European non-life premiums. This sector is led by the Dutch and German albeit at a slower pacemarkets, which together account for about two thirds of European health premiums. Preliminary figures for 2009 indicate that, although the growth in health insurance premiums has declined from % in 2007/08 to % in 2008/09, overall premiums are still rising, reaching €101bn in 2009, compared to €98bn in 2008 and €93bn in , health insurance was the only business line in the non-life sector in which total premiums grew in 2009, confirming that health continues to be one of the most dynamic non-life business lines, mainly because of rising demand due to ageing populations and increasing medical 9 | European health insurance premiums — 2001–2009 (€m)€m110 000100 00090 00080 00070 00060 00050 00040 00030 00020 00010 0000200120022003200420052006200720082009Note: The sharp growth in 2006 is mainly due to the privatisation of the healthcare system in the Netherlands The Netherlands, which has become the largest health insurance market in Europe following the introduction of a new health regime in 2006, reported a 6% growth in premiums in 2009. In Germany and in France — the third largest market with a 9% market share — growth rates are expected of +4% and +7% respectively, including a notable rising in demand for long-term care Sweden, as previously mentioned, one health insurer reduced its premiums to 0 for 2009 and, as a result, premiums fell by more than 60%. However, as Sweden only accounts for 2% of the European market, the impact on overall European premium income is | CEA Statistics N°42
European Insurance in PropertyProperty insurance accounts for almost 20% of all European non-life business. Property insurance As in the motor market, competition is fairly strong and business was affected by premiums remained largely the recession in 2009, which saw premiums decline for the first time in a decade stable in 2009 at current exchange rates (%). In 2009 property premiums remained largely stable (+% at constant exchange rates) at around € leading market in European property insurance, in terms of market share of premiums, is the UK (%), followed closely by Germany (18%) and France (17%). Spain ranks fourth, with an almost 10% share of the European market. The relative stability in property premiums is the result of small increases in most European countries in 2009, albeit offset by a 4% drop in the UK. This fall seems to be mainly in household premiums and due to the recession. It appears that buildings insurance rates rose throughout 2009. Therefore, it is likely that policyholders chose to reduce their cover to cut 10 | European property insurance premiums — 2001–2009 (€m)€m90 00080 00070 00060 00050 00040 00030 00020 00010 0000200120022003200420052006200720082009It is expected that prices will rise in 2010 following the bad weather conditions experienced in Europe in 2009, particularly the January storm Klaus that caused widespread property damage across France and northern Other non-life business linesThe other non-life business lines include general liability, accident, marine, aviation 5and transport (MAT), legal expenses, credit and travel insurance. As Chart 11 indicates, general liability premiums accounted for around 8% of total non-life premiums in 2008, closely followed by accident insurance (7%). MAT and legal expenses accounted for respectively only 4% and 2% of non-life business. 5 The CEA does not collect data on credit and travel insuranceCEA Statistics N°42 | 17
European Insurance in FigureshtlaeHtnedrioctcyAoilitbMChart 11 | Breakdown of other European non-life insurance premiuml lias — 2008arenerGehtOrehstyOestrneeppxo erlaPgeL19%TAM4%2%24%7%27%6%8%30%MotorGeneral liabilityLegal expensesHealthAccidentOtherPropertyMATOtherChart 12 suggests that these other non-life business lines have been affected by the crisis, as premiums in these lines decreased from €111bn in 2008 to €107bn in 2009, ie a decline of % at constant exchange 12 | Other European non-life insurance premiums — 2001–2009 (€m)€m120 000100 00080 00060 00040 00020 0000200120022003200420052006200720082009The 2009 breakdown by business line is not yet available. However, early estimates indicate that after three consecutive years of relative stability, European general liability premiums decreased at constant exchange rates by around 2% (-5% at current exchange rates). This decline is most likely recession non-life insurance classes, such as credit insurance and to a lesser extent MAT, have most probably also been negatively affected by the bad economic | CEA Statistics N°42
European Insurance in FiguresII. Insurance density and Insurance Overall densityOn a per capita basis, an average of €1 791 was spent on insurance in the In 2009, an average 33 European countries represented by the CEA in 2009 (see Chart 13). Of this of €1 791 per capita was amount, €1 097 was spent on life insurance and the remaining €694 on non-life spent on insuranceinsurance. This is €14 less than the total in 2008 (€1 805), although at constant exchange rates it would have been €41 13 | Total European premiums per capita — 2008 and 2009 (€)€>100 0005 0004 5004 0003 5003 0002 5002 0001 5001 0005000 ILHIITUKKREEEOETATSYTSZRLUREKVTGORLFIIESINCLDUFBSNDAPEPCMCGELLSHHBRTCLINLCHLUDKUKFRFIIEBESENODEITATCEAPTESSICYISMTCZ GRSK PLHUHREELVLTBGROTR20082009Notes:• Calculated at constant exchange rates• Liechtenstein includes cross-border businessThere is a wide variation in insurance density across Europe, ranging from 6€79 in Turkey to €4 632 in the Netherlands. The high density observed in the Netherlands is largely due to the non-life market, particularly health density is very high in the large financial centres, where it is largely driven by life insurance products (see Chart 14). Conversely, in the emerging central and eastern markets, more is spent on non-life products. The highest insurance density among those countries in 2009 was in Slovenia, as in 2008, with a level of €1 023 per at year on year changes, Italy experienced the most noticeable shift, with total insurance density increasing from €1 538 in 2008 to €1 962 in 2009 (+28%). This increase was driven by life Excluding LiechtensteinCEA Statistics N°42 | 19
European Insurance in Life densityAs previously stated, provisional figures indicate that European policyholders spent €1 097 on average on life insurance products in 2009. At constant exchange rates, this corresponds to €44 more than in 2008. There were significant differences between countries, ranging from €2 517 in Denmark down to €11 7in 14 | European life premiums per capita — 2008 and 2009 (€)€>100 0003 0002 7002 4002 1001 8001 5001 2009006003000III EEELTETTSTRLEOYURSTLKHUKRFIIASIGVROFSPELLBNPEKZDDALTCUNEMCSGCHHBRLIDKCHLUUKFIFRIESEBENONLITCCEADEPTATESMTCYSISK CZ GRPLHUEEHRISLTBGLVTRRO20082009Notes:• Calculated at constant exchange rates• Liechtenstein includes cross-border businessGenerally, life insurance density is very high in the large financial centres as well as in the Scandinavian countries. Interestingly, in 2009 both Denmark and Switzerland overtook the UK in terms of life insurance density. As density broadly follows the same pattern as premium income, the rather significant rises reported in 2009 in Italy and France were to be expected. Following the substantial increase reported in Italy, life insurance density there is now higher than in Property, casualty and accident densityThe property and casualty (P&C) insurance market includes motor, property and general liability insurance. In 2009 Europeans spent an average of €523 on 8P&C and accident insurance products, against €529 in 2008. P&C and accident insurance is the only insurance business line in which density is expected to decrease in 2009. It is also the market in which density varies the least. Excluding Liechtenstein, insurance density for this business line ranges from €58 in Turkey to more than €1 200 in Luxembourg and Excluding Liechtenstein8 At constant exchange rates 20 | CEA Statistics N°42
