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European Insurance in Figures

October 2008

CEA Statistics N° 36

CEA StatisticsEuropean Insurance in Figures

w w w . c e a . e u

About the CEA

The 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, which is based in Brussels, represents

undertakings that account for approximately 94% of total European premium

income. Insurance makes a major contribution to Europe’s economic growth

and development. European insurers generate premium income of €1 122bn,

employ one million people and invest more than €7 200bn in the economy.

CEA Statistics N°36 | 5


Table of contents

Executive summary 9

Evolution of total gross written premiums in Europe 1I. 1

Life insurance premiums 1I.1 2

Non-life insurance premiums 1I.2 4

Insurers’ investment portfolio 2II. 0

Evolution 2II.1 0

Structure of the investment portfolio 2II.2 1

Ratio of investment in shares to market capitalisation 2II.3 3

Ratio of investment portfolio to GDP 2II.4 3

Market operators 2III. 4

Companies 2III.1 4

Employees 2III.2 7

Distribution channels 2III.3 8

Methodological note 32

List of abbreviations 32

Annex: Statistical tables 33



CEA member associations that took part in this study

ISO Country Code

AT Austria Verband der Versicherungsunternehmen Österreichs (VVO)

BE Belgium Assuralia - Union Professionnelle des Entreprises d’Assurances

Assuralia - Beroepsvereniging van Verzekeringsondernemingen

BG Bulgaria Association of Bulgarian Insurers (ABZ)

CH Switzerland Schweizerischer Versicherungsverband

Association Suisse d’Assurances (ASA / SVV)

CY Cyprus Insurance Association of Cyprus

CZ Czech RepublicČeskáasociacepojišt’oven(ČAP)

DE Germany Gesamtverband der Deutschen Versicherungswirtschaft (GDV)

DK Denmark Forsikring & Pension (F&P)

EE Estonia Eesti Kindlustusseltside Liit

ES Spain Unión Española de Entidades Aseguradoras y Reaseguradoras (Unespa)

FI Finland Finanssialan Keskusliitto

FR France Fédération Française des Sociétés d’Assurances (FFSA)

GB United Kingdom The British Insurers’ European Committee (BIEC)

GR Greece Hellenic Association of Insurance Companies

HR Croatia Hrvatskiuredzaosiguranje

HU Hungary Magyar Biztosítók Szövetsége (MABISZ)

IE Ireland Irish Insurance Federation (IIF)

IS Iceland SamtökFjármálafyrirtækja(SFF)

IT Italy Associazione Nazionale fra le Imprese Assicuratrici (Ania)

LI Liechtenstein Liechtensteinischer Versicherungsverband e.V

LT Lithuania Lietuvosdraudikuasociacija

LU Luxembourg Association des Compagnies d’Assurances (ACA)

LV Latvia LatvijasApdrošinātājuasociācija(LAA)

MT Malta Malta Insurance Association

NL Netherlands Verbond van Verzekeraars (VVN)

NO Norway FinansnæringensHovedorganisasjon(FNH)

PL Poland PolskaIzbaUbezpieczeń(PIU)

PT Portugal Associação Portuguesa de Seguradores (APS)

RO Romania UniuneaNaţionalăaSocietăţilordeAsigurareşiReasigurare(UNSAR)

SE Sweden Sveriges Försäkringsförbund

SI Slovenia SlovenskoZavarovalnoZdruženje(SZZ)

SK Slovakia Slovenskáasociáciapoisťovní

TR Turkey Türkiye Sigorta ve Reasürans Sirketleri Birligi



Executive summary

Gross written premiums

Preliminary CEA figures show that total premiums for the overall European

insurance market grew in real terms by 1.2% in 2007, against two consecutive

6.5% increases the previous years, to reach €1 122bn. This growth slowdown

is to a large extent the result of strong competition between insurers, especially

in the non-life sector, and between the different financial sectors, against a

background of a relatively good economy.

In life insurance, which accounts for more than 60% of overall premium volume,

2007 was marked by a sharp growth slowdown in Europe since premium volumes

increased by a mere 1.7% in real terms, totalling €700bn, against +6.7% in

2006. The UK, with more than 30% of life insurance premiums, is the largest

market player.

