European insurers paid out an average of €2.6bn a day in claims and benefits during 2013, according to figures published today in a study by Insurance Europe, the European insurance and reinsurance federation.
The study, European Insurance in Figures, which examined trends in the European insurance market over several years, revealed that during 2013 a total of €952bn was paid out by insurers to individuals and businesses in Europe.
Michaela Koller, director general of Insurance Europe, said: “The constant and high volume of claims and benefits paid out by insurers to their customers demonstrates the important contribution which insurers make to our society. It is crucial for policymakers to provide insurers with a regulatory framework which allows them to continue providing such a valuable service.”
Of the total amount of claims and benefits paid out by insurers in 2013, €626bn were life benefits and €326bn were non-life claims and benefits.
Of the total non-life claims and benefits paid out in 2013:
- Motor insurance claims equalled €103bn (a 4.8% increase on 2012)
- Property insurance claims amounted to €57bn (a 13.9% increase on 2012)
- Health insurance claims totalled €97bn (a 12.9% increase on 2012)
The study revealed that total European gross written insurance premiums amounted to €1 117bn in 2013. It also noted that the assets under management of Europe’s insurers grew by 3.1% during 2013, to €8 527bn, with 82% of those assets used to back life insurance liabilities and the other 18% backing non-life insurance liabilities.