European Insurance in FiguresChart 15 | European property & casualty and accident premiums per capita — 2008 and 2009 (€)ca. 10 000€ca. 7 0001 4001 2601 1209808407005604202801400III LTEERTRLUHKOKRESESTFIIIAYTELSVTZURGOFESPKELPLNABLTCDNUDECGCMHSHBRLILUCHDKNONLATBEUKFRIEISDEESITFICCEASESICYPTCZ GRMTHRSK EELVHULTPLBGROTR20082009Notes:• Calculated at constant exchange rates• Liechtenstein includes cross-border business Health densityNot surprisingly, given the heterogeneity of European health insurance markets, health insurance density varies widely, ranging in 2009 from €9 in Turkey to more than €2 000 in the Netherlands. On average, the amount spent on health insurance was €171 in 2009, compared to €167 in already explained, the very high level of insurance density reported in the Netherlands stems from the new private health regime introduced in 2006. The Netherlands is followed by Switzerland and Germany, where density is estimated to reach respectively €749 and € 16 | European health premiums per capita — 2008 and 2009 (€)€ca. 2 1001 0009008007006005004003002001000II LETEEHRSRTELSAYKTTUVTRFIZOURPNSFEDABPLLTLECECUMHCNHGNLCHDESIATSECEAFRESBECYUKLUPTITLVFIMTHRTRLTCZ EENOHUPLGR20082009Note: Calculated at constant exchange ratesCEA Statistics N°42 | 21
European Insurance in FiguresWhen comparing 2008 and 2009, it is clear that changes in density to a large extent reflect the growth in health premiums. The most significant change was in Sweden, where density more than halved in 2009 (see Section ). Insurance penetrationAverage insurance Insurance penetration is a commonly recognised indicator of insurance activity. penetration increased It is expressed here by showing total gross written premiums as a percentage 9slightly from % of gross domestic product (GDP). Insurance penetration increased on average in 2008 to % in 2009from % in 2008 to % in 2009 (see Chart 17), due to a larger drop in the 10GDP in Europe than the decrease in overall insurance premiums (% against %).Excluding Liechtenstein, this ratio indicator ranges from % in Turkey to % in the Netherlands. As explained earlier, the high level observed in the Netherlands stems from the non-life insurance market, specifically health insurance. The UK, which until 2008 was the market with the highest penetration, was overtaken by the Netherlands in 2009, with a ratio of %. There is quite a gap between these two countries and the rest of Europe, as the third highest penetration ratio for 2009 was France with %.Chart 17 | Ratio of total European premiums to GDP — 2008–2009163%108%20%18%16%14%12%10%8%6%4%2%0%ILAKILTZRHTKEEETISRTEUYOLUKERSGVTORLFEIISILINLUKFRCHFINPTPDKBECEASEITIEDEATSIESLUMTCYNOCZPLHUSKHREEISBGGRLVLTROTRDBSDAELMCNCPHSHBLLGRTC20082009Note: Liechtenstein includes cross-border businessA comparison of life and non-life business shows that life insurance penetration grew percentage points to reach 5% in 2009 (see Chart 18), while non-life penetration increased from % to %.9 This does not indicate the contribution of the insurance industry to the economy but instead allows comparisons between countries and over time10 At current exchange rates22 | CEA Statistics N°42
European Insurance in FiguresChart 18 | Ratio of European life premiums to GDP — 2008–2009153%102%20%18%16%14%12%10%8%6%4%2%0%AITKIRTKEEHLETETUSOLYIKUZERRTGSORVLFIIESIUFPSBNDMLENAPCSEHCGHLBRTLLIUKFIFRPTDKSEIEBECHITCEANLDEMTLUESNOATPLCYSISKHUCZEEGRHRLTBGISROTRLV20082009Note: Liechtenstein includes cross-border businessLife insurance penetration varies from % in Latvia to % in the UK and more than 150% in Liechtenstein. When comparing the ranking of overall penetration ratios with life penetration ratios, the most noticeable discrepancy is in the Netherlands, where the life penetration rate of % is below the CEA noticeable trend is that for both total insurance penetration and life insurance penetration, all eastern countries report ratios that are below the CEA 19 | Ratio of European property & casualty and accident premiums to GDP — 2008–200910%9%8%7%6%5%4%3%2%1%0%IIAETCZZDEELUKCHDKRIFRSIATNLBEISESCEAPTBGGITRYITHRCYIELUFILVSEEHUUPLLMTNOOSKEEROLTGRTRTEUVKEOTRLSIEIIFUCDFANBEPBCDHCLLSPHMSELNRGTC20082009Note: Liechtenstein includes cross-border businessCEA Statistics N°42 | 23
European Insurance in FiguresAs Chart 19 shows, property & casualty (P&C) and accident insurance have the most homogeneous penetration rate across Europe (excluding Liechtenstein). In 2009, P&C and accident penetration ranged from 1% in Turkey to % in the UK, with a CEA average of %. In 2008, the CEA average penetration rate was %.Notable among emerging eastern markets are Slovenia’s non-life insurance (P&C and health) penetration ratios, which are both above the CEA average (see Chart 19 and 20).In health insurance, average penetration in Europe increased from % in 2008 to % in 2009. Not surprisingly, health insurance penetration is highest in the Netherlands, at % in 2009 compared to % in 2008. The second highest penetration rate is in Switzerland at %. In addition to the Netherlands and Switzerland, only Germany and Slovenia have penetration rates that exceed the CEA 20 | Ratio of European health premiums to GDP — 2008–20097%6%5%4%3%2%1%0%LHEIATESRYVETKITRRZTUTEULOROGSEIFPLCDCEAATASEFCLBSEESFRCYLVBEPTUKUTTRITFIMTMHRHLLULTCZCEPNLCHDESIEEHUHPLNONROGRRBGGDBKC20082009Year on year, there were only three markets in which penetration decreased: Sweden, Latvia and Lithuania, which also reported significant decreases in health insurance premiums in 2009. 24 | CEA Statistics N°42
European Insurance in FiguresIII. Insurers’ investment portfolioThe financial crisis seriously affected the EU economy from the autumn of 2007 onwards. According to Eurostat figures, after growth of % in 2008, real gross domestic product (GDP) in the EU shrank by about 4% in 2009. As insurance companies are among the largest institutional investors, the fall in stock markets and the rise in spreads put insurers’ investment portfolios under pressure in 2008 (see Chart 21). European insurers’ total investment portfolio, estimated at market value, declined from over €7 200bn in 2007 to around €6 500bn in 2008. This was the first time in the last decade that the year-on-year growth rate was investments The exceptional measures put in place under the European Economic Recovery should recover in 2009 Plan helped to restore confidence in the banking sector and to support demand, to more than €6 800bnwith capital markets recovering from mid-March 2009. As a result, the total investment portfolio of European insurers is expected to recover to more than €6 800bn in 2009. This corresponds to an increase of more than 8%, compared to a drop of % in 2008 at constant exchange bulk of the total investment portfolio is in the hands of life insurers; the life insurance industry accounts for more than 80% of the total. The largest markets for European insurance investors are the UK, France and Germany, accounting for 65% of the total 21 | European life and non-life insurers’ investment portfolio — 2001–2009 (€bn)€bnNon-life insurLeifres insurers8 0007 0006 0005 0004 0003 000 2 0001 0000200120022003200420052006200720082009Life insurers’ investment portfolioNon-life insurers’ investment portfolio Total insurers’ investment portfolioNote: The life/non-life breakdown is not available for 2008 and 2009CEA Statistics N°42 | 25