After a substantial 6.2% increase in 2006, primarily due to the privatisation of

the healthcare system in the Netherlands, European non-life premium growth

slowed to 0.4% in real terms, totalling €423bn in 2007. In Europe, non-life

insurance premiums are mainly made up of motor and health & accident, which

account respectively for 31% and 30% of the total.

Insurers’ investment portfolio

The overall European insurers’ investment portfolio, estimated at market value,

totalled €7 284bn in 2007, representing 55% of GDP. This volume corresponds

to a real growth of 2.3% against 4.8% in 2006 and 10.5% in 2005. The

evolution of the total investment portfolio is mainly driven by life business since

the investment holdings of the life insurance industry account for more than

80% of the total. The slowdown in growth observed in 2007 is mainly due to

the rise in interest rates in most EU countries and to the weak performance of

European stock markets in the second half of 2007.

In 2007, the life insurers’ investment portfolio amounted to €5 897bn, representing

a 2.3% real increase against +4.3% in 2006 and +11.7% in 2005. The UK and

France are the largest market players, as together they account for 53% of all

European life insurers’ investments. Non-life insurers’ investments increased by

1.3% in 2007, against +7.3% the previous year, to reach €1 337bn. With a 44%

market share, German non-life insurers are the largest investors.

The largest component of the European insurers’ investment portfolio is debt

securities and other fixed income assets, representing 36% of total investments

in 2006. Shares and other variable assets follow closely, accounting for 32.5%

of the total investment portfolio. Loans constitute the third largest type of

investment (15% in 2006).

10 | CEA Statistics N°36


Market operators

Companies

In 2007, there were nearly 5 300 companies carrying out insurance activities

in the 33 CEA countries. The number of insurance companies in Europe has

declined in the 15 old EU member states over the last decade, reflecting the wave

of mergers and acquisitions that took place at the end of the 1990s. Conversely,

in the 12 new EU member states, where insurance markets are new and still

expanding, the number of companies has been growing.

There are a lot of specialised insurers offering products in the non-life area. In

both life and non-life sectors, the small markets are highly concentrated while

the big ones still have room for a large number of companies.

Employees

Provisional figures for 2007 indicate a recovery in employment in the European

insurance industry. After five successive years of decline, mainly due to the

consolidation process, the labour force grew by 0.2% in 2007 to around 990

thousand people. This corresponds to 0.2% of the total population of the CEA

countries.

When looking at the structure of the workforce, according to available data, most

employees in Europe work full-time (87% in 2006), though the share of full-time

workers has been slowly decreasing over the last ten years. Likewise, the share

of the labour force employed by insurers and working within the commercial

network declined from 24% in 1995 to 19% in 2006.

Distribution channels

In Europe, non-life insurance products are mainly provided by intermediaries,

ie agents and brokers. The diversification strategy operated by insurers has,

however, led to a decrease in the market share of agents. Brokers remain much

less important than agents in most European countries. They are particularly well

developed in a few markets, such as Belgium, Ireland and the UK. Bancassurance

is not widespread in non-life insurance, representing less than 10% in all the

sample countries. In most countries, direct sales occur mainly through company

employees. Sales via internet, phone or mail are generally not significant.

Bancassurance is the main distribution channel for life insurance products in

many western countries. However, the role of bancassurance remains limited in

two large markets: Germany and the UK. As in the non-life sector, agents play

an important role in the distribution of life policies. Brokers lead the life insurance

market in the UK, Slovakia, Ireland and Luxembourg. Direct writing appears to

be less developed in life than in non-life but is, nevertheless, not insignificant

in several countries, such as Romania, Turkey, Ireland and Croatia. The highest

market share of the distance selling channel is in Ireland, which can be linked

to the high share of the life business done abroad. As a general rule, the use of

the internet for purchasing life insurance products is not widespread, given the

complexity of such products compared to other non-life mass products.



Evolution of total gross written premiums in EuropeI.

Preliminary CEA figures show that total premiums for the overall European

insurance market grew in real terms by 1.2% in 2007, against two consecutive

6.5% increases the previous years, to reach €1 122bn. This growth slowdown

is to a large extent the result of strong competition between insurers, especially

in the non-life sector, and between the different financial sectors, against the

background of a relatively good economy (+2.9% for EU-271) not yet really

affected by the tensions in the international markets which followed the sub-

prime crisis that emerged in the US in the second half of 2007.

