The European insurance industry has maintained a path of stability and growth, even during times of crisis, according to figures released by Insurance Europe.
The figures, which included data collected from 32 national insurance associations across Europe, looked at various aspects of the European insurance industry between 2003 and 2012.
The total amount of life insurance benefits paid out by European insurers increased by 64%, from €389 381 million in 2003 to €639 400 million in 2012. The volume of non-life claims paid increased by 41%, from €236 189 million in 2003 to €332 236 million in 2012, according to the figures.
European insurance premiums increased in nominal terms by a quarter during that period, with non-life premiums growing at a faster rate than life premiums, with cumulative increases of 30% and 22% respectively, the figures showed.