European Insurance in Structure of the portfolioChart 22 shows that after the financial crisis that followed the 2000 dotcom bubble, the importance of shares and other variable assets in European insurers’ investment portfolios declined in favour of debt securities and other fixed income assets. However, from 2002 onwards, their share of the total investment 12portfolio grew steadily from % to reach 34%, becoming the largest component of European insurers’ investment portfolios once more. This trend was reversed again by the most recent financial turmoil and their market share shrank to 26% in 22 suggests that changes in holdings of debt securities and shares are broadly symmetrical. When the market share of one increases it is at the expense of the other. The drop in the proportion of shares in 2008 resulted in a large increase in that of debt securities; from % to a record %.Loans constitute the third largest type of investment, ranging from a low of % of the portfolio to a high of 18% between 2000 and 2008 (% in 2008). Of the three remaining categories of investment, land and buildings (%) and investments in affiliated undertakings and participating interests (5%) also remained more or less stable, whereas deposits with credit institutions grew steadily from % in 2000 to % in 22 | Structure of European insurers’ investment portfolio — 2000–200845%40%35%30%25%20%15%10%5%0200020012002200320042005200620072008Land and buildingsInvestments in affiliated undertakingsand participating interests Shares and other variable-yield securities Debt securities and other fixed-income securitiesand units in unit trustsDeposits with credit institutionsLoans, including loans guaranteed Otherby mortgages 11 The 2007 and 2008 aggregate figures are based on a sample of 26 and 28 countries respectively, representing 97% and 99% of all insurers’ investments12 Estimated at market value26 | CEA Statistics N°42
European Insurance in FiguresThe fall in stock markets that followed the financial turmoil not only affected the value of assets in 2008, but also their allocation. As Chart 23 illustrates, investments in variable income assets largely depend on developments in stock markets. With the recovery of capital markets that began in 2008, the proportion of shares in insurers’ portfolios can be expected to 23 | Ratio of shares in European insurers’ total investment portfolio compared with the stock markets — 2000–2009 50%5 00045%4 50040%4 00035%3 50030%3 00025%2 50020%2 00015%1 50010%1 0005%5000%02000200120022003200420052006200720082009Ratio of shares in insurers’ investment portfolioDJ Euro Stoxx 50Note: Dow Jones Euro Stoxx 50 is an index of eurozone stocks designed by Stoxx Ratio of investment portfolio to GDPLike insurance penetration (see section ), the ratio of insurers’ total investment The ratio of insurers’ portfolio to GDP provides another indicator of the relative importance of insurance investment portfolio to GDP to the economy, enabling comparison of the development of the insurance sector grew to % in 2009from country to country and from year to to a combination of the growth of European insurers’ investment portfolios and the economic recession in 2009, the ratio of the investment portfolio to GDP grew from % in 2008 to % in 2009. Nevertheless, it is still below the record levels seen in 2005, 2006 and 2007, when the ratio was 54–55%.CEA Statistics N°42 | 27 % of shares in insurers’ investment portfolioDJ Euro Stoxx 50 Index
European Insurance in FiguresChart 24 | Ratio of European health premiums to GDP — 2008–2009151%110%100%90%80%70%60%50%40%30%20%10%0%IIETETTTSLZSUKKEELHRFAKRRERIOISYUIGVLUDKUKCHSSEFFLRBBEFINNLCEADEMTIENOPPTITATEESSICYPLHUCZISSKHRGREEBGTRLVDUCEDAMNCHBC20082009Note: Luxembourg includes cross-border businessAs with insurance density and penetration, there are significant differences in this average ratio between countries. Early estimates for 2009 indicate that it ranges from % in Turkey to 101% in Denmark. Not surprisingly, large international financial centres such as Luxembourg, the UK and Switzerland, as well as markets with significant life insurance business, have high penetration rates. The emerging central and eastern European markets are at the other end of the scale because of their newer and less developed life | CEA Statistics N°42
European Insurance in FiguresIV. Market CompaniesThe number of companies carrying out insurance activities in the 33 CEA rehtOcountries has been declining steadily over the last decade, after a wave of mergers and acquisitions at the end of the 1990s following market liberalisation and ONderegulation in the EU. In 2008 the number of companies totalled a little over HC5 100 compared to just over 5 200 in 2007, which corresponds to a % decline. EBProvisional figures for 2009 indicate a further, as yet unquantified, UK is home to almost 20% of all Europe’s insurers (see Chart 25), with nearly EI1 000 companies. It is followed by Germany with more than 600 insurance companies. Surprisingly, Sweden, which accounts for only 2% of premiums, TIranks fourth in terms of the number of companies. In emerging eastern and SEcentral European markets the number of companies is growing slightly or LNremaining 25 | Percentage of insurance companies by country — 2008RFUK19%EDKUOtherDE19%12%NO 2%FR9%CH 3%BE 3%DK 4%SE7%IE5%NLITES6%5%6% EmployeesAfter five successive years of decline, mainly due In 2008, the European to consolidation, employment in the Europeaninsurance industry insurance industry experienced two successive recoveries in 2007 and 2008. The labour force grew % and % respectively to exceed directly employed just 13one million peopleover 1 million people. The trend for 2009 points towards a slight decline, mainly driven by developments in the largest markets; a 4% decrease in the UK, % growth in France and little change in This data reflects employees working in insurance companies and therefore does not take into account the additional roughly 1 million outsourced employees and independent intermediariesCEA Statistics N°42 | 29