Total premiums in Europe – 1995-2007 (€bn)Chart 1 |

5.2%

6.5%

4.6%

10.1%

13.0%

-1.7%

3.1%

2.5%

3.7%

6.5%

6.5%

1.2%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0

200

400

600

800

1 000

1 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Total premiums Real growth

Rea

lgro

wth

Pre

miu

ms,

in n

omin

al te

rms

In Europe, life insurance accounts for more than 60% of overall premiums. As far

as non-life insurance products are concerned, motor, followed closely by health

& accident, have the largest market shares since they correspond to respectively

12% and 11% of overall insurance premiums. With more than 7% of the total

business, the property insurance market is also quite significant in Europe.

Distribution of total premiums in Europe – 2007Chart 2 |

62.3%11.6%

11.2%

7.3%

3.0% 1.5% 0.6% 2.5%

Life

Motor

Health & accident

Property

Liability

Marine, Aviation & Transport

Legal expenses

Other non-life

1 Source: Eurostat

Total premiums

grew by 1.2% in real terms

to reach €1 122bn in 2007



Chart 3 shows that the market share of the European insurance industry across

the world has been steadily rising since 2002, reaching more than 41% in 2007.

This means that the premium volume in Europe has grown faster than the overall

worldwide premium. In the meantime, the US has seen its market share decreasing

while Asia has remained more or less stable.

Worldwide distribution of insurance premiums – 1985-2007Chart 3 |

0%

20%

40%

60%

80%

100%

1985 1991 1995 2000 2001 2002 2003 2004 2005 2006 2007

Other North America Asia Europe

Source: Swiss Re Sigma No 3/2008: “World insurance in 2007: emerging markets leading the way”

Note: It should be stressed that in the Swiss Re publication, Europe is the combination of western Europe and central & eastern Europe, ie including notably Russia and Ukraine

Life insurance premiumsI.1

In life insurance, 2007 was marked by a sharp growth slowdown in Europe since

premium volumes increased by a mere 1.7% in real terms, totalling €700bn,

against +6.7% in 2006. This low growth conceals two very distinct situations

in terms of geochartic area as life insurance premiums rose by 1.3% in the

15 old EU member states while premiums grew by about 19% in the 12 new

member states. The high increase observed in these latter countries is driven by

economic growth, together with strong savings growth and the development of

occupational schemes.

Life premiums increased by

1.7% in 2007 against 6.7%

in 2006



Life insurance premiums in Europe – 1995-2007 (€m)Chart 4 |

11.8%

10.9%

7.5%

16.1%

18.1%

-4.8%

0.7%

0.2%

4.7%

9.6%

6.7%

1.7%

-10%

-5%

0%

5%

10%

15%

20%

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Life premiums Real growth

Rea

lgro

wth

Pre

miu

ms,

in n

omin

al te

rms

Whereas growth was broad-based across central and eastern European markets,

most of them having expanded at double-digit rates, developments varied

greatly across western European countries. In the UK, which accounts for more

than 30% of the European life insurance business, premiums increased by

11.3% while in France, which is the second biggest market (around 20% of the

European market), income fell by 4.5%. The decline in France is mainly due to

strong competition between different financial product providers. In actual fact,

banks took the opportunity of the increase in short-term interest rates to sell their

specific products whereas insurers sell mostly long-term financial products. Many

other major European markets experienced a decrease, notably Italy (-13.2%).

It is very likely that the shift towards unit-linked products seen already in most

markets in 2006 continued in 2007. The 2008 economic downturn is likely to

reduce sales of unit-linked products.

Looking ahead, the ongoing strength of the economic environment in central and

eastern Europe, combined with the potential for significant market expansion,

might lead to further life insurance growth. In western Europe, growth should

benefit from an ageing population, tax incentives for pension products and

reductions in social security benefits.

Life insurance growth varies

greatly across western

European markets



Non-life insurance premiumsI.2

After a substantial 6.2% increase in 2006, primarily due to the privatisation of

the healthcare system in the Netherlands, European non-life premium growth

slowed to 0.4% in real terms, totalling €423bn in 2007.

Non-life insurance premiums in Europe – 1995-2007 (€m)Chart 5 |

-1.8%

1.1%

0.8%

1.7%

4.8%

3.9%

7.1%

6.1%

2.2%

1.7%

6.2%

0.4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

450 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Non-life premiums Real growth

Rea

lgro

wth

Pre

miu

ms,

in n

omin

al te

rms

As the table below shows, motor and health & accident account respectively

for 31% and 30% of non-life premiums in Europe2. Therefore, total non-life

premiums are mainly made up of these two business lines (see hereafter the

analysis by product).

