Figures just published by Insurance Europe demonstrate how differently European insurance markets and lines of business have been affected by the COVID-19 pandemic and government responses to it. Despite some common trends, the pandemic has thrown a spotlight on the unique role of insurers and their products and services in each national market, leading some to experience only a limited impact on claims and premiums, while others report a significant impact.
“European insurance: Preliminary figures 2020” is based on the first figures available from 26 of Insurance Europe’s 37 members and provides early indications of the percentage changes in premiums and investments from 2019 to 2020 and a glimpse of the evolution of claims.
The booklet also outlines the impact of COVID-19 on both insurers and their customers, and highlights some of the significant steps taken by insurers to help alleviate the impact of the pandemic.
In 2020, total premiums fell in nearly two-thirds of the 25 countries that reported them, mainly due to a large drop in life premiums. This is in stark contrast to the overall growth between 2017 and 2019. Health and property and casualty (P&C) premiums, on the other hand, were able to register an increase in three-quarters of reporting countries.
On claims, preliminary figures confirm that the situation has varied considerably between the different lines of business. Motor claims, for instance, reduced in some countries during the periods in which strict lockdown measures were imposed. Travel assistance claims, on the other hand, were seen to surge in a few markets, although the situation varied across Europe.
Moving to investments, all but one of the 18 countries that reported showed an increase in their investment portfolio in 2020.
It is important to note that all figures are subject to change.