European Insurance in FiguresGermany is the European country with the largest number of people employed in insurance (more than 215 000 in 2008), followed by the UK (almost 179 000) and France (about 145 000). These countries are followed by the Netherlands, Switzerland, Spain and Italy, where between 47 000 and 51 000 people are employed. In 2007 the % increase was almost entirely due to Italy, where a new method of compiling data led to the inclusion of more than 4 550 employees of other businesses controlled by insurance companies as well as an additional 2 000 salespeople following a large corporate restructuring. In 2008 the % growth was the result of a mix of changes in the seven 14countries mentioned above; in the UK and the Netherlands the labour force declined, but was offset by increases in the other to the data for 2008, nearly 87% of employees work full-time, although this proportion has been decreasing very slowly over the last 10 years (89% in 1999). Meanwhile, the insurers’ salesforce declined from 22% in 1999 15to 20% in Distribution channelsThe following survey shows the different channels through which European life and non-life insurance premiums are distributed, with the caveat that the distinction between different types of distribution channels is not always easy 16to identify. Some intermediaries, for example, use other channels such as the internet or mail to distribute products. A cross-sectional analysis, ie who (intermediary, employee, bank employee) sells an insurance policy by what means (phone, face-to-face meeting, the internet, call centre, etc.), would overcome this but is currently difficult to carry classification used in this analysis (see Annex II) has been designed to facilitate country comparisons and to take into account the availability of data. For some countries, certain categories have been merged due to a lack of detail. Such cases are indicated in Life insurance Bancassurance is the main Banks introduced the bancassurance model in Europe in the 1980s. This distribution channel for life broadening of their product offering brought the banks a new source of income insurance productsand helped them to increase customer loyalty. As Chart 26 shows, bancassurance is the main distribution channel for life insurance products in many European countries, with a market share ranging from 44% in Poland to 82% in Portugal. Year on year, the most noticeable change was in Poland, where the bancassurance market share nearly doubled between 2007 and 2008, at the expense of agents. Nevertheless, with the exception of Poland and Malta, 2008 saw a slight decline in bancassurance. Notably among the western European markets, in the UK — the largest European life insurance market — bancassurance is estimated to account for just 15–20% of new Together, these seven countries employ almost 70% of the total European insurance labour force15 Due to incomplete data for these two indicators, aggregate figures should be treated with caution16 Survey data relates to 200830 | CEA Statistics N°42
European Insurance in FiguresOf the two traditional intermediaries — brokers and agents — agents account for the lion’s share of the distribution of life insurance products in most countries. 17Agents are particularly widespread in Germany (%), Slovenia (53%), Croatia (41%) and to a lesser extent Bulgaria (36%). In Bulgaria agents lost 20 percentage points (pp) between 2007 and 2008, to the benefit of both direct sales (+13 pp) and brokers (+6 pp). Brokers lead the life insurance market in 18the UK (69%) and Ireland (45%) and are also popular in Belgium with a 33% market share. In the Netherlands, brokers and agents together account for 57% of life business. For brokers and agents the situation remained the same in all markets except the UK, where agents’ share grew 7 pp in 2008 and in Ireland where agents’ market share decreased from 10% to 7%, mostly to the benefit of 26 | European life distribution channels — 2008100%90%80%70%60%50%40%30%20%10%0%ITEESRRETTTLLTKRBBGDEESFRSKATEHRIEIIITLTMTNLPLPTSISK TRUKEFPABSTBDHNPMUDirect salesAgentsBrokersBancassuranceOtherNotes:• Data for Germany and the UK relates to new business• For the UK, bancassurance is included in all other channels.• For the Netherlands, brokers are included with agents• Data for Spain and Lithuania is from 2007With a market share of 62% and % respectively, direct writing prevails in Slovakia and Ireland. Direct writing is also relatively popular in Croatia (38%), Bulgaria (35%), the Netherlands (27%), Poland (23%) and Austria (20%). In Bulgaria there was a significant shift from agents to direct sales and to a lesser extent to brokers in 2008. As Chart 26 shows, this results in an almost even distribution between direct sales, agents and Non-life insuranceIn contrast to the distribution of life insurance products, the distribution of non-life Non-life insurance products insurance products did not change significantly in 2008 compared to 2007, with are mainly purchased the notable exception of Bulgaria. Traditional intermediaries, ie agents and brokers, through agents and brokerscontinue to be the largest suppliers of non-life products in all countries apart from the Netherlands, Croatia and Slovakia, where direct writing is still New business18 New businessCEA Statistics N°42 | 31
European Insurance in FiguresAs in the life sector, agents generally play an important role in the distribution of non-life insurance products. Agents are well established in Italy (84%), Turkey (72%), Slovenia (68%) and Portugal (61%). Although agents are prevalent in most European countries, brokers play a significant role in Belgium, Ireland and the UK, where they account for 62%, 59% and 56% respectively of non-life premium volumes. The most noticeable change is reported in Bulgaria, where the market share of brokers increased from 32% in 2007 to 40% in 2008. This affected both direct sales, which lost 6 pp of market share, and agents (-2 pp).Direct writing, including employees and distance-selling, are generally more developed in non-life insurance than in life insurance, where products are much more complex. In 2008, direct sales accounted for at least two thirds of total sales of non-life insurance products in Croatia (69%) and in Slovakia (66%). Direct writing 19is also popular in the Netherlands (49%), Lithuania (44%), Ireland (41%), Austria (38%) and France (35%). Apart from Bulgaria, there was little change between 2007 and 2008 in the sale of non-life products through direct 27 | European non-life distribution channels — 2008100%90%80%70%60%50%40%30%20%10%0%ITEESRRETTLLTKRKATBEBGDEESFRHRIISIEITLTNLPLPTSISK TRUKEFLPABBDHNPSTUDirect salesAgentsBrokersBancassuranceOtherNotes:• For the Netherlands, brokers are included with agents• Data for Spain and Lithuania is from 2007Sales of non-life insurance products through bancassurance are not common in Europe, accounting for a maximum of 12% (in Turkey) of the total. Although there has been some growth between 2007 and 2008, bancassurance is still extremely rare in central and eastern markets, with a market share not exceeding 2%.19 2007 data32 | CEA Statistics N°42
Annexes