Breakdown of non-life insurance premiums, by product – 2006-2007Table 1 |

Premiums (€bn) Real growth rate 2007 2006 2007/06 2006/05

Motor 130.2 127.7 -0.4% -2.0%

Health & accident 125.9 121.8 1.4% 27.0%

Property 81.5 79.8 -0.2% -1.3%

General liability 33.5 33.9 -1.6% 1.2%

Legal expenses 6.9 6.5 3.3% 3.9%

Marine, aviation, transport 16.4 16.3 -1.7% 0.3%

Other non-life 28.5 26.6 5.1% 6.3%

Total non-life 422.6 412.2 0.4% 6.2%

Growth varies again considerably between western and eastern European

countries as premiums grew in real terms by 0.2% in the 15 old EU member

states against an 8.5% increase in the central and eastern European countries.

In the meantime, within each region, there were wide variations especially in

western countries since 8 out of the 15 markets experienced a decrease. It is

worth pointing out that the two largest markets, namely Germany and the UK

(which jointly represent slightly less than 40% of all European non-life business)

saw their respective premium volumes cut by 1.4% and 0.7%. On the other

hand, in France and the Netherlands, third and fourth largest markets respectively,

premiums grew by 0.9% and 3.0% respectively.

2 It should be stressed that prior to the privatisation of the healthcare system in the Netherlands, health & accident accounted for around 25% of non-life insurance

European non-life premium

growth slowed to 0.4% in

real terms in 2007

Motor and health & accident

account respectively for

31% and 30% of non-life

premiums



I.2.1 Motor insurance

With around 1 000 insurance companies active in Europe and €130bn of premium

income, motor insurance is the biggest class of non-life business, accounting for

31% of premiums. In 2007, motor insurance premiums declined by 0.4% in real

terms, compared to a 2% reduction the year before. This fall is mainly driven by

a reduction in policyholders’ motor liability premiums and is the result of strong

competition between insurers.

Motor insurance premiums in Europe – 1995-2007 (€m)Chart 6 |

-1.0%

-0.4%

1.3%

4.2%

6.7%

4.6%

3.8% 3.3%

0.8%

-0.5%

-2.0%

-0.4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Motor premiums Real growth

Pre

miu

ms,

in n

omin

al te

rms

Rea

lgro

wth

Looking at the evolution over the past ten years (see the chart above), it seems

that the motor insurance market has entered a new business cycle. Growth,

though probably slow, can thus be expected in 2008.

As chart 7 shows, among the top five European motor insurance markets3 only

the UK and to a lesser extent Spain, exhibited some growths with real increases

of +3% and +0.2% respectively. In Germany, motor premiums shrank by

a substantial 4.1%, while in Italy and France, the decline was more modest,

amounting to 2.4% and 2.0% respectively. In eastern and central European

countries, motor premiums generally continued to improve, with the notable

exception of Hungary (-6.7%) reflecting weak performances in this country.

3 The largest motor insurance market is Italy (17% of the European market), followed closely by Germany (16%). Then come the UK (15%), France (14%) and Spain (9%).

Competition between

insurers continues to reduce

motor insurance premiums



Real growth rate in motor insurance by country – 2007Chart 7 |

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

RO EE BG IS HR PL GR SI TR CY UK

NO DK

CH MT

SK

ES BE CZ

CEA LU NL FR AT FI IT SE DE PT HU

76%

I.2.2 Health and accident

The health & accident insurance sector is dominated by the health insurance sector,

given that this latter represents two thirds of the total. Since the implementation

of the Dutch new health regime in January 20064, the health & accident business

line is nearly as large as the motor insurance sector it accounts for 30% of non-

life premiums in Europe.

After the substantial 27% increase observed in 2006, mainly due to the change

that occurred in the Netherlands, health & accident premiums grew 1.4% in

real terms to reach €126bn in 2007. Looking at the evolution over the last five

years, although excluding the atypical year 2006, it seems that the slowdown

experienced in 2005, which has to be seen together with the slowdown in

growth in the benefits paid that year, has persisted in 2007.