Annex IAnnex I. Statistical tablesPart A: Insurance market dataTable 1 | Total European gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09*ATAustria12 47012 61513 12813 97415 29515 58915 87416 21416 %BEBelgium20 57122 30425 77428 41733 83229 48931 19329 27928 %%CHSwitzerland33 60336 15133 90732 81632 65831 35230 13233 66635 %%CZ Czech Republic2 0102 5482 8373 3323 7094 0994 5255 2745 %DEGermany135 093141 008147 729152 166157 984161 945162 923164 523171 %DKDenmark12 27113 42615 03815 89016 98818 70219 57020 81119 %%ESSpain41 01548 06140 63045 41848 77952 83654 29760 08660 %FIFinland11 81912 24712 64113 19114 29714 94215 04715 80016 %FRFrance128 059131 998142 028158 226175 884197 092195 732183 194200 %GRGreece2 6422 8953 2353 6243 9234 3714 7364 7895 %HRCroatia6827538018849931 1181 2351 3411 %HUHungary1 6352 0362 2062 3802 7673 1423 7013 5422 %IEIreland10 51811 20811 88411 99813 58016 15018 20413 43112 %%ITItaly76 25487 70896 993101 038109 780106 50299 09592 019117 % 4902 7134 3114 2033 7695 %%LULuxembourg7839168919641 1001 1381 2221 8991 %%%NLNetherlands42 33543 99546 78248 81648 24573 38674 92076 55976 %NONorway7 8729 1729 49810 38111 96811 94512 96512 70511 %PLPoland6 0956 0065 6466 0917 7179 63111 58016 83011 %PTPortugal7 9898 4149 44510 47213 44413 12313 75115 32914 % 2762 0182 4431 %SESweden17 75116 96419 26419 09622 38423 07924 88724 70623 %SISlovenia1 0551 1851 2751 4571 5471 7261 8942 0192 %SK Slovakia7368501 0081 1981 3091 4391 7142 0312 %TRTurkey2 2732 5272 9383 7254 7395 3406 1196 1795 %UKUnited Kingdom228 691255 226236 746246 212266 587294 269366 572247 022203 %CEA805 756872 469884 815936 0341 015 6461 100 9081 181 8061 059 1131 056 %* At constant exchange rates Notes:• For DE, figures include “Pensionskassen” and pension funds• For LI and NL, foreign business is included• For MT, the drop in 2008 is because prior to 2008 cross-border business was included34 | CEA Statistics N°42
Annex ITable 2 | Worldwide premiums — 2000–2009 ($bn)2000200120022003200420052006200720082009Europe7867678471 0361 2061 3351 4891 7631 7041 611Asia647595629685739765779812935989North America9069491 0541 1171 1791 1881 2621 3391 3441 239Other106104102120140158181212238227Total2 4452 4162 6322 9583 2643 4463 7114 1264 2204 066Source: Swiss Re SigmaCEA Statistics N°42 | 35
Annex ITable 3 | Life gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09*ATAustria5 8315 6175 7046 1657 1247 1837 2067 3627 %BEBelgium13 17014 43117 52419 89125 17720 38221 65819 35218 %%CHSwitzerland21 94423 61221 15419 58519 22917 84717 47718 65119 %%CZ Czech Republic4787088421 2191 3181 4571 6881 9642 %DEGermany62 56565 30168 57470 34375 24478 45578 96779 58685 %DKDenmark8 1328 8919 67610 14311 00712 47113 61714 54013 %%ESSpain22 86426 53117 79919 53021 00423 34123 24127 48928 %FIFinland9 3679 6809 98210 35711 25111 80611 91812 54812 %FRFrance84 63585 50092 022105 341120 668140 203137 080122 368138 %GRGreece1 2921 3101 4351 7291 9352 3112 2442 1932 %%HUHungary6828348859681 2181 5922 0241 8361 %IEIreland7 1687 2537 6447 9309 73912 32714 59410 0979 %%ITItaly46 32955 29462 78065 62773 47169 37761 43954 56581 % 4902 5964 1714 0303 5345 %%LULuxembourg2773983433894905115491 1941 %%%NLNetherlands25 87924 05225 33825 56025 08526 14326 36726 44624 %NONorway4 3825 2095 3326 2837 5617 4428 3717 9637 %PLPoland2 5222 5692 5382 7783 8095 4186 74311 1006 %PTPortugal4 4874 5625 4026 2509 1368 7629 36911 00510 %%SESweden13 11211 74912 50312 31415 05915 45217 50817 72317 %%SK Slovakia3213674104865716808531 0661 %%UKUnited Kingdom166 844186 570166 375176 560193 979222 918295 249185 734149 %CEA503 496541 961536 020573 007639 076692 938765 492641 640647 %* At constant exchange rates Notes:• For DK, the figures cover life insurance and multi-employer pension funds under Danish supervision. Company pension funds are not covered, but they only constitute some 3% of the market and do not write new contracts. Foreign business is included and is estimated not to be substantial for life insurance• For LI and NL, foreign business is included36 | CEA Statistics N°42
Annex ITable 4 | Non-life gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09*ATAustria6 6396 9987 4247 8098 1718 4068 6688 8529 %BEBelgium7 4017 8738 2508 5268 6559 1079 5359 92710 %%CHSwitzerland11 65812 53912 75313 23213 42813 50412 65515 01515 895 %%CZ Czech Republic1 5321 8401 9942 1132 3912 6422 8373 3103 %DEGermany72 52875 70779 15581 82382 74083 49083 95684 93786 %DKDenmark4 1384 5355 3625 7475 9806 2315 9526 2716 %%ESSpain18 15221 53022 83225 88827 77529 49531 05632 59731 %FIFinland2 4522 5672 6592 8343 0463 1363 1293 2523 %FRFrance43 42446 49850 00652 88555 21656 88958 65260 82661 %GRGreece1 3501 5851 8001 8951 9882 0602 4922 5962 %%HUHungary9531 2021 3211 4121 5501 5501 6781 7061 %IEIreland3 3503 9554 2404 0683 8413 8233 6103 3343 %%ITItaly29 92532 41434 21335 41136 30937 12537 65637 45436 %%%%%%NLNetherlands16 45619 94321 44423 25623 16047 24348 55150 11352 %NONorway3 4903 9634 1654 0974 4074 5024 5944 7424 %PLPoland3 5743 4373 1083 3133 9084 2134 8375 7304 %PTPortugal3 5023 8524 0444 2224 3084 3614 3824 3244 % 0241 5701 936 1 %SESweden4 6395 2156 7616 7827 3267 6277 3786 9835 %SISlovenia8309179701 0281 0821 1851 2851 3771 %SK %TRTurkey1 8542 0602 3303 0363 9984 5745 3745 3524 %UKUnited Kingdom61 84768 65670 37169 65272 60771 35171 32361 28953 %CEA302 260330 509348 795363 027376 570407 970416 312417 473409 %* At constant exchange rates Notes:• For DL and NL, foreign business is included• For MT, the drop in 2008 is because prior to 2008 cross-border business was includedCEA Statistics N°42 | 37
Annex ITable 5 | Motor gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09* ATAustria2 2362 4102 5882 7452 8412 8832 8842 8532 %BEBelgium2 6112 7352 8312 9312 9833 0343 0893 1443 %%CHSwitzerland2 7903 0153 1163 2243 3453 3733 2703 3993 %%CZ Czech Republic7899731 0391 1021 2431 3281 4051 6361 %DEGermany21 34121 96822 32522 50422 00521 22120 80020 37220 %DKDenmark1 2301 3651 5811 6371 6921 7511 5511 5311 %%ESSpain8 7749 79410 40911 11011 51411 93312 29812 13811 %FIFinland8899089571 0451 1431 1961 1891 2441 %FRFrance15 35616 27717 13617 62317 86017 72917 70317 87817 %GRGreece8369801 1001 1471 2181 2311 5921 6501 %%%IEIreland1 7581 8911 8951 7051 6251 6321 5441 4211 %%ITItaly18 15519 60820 70821 23221 35221 61221 52420 84520 %%%%%NLNetherlands3 9484 2334 4694 5814 5654 6714 7054 6304 %NONorway1 4091 6051 6221 6311 7411 7721 8261 8871 %PLPoland2 3812 2291 9712 0682 4572 5662 8913 4212 %PTPortugal1 6801 8091 8881 9671 9972 0041 9441 8101 % 2521 4691 %SESweden1 6101 9202 2232 4092 4492 4772 4582 2802 %%SK 0621 4841 9302 2552 5822 4472 %UKUnited Kingdom19 76520 04419 16219 10519 33518 62018 95116 12514 %CEA110 541117 423121 235124 843127 371127 762129 833126 739121 %* At constant exchange rates Note: For MT, the drop in 2008 is because prior to 2008 cross-border business was included38 | CEA Statistics N°42
Annex ITable 6 | Health gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09* ATAustria1 2071 2521 3001 3441 3981 4371 4831 5351 %BEBelgium6016597117738569361 0351 1181 %%CHSwitzerland3 3393 6613 6624 0174 0164 0203 8465 4725 %%CZ Czech %DEGermany21 71823 08224 74126 41327 34828 48329 46130 33131 %%ESSpain2 9813 2513 5884 0164 3814 8125 2675 5805 %%FRFrance4 5484 8415 6006 4517 1037 5698 3148 4208 %%%% 3431 4261 5091 5771 7161 8282 0502 1592 %%%%%NLNetherlands5 4126 2026 6327 6677 75031 46331 96434 86436 %%%%% 6831 %%SK %UKUnited Kingdom5 1684 8664 7544 9955 3585 8236 2214 9834 %CEA47 30150 35553 72058 57061 43288 08893 33398 437101 %* At constant exchange rates Note: For MT, the drop in 2008 is because prior to 2008 cross-border business was includedCEA Statistics N°42 | 39
Annex ITable 7 | Property gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2007/08* ATAustria1 5471 6151 7181 8791 9892 0782 1932 2662 %BEBelgium1 5051 6561 7841 8251 8131 9692 1262 2442 %BGBulgaria 49 62 74 95 94 116 120 127 %CHSwitzerland2 1072 2382 2682 2352 2502 2441 8822 2382 %CYCyprus 37 43 60 69 76 85 94 102 %CZ Czech Republic 323 413 503 520 579 605 613 753 %DEGermany12 38213 11313 84414 11014 17214 23414 01614 58314 %DKDenmark1 4631 5871 8741 9662 0182 0281 8172 1692 %EEEstonia 20 25 29 34 38 45 55 56 %ESSpain3 4254 2884 9445 5266 1736 5606 8577 6907 %FIFinland 540 563 610 634 660 654 685 721 %FRFrance9 91011 04111 85312 36612 64512 83113 30313 80614 %GRGreece 278 326 386 422 430 463 540 561 %HRCroatia 109 122 126 136 141 159 167 187 %HUHungary 301 398 429 420 457 456 497 559 %IEIreland 8241 0161 1581 1171 0711 0301 021 978 %ISIceland 56 63 61 59 72 71 82 56 5620%ITItaly3 6324 0584 1954 4464 6544 8344 9185 0785 0800% 23 29 30 31 36 48 63 98 %LULuxembourg 136 153 157 174 222 226 178 183 %LVLatvia 34 28 31 28 34 43 57 64 %MTMalta 20 22 22 22 22 22 24 20 %NLNetherlands2 3933 1293 4323 5293 5203 5343 6593 7353 %NONorway1 1511 4361 4971 5041 5811 6061 6161 6471 %PLPoland 632 633 584 611 688 742 812 944 85812%PTPortugal 525 609 623 676 684 689 706 732 %. 50 63 68 84 127 256 313 %SESweden1 7632 0222 5762 2562 8262 8742 8782 4892 %SISlovenia 121 130 133 141 146 161 176 198 %SK Slovakia 116 132 143 160 158 167 185 541 614 644 749 883 921 879 901 %UKUnited Kingdom14 72516 66617 53218 39818 88718 22617 83815 83613 604-39%CEA60 68868 28073 38576 20679 10679 84780 31381 54579 %* At constant exchange rates Notes:• For DK, property includes personal insurance (ie households, homeowners and vacation home insurance plus hidden-defects insurance from 2003) and commercial insurance (ie buildings and movable property insurance)• For MT, the drop in 2008 is because prior to 2008 cross-border business was included40 | CEA Statistics N°42
Annex ITable 8 | Other non-life gross written premiums — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09* ATAustria1 6491 7211 8181 8411 9432 0082 1082 1982 %BEBelgium2 6842 8232 9242 9973 0033 1683 2853 4213 %BGBulgaria 35 38 42 50 76 85 80 98 %CHSwitzerland3 4233 6253 7083 7553 8173 8673 6583 9064 %CYCyprus 54 59 65 50 52 59 53 60 %CZ Czech Republic 412 443 439 472 544 678 774 853 %DEGermany17 08717 54418 24518 79619 21519 55219 67919 65119 %DKDenmark1 4451 5831 9062 1432 2702 4522 5842 5722 %EEEstonia 9 10 11 12 13 14 18 17 %ESSpain2 9734 1983 8905 2365 7066 1896 6347 1896 %FIFinland 9541 0481 0071 0621 1311 1641 1181 1261 %FRFrance13 61014 33915 41716 44517 60818 76019 33220 72220 %GRGreece 233 251 282 321 335 361 353 376 %HRCroatia 106 120 130 134 150 170 178 199 %HUHungary 96 106 128 139 149 186 225 192 %IEIreland 7681 0481 1871 2461 1451 1611 045 935 804-14%ISIceland 59 66 68 67 81 84 84 70 %ITItaly6 7957 3227 8018 1568 5878 8519 1649 3729 % 32 39 42 39 43 47 56 73 %LULuxembourg 112 92 104 91 61 56 141 159 %LVLatvia 39 40 45 36 29 30 37 41 %MTMalta 24 14 14 14 18 16 20 18 %NLNetherlands4 7036 3796 9117 4797 3257 5758 2236 8846 %NONorway 930 9221 040 9541 0731 1111 1331 1881 %PLPoland 525 538 520 602 725 8621 0811 2811 17513%PTPortugal1 0691 1601 2181 2341 2541 2601 2911 2991 %. 37 54 71 107 245 53 146 %SESweden1 2651 2731 9622 1172 0512 275 360 436 %SISlovenia 142 159 166 183 194 204 219 234 %SK Slovakia 60 70 67 74 87 109 128 248 304 322 437 724 8551 2311 3091 %UKUnited Kingdom22 19027 08028 92227 15429 02728 68128 31324 34421 %CEA83 73094 451100 455103 408108 660112 274112 833110 752106 %* At constant exchange rates Notes:• The other non-life business lines include general liability, accident, marine, aviation and transport (MAT), legal expenses, credit and travel insurance• For MT, the drop in 2008 is because prior to 2008 cross-border business was includedCEA Statistics N°42 | 41
Annex ITable 9 | Total insurers’ investment portfolio — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09*ATAustria51 05553 76855 95359 87365 76869 41371 94176 78877 %BEBelgium108 974112 906128 595151 730178 589193 085202 781198 288218 57010.,2%. 394 560 773 890 %CHSwitzerland263 678272 399269 399264 315272 341278 443275 384257 5411 3281 4311 4951 7542 1142 2021 8782 %CZ Czech Republic4 8586 4546 7757 8318 9909 64910 14911 13711 %DEGermany943 8441001 5811058 2751091 8311138 5551199 7451249 4041161 0601190 %DKDenmark129 681132 737144 659158 958183 548192 356196 439205 864227 %EEEstonia 124 154 205 281 409 562 798 6731 %ESSpain104 952117 523129 377145 181158 595175 477181 780191 531198 %FIFinland70 52674 94581 93389 069101 346107 831111 81298 162113 %FRFrance893 705921 2171012 3371125 6611277 6791402 2011491 2361406 5521616 %GRGreece5 6965 8206 9287 9639 26710 46011 84311 9931 1761 3351 5301 8242 2522 6402 6782 %HUHungary2 9643 7304 1094 7225 7296 0907 0677 41246 64454 20165 96878 88990 99092 51673 03471 %ISIceland 615 5001 343 588 %ITItaly277 912314 586365 385410 678459 464477 545466 398434 676489 %LILiechtenstein1 2381 5182 4323 4336 39410 206 270 322 386 421 637 86625 73630 35735 74244 97354 11260 54659 154 154 150 159 178 224 305 387 %MTMalta 589 676 587 7101 2371 6772 2572 012250 887267 743288 008324 930334 538320 526311 505334 %NONorway61 00671 09269 84878 04592 343102 056113 663105 832105 %PLPoland11 33513 06113 30215 71120 45625 69930 92635 84229 %PTPortugal23 79025 96828 69632 85340 22845 45249 44650 98157 %. 161 223 325 574203 870228 466249 663288 588279 490327 976247 379256 %SISlovenia2 2923 1033 5144 0513 7714 4585 8474 Slovakia1 0431 1521 4271 7492 1692 8183 2853 8152 9243 4434 1266 1716 8188 1918 4608 %UKUnited Kingdom1 486 3861 386 1981 391 3601 493 3551 733 5071 856 1291 968 2061 495 8021 436 %CEA4 993 8355 054 4255 362 7675 795 4026 508 9506 944 7047 268 5236 466 7596 818 %* At constant exchange rates Note: For ES, the total insurers’ investment portfolio is greater than the sum of life & non-life insurers’ investment portfolios as unaffected investment is included in the total42 | CEA Statistics N°42
Annex ITable 10 | Life insurers’ investment portfolio — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09*ATAustria36 73038 85040 62543 31547 44250 09952 29953 68453 %BEBelgium81 39385 09799 610119 958148 318161 940172 242167 831188 %. 136 221 344 391 %CHSwitzerland192 827198 916195 688188 956189 565190 366190 312169 3821 1511 2771 3301 5671 9071 9581 6032 %CZ Czech Republic3 5204 1568 948589 989608 698626 264648 722666 451684 013686 071706 %DKDenmark117 526120 479131 230144 608167 484174 778177 943188 123209 %EEEstonia 56 72 102 145 227 318 512 378 %ESSpain87 61293 676100 237107 987116 507124 072126 21866 98473 63880 20391 71097 782101 30987 976102 %FRFrance782 049810 951886 934989 2941120 4411230 0391311 1141242 2971429 %GRGreece4 0144 0403 9005 5296 5807 6218 6788 281 381 492 628 2851 4291 %HUHungary1 3781 05838 04744 57555 30868 82380 52182 34263 81863 %ISIceland 35 . 80 57 20 %ITItaly218 168250 751297 899338 812383 676398 711388 507358 205410 % 8505 8139 45 70 100 156 162 336 84123 77028 10733 46342 30751 08257 27357 45 49 46 39 43 68 50 72 %MTMalta 394 475 471 603 8011 0091 2581 721223 767238 222254 953287 660294 406284 023272 925292 %NONorway49 32757 30856 51464 15775 94784 33592 58084 43985 %PLPoland6 7608 1228 4189 76412 84916 69720 18723 05419 %PTPortugal18 74920 77723 37126 84633 66438 69742 24241 86949 %. 89 132 191 022170 399191 631209 910243 152231 644231 411200 860210 %SISlovenia1 2921 7621 9542 3132 4972 9963 9582 Slovakia 800 9201 0941 3071 5771 7912 1132 4411 6761 8972 2523 6152 8823 1663 3883 %UKUnited Kingdom1 384 5841 278 5821 290 0751 372 9891 615 7621 730 4301 833 3341 388 5771 342 %CEA4 086 2164 093 4654 326 9364 684 1315 318 0445 651 0255 878 .* At constant exchange ratesCEA Statistics N°42 | 43