Nevertheless, the health and accident market remains one of the most dynamic

among non-life insurance business lines. Even if it has slowed down, the growth

trend in health insurance premiums is to a large extent due to a higher and higher

utilisation of services, fuelled by factors such as increased consumer demand,

new and more intensive medical treatments and defensive medicine, as well as

ageing.

4 For more information about the health insurance market in Europe, see the publication “The European health insurance market in 2006” which can be downloaded from the CEA website, www.cea.eu

Health represents two thirds

of the health & accident

business line

Health & accident premiums

grew by 1.4% in 2007



Health & accident insurance premiums in Europe – 1995-2007 (€m)Chart 8 |

3.7%4.0%

2.9%4.1% 4.2%

2.9%

5.7% 5.5% 5.6%

1.7%

27.0%

1.4%0%

5%

10%

15%

20%

25%

30%

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Health & accident premiums Real growth

Pre

miu

ms,

in n

omin

al te

rms

Rea

lgro

wth

Altogether, the old 15 EU member states account for 94% of the European

health & accident insurance market. However, this market is mainly driven by

the Netherlands and Germany, since they jointly account for 58% of the overall

European market. In these two countries, premiums went up respectively by

2.5% and 0.7% in 2007. France, the third largest market in Europe (12% of the

overall European health & accident premiums), recorded a 2.4% increase in 2007

while the UK, which follows in terms of ranking with a 7% market share, saw the

volume of its premiums fall in real terms by 1.8%.

The eastern European markets, which are still lagging far behind, have all

experienced a relatively strong increase in health & accident premium volumes,

with the notable exception of Romania (-18%).

I.2.3 Property insurance

Property insurance, which provides protection against most risks to property,

such as fire, theft and some weather damage, represents nearly one fifth of all

non-life business. In 2007, property insurance premiums declined by 0.2% in real

terms, compared to a 1.3% decrease the previous year, to reach €81.5bn.

The health & accident

market is mainly driven

by Germany and the

Netherlands that jointly

account for 58% of the total

Property insurance

premiums declined by 0.2%

in 2007



Property insurance premiums in Europe – 1995-2007 (€m)Chart 9 |

-0.5%

0.1%

-1.7%

-0.7%

2.6%

3.6%

10.2%

8.3%

1.7% 1.6%

-1.3%-0.2%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Property premiums Real growth

Pre

miu

ms,

in n

omin

al te

rms

Rea

lgro

wth

As the pie chart below shows, the top five markets in property insurance, namely

the UK, Germany, France, Spain and Italy, make up more than 70% of total

European premium volume. Available data for 2007 indicate that growth in these

markets have been mixed, since France and Spain recorded real growth of 1.9%

and 3.8% respectively while premiums declined in the UK (-1.9%), Germany

(-2.4%) and to a lesser extent in Italy (-0.3%).

Breakdown of property insurance premiums by country – 2007Chart 10 |

UK22.4%

DE17.4%

FR16.3%

ES8.6%

IT6.0%

NL4.3%

SE3.5%

AT2.7%

CH2.7%

BE2.6%

DK2.5%

NO2.0%

Other8.9%

2007 was marked by severe floods in the UK while the Kyrill storm caused some

damage in northern Europe. According to a GDV5 survey, Kyrill has been the

single most expensive event in the history of the German insurance industry.

In the future, it is likely that climate change will continue to affect property

insurance and particularly the price of natural catastrophe cover.

5 Gesamtverband der Deutschen Versicherungswirtschaft (German Insurance Industry Association)



I.2.4 General liability

In 2007, general liability premiums, which account for 8% of total non-life

premiums, decreased by 1.6% in real terms to reach €33.5bn. This business line

includes many diverse products such as individual liability, professional indemnity,

business liability, directors’ and officers’ liability, and is characterised by its long-

tail nature and thus a high level of technical provisions. It should be stressed

that since each national market has its own specific characteristics, the figures

are not strictly comparable and thus the aggregated European data should be

interpreted with caution.

General liability insurance premiums in Europe – 1995-2007 (€m)Chart 11 |

0.3%

1.1%

0.0%

-1.0%

6.7%

4.3%

13.4% 13.8%

3.1%

1.8%1.2%

-1.6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

General liability premiums Real growth

Pre

miu

ms,

in n

omin

al te

rms

Rea

lgro

wth

The UK, Germany and France each account for around 20% of the overall

European general liability market, while the fourth largest player, Italy, accounts

for nearly 10% of the total. Premium volumes grew in both France (+2.9%) and

Italy (+0.7%), whereas the UK and Germany recorded a decrease of 8.3% and

1.8% respectively.