Annex ITable 11 | Non-life insurers’ investment portfolio — 2001–2009 (€m)Nominal 200120022003200420052006200720082009growth 2008/09* ATAustria14 32514 91815 32916 55718 32619 31419 64223 10424 %BEBelgium27 58127 80928 98531 77230 27131 14530 53930 45730 %. 258 339 429 499 %CHSwitzerland70 85173 48373 71275 35382 77588 07685 22687 159 177 154 165 185 207 245 275 %CZ Czech Republic1 3381 9933 896411 592449 577465 567489 833533 294567 355474 989483 %DKDenmark12 15512 26513 42914 35016 06417 57818 49717 74118 %EEEstonia 68 82 102 136 183 244 286 295 %ESSpain28 16521 26723 53026 00229 19631 78634 3087 9618 2958 8669 63610 04910 52210 18611 %FRFrance111 656110 266125 403136 367157 238172 162180 122164 255186 %GRGreece1 6811 7803 0282 4342 6872 8393 1653 712 795 843 9021 3551 2491 %HUHungary1 5861 3548 5979 62610 66010 06610 46910 1749 2168 %ISIceland 580 4201 286 567 %ITItaly59 74463 83567 48671 86675 78878 83477 89076 47178 %. 583 581 161 200 221 230 260 301 0251 9662 2502 2792 6663 0303 2733 108 106 104 120 135 173 254 316 %MTMalta 195 200 116 107 436 669 9991 29127 12229 52033 05637 26940 12936 50338 58041 %NONorway11 67913 78413 33413 88816 39617 72120 72721 39320 %PLPoland4 5754 9394 8835 9477 6079 00210 73812 7899 %PTPortugal5 0415 1905 3256 0076 5656 7557 2047 8618 %. 72 91 134 55233 47136 83639 75345 43547 84650 61246 51945 %SISlovenia 9851 3411 5601 7381 2741 4621 8891 Slovakia 242 232 334 442 5931 0271 1721 3731 2471 5461 8742 6183 3904 4235 0735 %GBUnited Kingdom101 801107 616101 285120 365117 745126 301134 874107 22594 %CEA917 189956 8711 016 9041 087 5211 163 5161 256 1391 316 .* At constant exchange rates 44 | CEA Statistics N°42
Annex ITable 12 | Structure of insurers’ investment portfolio — 2000–2008 (€bn)200020012002200320042005200620072008Land and ,3Investments in affiliated undertakings and participating and other variable-yield 1 and units in unit trustsDebt securities and other fixed-1 securitiesLoans, including loans guaranteed mortgagesDeposits with credit Statistics N°42 | 45
Annex ITable 13 | Number of insurance companies — 2000–2009 Czech Kingdom8228108067721 1671 1181 0501 017972934CEA5 2565 1565 1775 0825 3995 3225 2165 2245 :• DK: includes life insurance companies and multi-employer pension funds as well as non-life insurance including foreign branches that are members of the Danish Insurance Association• UK: there was a change in definition in 200446 | CEA Statistics N°42
Annex ITable 14 | Number of employees — 2000–20092000200120022003200420052006200720082009ATAustria28 53027 35925 92526 10626 49426 26726 29226 66726 54726 732BEBelgium24 89826 29325 91224 72224 50624 00423 75224 04824 30023 36648 17146 17544 51442 18645 60647 18447 99049 23649 386CYCyprus1 6071 6501 6601 6651 6911 7001 7491 7671 8541 874CZ Czech Republic16 11215 71815 74015 65814 60014 50614 41014 50114 72614 559DEGermany240 200245 400248 100244 300240 800233 300225 700218 900216 300216 500DKDenmark13 83413 69213 51613 64714 18114 04614 25915 99516 27316 455EEEstonia1 6691 6231 5521 4581 4441 3641 4581 4581 5361 737ESSpain45 91755 72847 47748 11645 95349 13548 04947 99149 57010 88811 30111 54211 18010 44810 58310 66910 81010 556FRFrance136 500138 600139 200138 500138 000143 700143 750143 950145 200147 400GRGreece9 5009 5009 5009 5009 5009 5009 0009 0009 0008 500HRCroatia4 5405 0495 4956 1946 1907 0177 9849 36010 51411 184HUHungary27 47827 76227 58728 06927 22626 00126 13126 24226 28912 84215 00015 22714 98914 30314 25614 76215 600 600 574 572 563 575 577 580 575 557ITItaly42 26441 74639 98039 29140 10539 92439 79546 27846 83147 . 154 170 223 311 463 507LTLithuania4 0004 9006 3006 1005 2682 5322 6542 6732 9693 0453 1703 2423 2683 480LVLatvia1 5871 7991 7862 8372 9883 3333 670 625 542 534 642 667 806 832 46850 24350 08848 20453 19052 93052 47052 04051 01050 910NONorway9 3009 0009 8009 6009 3009 9009 3009 5009 3109 310PLPoland32 76432 59529 52128 94628 67728 86428 47430 25129 62329 129PTPortugal13 62313 70013 10512 57511 83511 82911 51811 29511 30711 30036 13036 16217 25818 98718 97318 91419 00019 38920 03220 7994 9295 2045 5215 6905 8785 9926 0646 3316 306SK Slovakia7 7837 9167 6226 7436 4846 3046 3006 3006 30210 16810 75011 42612 14012 83713 55014 93716 00718 840UKUnited Kingdom228 300223 900217 475211 300208 100176 100179 300177 500178 700171 500CEA1 047 9001 061 5871 048 5281 060 2131 056 8211 028 253989 221997 5621 003 :• DK: includes all people employed in the Danish market• FR: there was a break in the series in 2005• IT: for the first time in 2007, the total number includes both 4 554 employees of other entities controlled by insurance companies and roughly 2 000 additional dealers following a large corporate restructuring• NL: does not include employees from some health insurers; also, a break in the series in 2004CEA Statistics N°42 | 47
Annex ITable 15 | Breakdown of life insurance premiums by distribution channel — 2008Direct %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%SK %%%%%%%%%%UKUnited %%%%%Notes:• Data for DE and the UK refers to new business• For the UK, bancassurance is included in all other channels • For NL, there is no distinction between agents and brokers• Data for ES and LI is from 2007Table 16 | Breakdown of non-life insurance premiums by distribution channel — 2008Direct %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%SK %%%%%%%%%%UKUnited %%%%%Notes:• For NL, there is no distinction between brokers and agents• Data for ES and LI is from 200748 | CEA Statistics N°42
Annex IPart B: Macroeconomic dataTable 17 | Euro exchange rates — 2000–2009 2000200120022003200420052006200720082008BGBulgaria1 9521 9481 9491 9491 9531 9561 9561 9561 9561 956CHSwitzerland1 5581 5111 4671 5211 5441 5481 5731 6431 5871 510CYCyprus0 5740 5760 5750 5840 5820 5770 5760 5830 5830 583CZ Czech Republic35 59934 06830 80431 84631 89129 78228 34227 76624 94626 435DKDenmark7 4547 4527 4317 4317 4407 4527 4597 4517 4567 446EEEstonia15 64715 64715 64715 64715 64715 64715 64715 64715 64715 647GRGreece336 630340 750340 750340 750340 750340 750340 750340 750340 750340 750HRCroatia7 6437 4827 4137 5697 4977 4017 3257 3387 2247 340HUHungary260 040256 590242 960253 620251 660248 050264 260251 350251 510280 330ISIceland72 58087 42086 18086 65087 14078 23087 76087 630143 830172 670LILiechtenstein1 5581 5111 4671 5211 5441 5481 5731 6431 5871 510LTLithuania3 6953 5823 4593 4533 4533 4533 4533 4533 4533 453LVLatvia0 5590 5600 5810 6410 6650 6960 6960 7000 7030 706MTMalta0 4040 4030 4090 4260 4280 4300 4290 4290 4290 429NONorway8 1138 0487 5098 0038 3708 0098 0478 0178 2248 728PLPoland4 0083 6723 8574 4004 5274 0233 8963 7843 5124 328RORomania1 9922 6003 1273 7554 0513 6213 5263 3333 6784 240SESweden8 4459 2559 1619 1249 1249 2829 2549 2509 61510 619SISlovenia206 613217 980225 977233 849239 087239 568239 596239 640239 640239 640SK Slovakia42 60243 30042 69441 48940 02238 59937 23433 77531 26230 126TRTurkey0 5751 1021 4401 6951 7771 6771 8091 7871 9062 163UKUnited Kingdom0 6090 6220 6290 6920 6790 6840 6820 6840 7960 891Source: EurostatCEA Statistics N°42 | 49