The slowdown in growth observed since 2004 has to be seen together with the

decrease in total claims expenditure. Tough competition between insurers has

also put pressure on prices.

I.2.5 Other non-life business lines

After a marginal premium increase of 0.3% in 2006, the marine, aviation and

transport (MAT) market, which accounts for 4% of the total non-life market,

experienced a fall in 2007, with premiums declining by 1.7% to €16.4bn. This

market is mainly driven by one single country, namely the UK which accounts for

nearly 60% of the whole European MAT insurance market6. However, the drop

in premium volume was observed in most markets.

The other remaining non-life insurance classes (including legal expenses, travel

and credit insurance) account for less than 10% of the non-life market, and grew

strongly in 2007, with data indicating almost 5% growth.

6 Most UK MAT insurance business is written in the London Market

General liability premiums

decreased by 1.6% in 2007



Insurers’ investment portfolioII.

EvolutionII.1

The overall European insurer’s investment portfolio, estimated at market value,

totalled €7 284bn in 2007, against €6 994bn in 2006. This represents a real

growth of 2.3% against 4.8% in 2006 and 10.5% in 2005. The evolution of the

total investment portfolio is mainly driven by life business, since the investment

holdings of the life insurance industry account for more than 80% of the total

(see chart 12 below). The slowdown in growth observed in 2007 is mainly due

to the rise in interest rates in most EU countries and to the weak performance of

European stock markets in the second half of 2007. A further deterioration of

the economic situation would affect the insurance industry.

Life and non-life insurers’ investment portfolio in Europe – Chart 12 |

1995-2007 (€bn)

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Life insurers' investment portfolio Non-life insurers' investment portfolio Real growth

Inve

stm

entp

ortfo

lio, i

n no

min

al te

rms

Rea

lgro

wth

In 2007, the life insurers’ investment portfolio amounted to €5 897bn,

representing a 2.3% real increase against +4.3% in 2006 and +11.7% in 2005.

The UK and France are the largest market players, as together they account for

53% of all European life insurers’ investments.

Non-life insurers’ investments increased by 1.3% in 2007, against +7.3% the

previous year, to reach €1 337bn. With a 44% market share, German non-life

insurers are the largest investors in Europe.

The overall insurers’

investment portfolio totalled

€7 284bn in 2007

Life insurers’ investment

portfolio increased by 2.3%

in 2007 against 4.3% in 2006



Box 1 | Impact of the financial turmoil

The subprime crisis that hit the US in 2007 has had a significant impact on

the worldwide financial sector through the different types of asset-backed

securities that spread the effects of the real estate rate decline and of low

quality of loans. In 2007, it had a limited impact on the real global economy.

The slowdown was most pronounced in the US and Japan, while western

Europe was less affected. In 2008, growth is expected to continue to slow.

In March 2008, the IMF estimated the potential writedowns and losses

to be approximately $945bn7. About half of this cost would be borne by

banks, while insurers would be hit by approximately 12% of this total cost

($105bn to $130bn). However all regions of the world are not affected in

the same way and it is likely that the largest part of the cost estimated by

the IMF for the insurance sector will be borne by US insurers. According

to estimates by Standard & Poor’s, the losses of the European insurance

industry as a whole amount to about $7bn8.

The reasons for the limited impact on the European sector are twofold. On

the one hand, European insurers invest mainly in long-term, risk-consistent

assets that match the financial characteristics of their liabilities. In addition,

European insurers tend to hold their assets in the same currency as their

liability. The bulk of investments by European companies have therefore

been only slightly affected by the tensions on the US market.

One of the reasons of this strategy is that the 2001/2002 financial crisis,

which seriously affected insurers at the time, led them to review their

investment strategy by improving their risk assessment.

Structure of the investment portfolioII.2 9

Chart 13 shows that the largest component of European insurers’ investment

portfolio is debt securities and other fixed income assets, representing 36% of

total investments in 2006. This share has been steadily declining since 2004

when it reached 38%. This decline has been offset by the growth in the shares

portfolio held by insurers which has grown steadily since 2002 to reach 32.5%

in 2006. The sharp drop in the proportion of shares and other variable assets in

the insurers’ portfolio observed in 2001 is due to the financial crisis that followed

the burst of the dot.com bubble.

7 International Monetary Fund: “Global financial stability report - Containing systemic risks and restoring financial soundness”, World Economic and Financial Surveys (p78)8 Standard & Poor’s: “Markets are nervous, but the European insurance sector remains strong”, 21.07.2008 (p2)9 The 2006 aggregate figures are based on a sample of 22 countries representing 95% of all insurers’ investments. For Germany, the breakdown of the investment portfolio is based on 2005 data.

The proportion of shares

and variable yield products

in the total investment

portfolio has grown steadily

since 2002



Structure of the investment portfolio - 1998-2006 (€bn)Chart 13 |

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

1998 1999 2000 2001 2002 2003 2004 2005 2006

Land and buildings and participating interests Investments in affiliated undertakings and participating interests

Shares and other variable-yield securities and units in unit trusts Debt securities and other fixed-income securities

Loans, including loans guaranteed by mortgages Deposits with credit institutions

Other

Investments in variable income assets largely depend on the evolution of the

stock market. The sharp rise observed in 2006 is therefore explained by the

increase in the value of shares on the stock market (+10.3% for the Dow Jones

Eurostoxx 5010; see chart 14). With the weak performance of the capital markets

recorded in the second half of 2007, it is likely that the proportion of shares in

insurers’ portfolios is going to decrease.

Comparison of the ratio of shares in insurers’ total investment Chart 14 |

portfolio with the stock markets – 1998-2007

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

DJ E

uros

toxx

50

P ID

X

% o

f sha

res

in t

he in

sure

rs' i

nves

tmen

t po

rtfo

lio

Ratio of shares in the insurers' investment portfolio DJ Eurostoxx 50 P IDX

Loans constitute the third largest type of investment. Their proportion has slightly

decreased over the period (15% in 2006 compared to 17% in 2002) while the

three remaining categories, (i) lands and buildings (4.6%), (ii) investments in

affiliated undertakings and participating interests (4.7%) and (iii) deposits with

credit institutions (2.3%), have remained stable.

10 Dow Jones Eurostoxx 50 is a stock index of euro zone stocks designed by Stoxx Ltd, a joint venture of Deutsche Boerse AG, Dow Jones & Company and SWX Group

The evolution of

investments in variable

assets is correlated to the

evolution of the stock

market



Ratio of investment in shares to market capitalisationII.3

The ratio of shares held by insurers on a country’s total stock market should be

interpreted with care since insurers also hold non-quoted company shares and

shares of companies quoted on foreign stock markets. This ratio can rather be

seen as an indicator of the importance of the insurance sector as an institutional

investor at national level and, at European level, as an indication of the share of

equities held by insurance companies in Europe.

On average, at European level, the proportion of shares held by insurers in the

total market capitalisation was 22% in 2006 against 23.6% in 2005. The ratio

has declined since 2002 when it reached a record level of 26.8%.

Ratio of investment in shares to market capitalisation in Chart 15 |

Europe – 2000-2006

0%

5%

10%

15%

20%

25%

30%

2000 2001 2002 2003 2004 2005 2006

Source: CEA calculations based on data from the Federation of European Securities Exchanges (FESE)

Ratio of investment portfolio to GDPII.4

The ratio of investment portfolio to GDP provides another indicator of the

relative importance of insurance in the economy and principally one that allows

comparison of the development of the insurance sector from country to country

and from year to year.

On average, the investment portfolio represented 55% of GDP in 2007 against

56.8% in 2005 and 50.1% in 2000. This proportion has grown continuously from

2001 to 2006 and dropped in 2007. This drop is mainly linked to the decrease in

the market value of several assets at the end of 2007 while the GDP growth in

nominal terms remained stable at 5%.

Total variable yield of

insurers’ investments

corresponded to 22% of

the European stock market

capitalisation in 2006

The ratio of investment

portfolio to GDP decreased

to 55% in 2007



Ratio of investment portfolio to GDP – 2007Chart 16 |

0%

20%

40%

60%

80%

100%

120%

140%

LI LU UK

DK

CH SE FR NL FI BE IE

CEA DE

MT

NO IT PT AT ES SI CY PL CZ

HR

HU

SK

GR EE BG LV TR

164%339%

Note: 2006 data for LI, LU, NL, HU and LV

This average ratio conceals very different situations from country to country. The

highest ratios are unsurprisingly observed in the international financial centres,

ie Lichtenstein, Luxembourg, and the United Kingdom. At the other end of the

scale, we find markets which have a less developed life business, eg eastern

European countries.