Annex ITable 18 | GDP at current market prices — 2000–2009 (€m)2000200120022003200420052006200720082009ATAustria207 529212 499218 848223 302232 782243 585256 162270 782281 868275 538BEBelgium252 216259 433268 256275 716290 825302 845318 193334 948344 676339 057BGBulgaria13 70415 25016 62317 76719 87521 88225 23828 89934 11833 416CHSwitzerland270 918284 886296 018287 754292 382299 554311 873317 202341 330358 763CYCyprus10 07910 80111 17011 78512 72813 65914 67315 95117 24817 558CZ Czech Republic61 49569 04580 00480 92488 262100 190113 696127 331147 879134 531DEGermany2 062 5002 113 1602 143 1802 163 8002 210 9002 242 2002 325 1002 428 2002 495 8002 404 400DKDenmark173 598179 226184 744188 500197 070207 367218 747227 025233 027224 928EEEstonia6 1606 9717 7768 7199 68511 18213 22915 62716 07313 849ESSpain630 263680 678729 206782 929841 042908 792984 2841 052 7301 088 5021 049 052FIFinland132 198139 789143 808145 795152 151157 070167 009179 659184 728175 758FRFrance1 441 3731 497 1871 548 5591 594 8141 660 1891 726 0681 806 4291 894 6461 950 0851 943 436GRGreece137 930146 428156 615172 431185 813195 366210 460226 437239 141240 421HRCroatia23 11725 50128 08929 99332 75435 72239 09342 82447 36545 143HUHungary51 32059 58470 87474 18682 66688 64689 894101 087105 53691 942IEIreland104 830116 931130 258139 763149 098162 091176 759189 751181 815164 211ISIceland9 4218 8309 4749 70910 66013 12413 31114 85110 2659 684ITItaly1 191 0571 248 6481 295 2261 335 3541 391 5301 429 4791 485 3771 544 9151 572 2431 533 800LILiechtenstein2 6932 7842 8572 7182 7822 9433 1803 2343 4803 658LTLithuania12 37713 57715 05216 49718 15820 87023 97928 57732 20326 029LULuxembourg22 00122 57223 99225 83427 45530 28134 14937 46439 34737 530LVLatvia8 4969 3209 9119 97811 17613 01216 04721 11123 16018 510MTMalta4 2214 3014 4894 4214 5054 7825 1115 4565 7035 683NLNetherlands417 960447 731465 214476 945491 184513 407540 216568 664595 883574 826NONorway182 579190 956204 074199 146208 256242 935268 363283 366309 251263 944PLPoland185 714212 294209 617191 644204 237244 420272 089311 002362 415308 597PTPortugal122 270129 308135 434138 582144 128149 123155 446163 051166 437162 343RORomania40 65145 35748 61552 57761 06479 80297 751124 729139 753119 734SESweden266 422251 340264 244275 657287 689294 674313 450331 147328 088292 989SISlovenia21 43522 70724 52725 73627 13628 75831 05634 56837 13535 476SK Slovakia22 02923 55525 95329 46833 97038 46244 53754 89864 77866 154TRTurkey289 933217 905243 440268 331314 584386 937419 232471 972498 373437 252UKUnited Kingdom1 602 2401 643 1541 710 4211 647 0561 772 5461 833 9541 944 7512 044 1331 818 9481 568 204CEA9 980 72710 311 70510 726 56410 907 83111 469 28312 043 18312 738 88413 496 23613 716 65212 976 416Source: Eurostat50 | CEA Statistics N°42
Annex ITable 19 | Population — 2000–2009 (thousands)2000200120022003200420052006200720082009ATAustria8 0128 0428 0828 1218 1728 2288 2698 3018 3378 372BEBelgium10 25110 28710 33310 37610 42110 47910 54810 62610 69010 753BGBulgaria8 1708 0207 8687 8247 7817 7407 6997 6607 6237 585CHSwitzerland7 1847 2307 2857 3397 3907 4377 4847 5517 6487 699CYCyprus 694 702 710 723 740 758 773 784 793 806CZ Czech Republic10 27210 23610 20510 20710 21610 23610 26910 33410 42410 448DEGermany82 21282 35082 48882 53482 51682 46982 37682 26682 11082 087DKDenmark5 3405 3595 3765 3915 4055 4195 4375 4615 4945 511EEEstonia1 3701 3641 3591 3541 3491 3461 3441 3421 3411 338ESSpain40 26340 72041 31442 00542 69243 39844 11644 87945 55646 221FIFinland5 1765 1885 2015 2135 2285 2465 2665 2895 3135 332FRFrance60 76261 20261 64462 07862 53363 00163 42663 80364 16764 526GRGreece10 91710 95010 98811 02411 06211 10411 14811 19311 23711 281HRCroatia4 4684 4424 4444 4424 4434 4434 4424 4394 4364 434HUHungary10 21110 18810 15910 13010 10710 08710 07110 05610 03810 028IEIreland3 8053 8663 9323 9964 0684 1594 2614 3574 4264 522ISIceland 281 285 288 290 292 297 304 312 317 317ITItaly56 94256 97757 15757 60558 17558 60758 94159 37559 83260 067LILiechtenstein 33 33 34 34 34 35 35 35 35 36LTLithuania3 5003 4813 4693 4543 4363 4143 3943 3763 3583 344LULuxembourg 436 442 446 452 458 465 473 480 489 495LVLatvia2 3732 3552 3392 3252 3132 3012 2882 2762 2662 255MTMalta 386 393 396 399 401 404 406 409 412 414NLNetherlands15 92616 04616 14916 22516 28216 32016 34616 38216 44616 493NONorway4 4914 5144 5384 5654 5924 6234 6614 7094 7684 807PLPoland38 45438 24838 23038 20538 18238 16538 14138 12138 12638 114PTPortugal10 22610 29310 36810 44110 50210 54910 58410 60810 62210 674RORomania22 44322 13221 80321 74221 68521 63421 58821 54721 51421 469SESweden8 8728 8968 9258 9588 9949 0309 0819 1489 2209 280SISlovenia1 9891 9921 9951 9961 9972 0002 0072 0102 0212 027SK Slovakia5 3895 3795 3795 3805 3825 3875 3915 3975 4075 411TRTurkey67 39368 36769 30470 23171 15172 06571 10570 13871 05271 989UKUnited Kingdom58 89359 10959 32859 56959 88060 24360 62160 99661 35261 707CEA567 132569 087571 534574 624577 879581 091582 296583 659586 870589 840Source: Eurostat CEA Statistics N°42 | 51
Annex IIAnnex II. Distribution channel classification1. Direct writingInsurance distributed by insurance companies, without intermediaries, through the use of direct marketing. This channel is split into:1• EmployeesThe company’s own sales force operating from branch networks• Distance sellingCall centres (telesales), the internet, mailing, . Intermediaries• AgentsIntermediaries who represent the interests of the insurer • Tied agentIntermediary acting as an agent of the insurer and under exclusive agreement to refer business to one insurer• Multi-tied agentIntermediary acting as an agent for several insurers and with multiple insurer agency agreements• BrokersIntermediaries who represent the interest of the insured• Other intermediariesIntermediaries such as affinity groups, car sellers, estate agents, travel agencies, . BancassuranceThe provision of insurance products by banks or lending institutions. The bank or lending institution may act as an insurance agent, bank employee or insurance broker4. Other1 Tied agents with an employment contract with an insurer are included under “Tied agents”52 | CEA Statistics N°42
CEA Statistics N°42 is available on the CEA’s website: . Also available at is the European Insurance in Figures dataset, CEA Statistics N°40, with data from 1999–2008.© CEA aisblBrussels, November 2010For further information: stat@ All rights reservedDesign: Morris & Chapman“CEA Statistics N°42: European Insurance in Figures, November 2010” is subject to copyright with all rights reserved. Reproduction in part is permitted if the source reference “CEA Statistics N°42, November 2010” is indicated. Courtesy copies are appreciated. Reproduction, distribution, transmission or sale of this publication as a whole is prohibited without the prior authorisation of the all the information used in this publication was taken carefully from reliable sources, the CEA does not accept any responsibility for the accuracy or the comprehensiveness of the information given. The information provided is for information purposes only and in no event shall the CEA be liable for any loss or damage arising from the use of this information.
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