Market operatorsIII.

CompaniesIII.1

In 2007, there were nearly 5 300 companies carrying out insurance activities in

the 33 CEA countries. As chart 17 illustrates, the UK, which is the largest market

share in terms of premium income, has also the largest number of companies.

Then follow Germany and France although they respectively rank third and

second according to their premium level. Sweden, which accounts for only 2%

of total premiums, has the fourth largest number of insurance companies in

Europe.

Nearly 5 300 companies

were carrying out insurance

activities in the 33 CEA

countries in 2007



Breakdown of the number of insurance companies by Chart 17 |

country – 2007

UK20%

DE12%

FR9%

SE7%ES

7%

NL7%

IT5%

IE4%

Other29%

Chart 18 shows that the number of insurance companies has been declined in

the 15 old EU member states over the last decade, reflecting the wave of mergers

and acquisitions (M&As) that took place at the end of the 1990s following the

liberalisation and deregulation processes carried out in the EU. Conversely, in the

12 new EU member states, where insurance markets are new and still expanding,

the number of companies has been increasing. As far as the other remaining

CEA countries are concerned, the number of companies has remained stable

over the whole period.

Number of insurance companies in Europe – 1993-2007 Chart 18 |

0

1 000

2 000

3 000

4 000

5 000

6 000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

EU-15 EU-12 CH+HR+IS+LI+NO+TR

Note: The break in the series observed in 2004 is due to a change in statistical methodology in the UK

The number of insurance

companies has been

decreasing steadily over the

last decade



According to research, from 1990 to 2002 there were 2 595 M&As involving

European insurers of which 1 669 resulted in a change in control11. Transactions

occurred both cross-border and domestically, as well as across industries (eg

involving insurers and banks) and within insurance.

The motives for consolidation are both financial and non-financial in nature. In

effect, insurers’ objectives are to look after risk reduction while maintaining their

rate of return. To the extent that size will positively affect the risk profile (eg by

limiting volatility), and assuming that diversification evolves with size, one could

expect that when the new Solvency II regime is introduced, it will support the

current consolidation trend.

One commonly used indicator of concentration is the five-group concentration

ratio – the so-called CR5 -, which consists of the market share, as a percentage,

of the five largest groups in the industry in a specified country12. The European

figures presented correspond to the average of the national concentration ratios

weighted by premiums.

Concentration ratios in the life sector – 1996 & 2006Chart 19 |

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1996 2006

CR5CR10CR15

In the life sector, the average CR10 of the CEA countries reached 79% in 2006,

compared to 62% in 1996.This growth is mainly driven by the M&A activity over

the past decade in Europe. The largest markets, ie the UK, France, Germany

and Italy, continue to be the less concentrated ones. This negative correlation

between the size of the market and its level of concentration is partly explained

by the fact that insurers need to have a portfolio of a minimal size in order to

spread their risk efficiently.

11 “Merger activity in the insurance industry”, Klime Poposki – Economics and Organization Series, Vol. 4, N°2, 2007.12 More generally, the N-firm concentration ratio is the percentage of market output generated by the N largest firms in the industry

Motives for consolidation

are both financial and non-

financial

The concentration ratio

has increased over the last

decade in both the life and

non-life sectors



Concentration ratios in the non-life sector – 1996 & 2006Chart 20 |

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1996 2006

CR5CR10CR15

With a CR10 amounting to 73% in 2006, the non-life sector is slightly less

concentrated than that of life. This can be explained by the fact that there are a lot

of specialised insurers offering products in the non-life area. At country level, the

picture is comparable to the life insurance sector, with the small markets being highly

concentrated and the large ones still having room for a large number of companies.

EmployeesIII.2

Provisional figures for 2007 indicate a recovery in employment in the European

insurance industry. After five successive years of decline, mainly due to the

consolidation process, the labour force grew by 0.2% in 2007 to around 990

thousand people13. This corresponds to 0.2% of the total population of the CEA

countries. This increase needs to be interpreted with care since most figures are

based on estimates.

At country level, it seems that the increase in employment is mainly observed in

the smallest markets, which are still developing. This more than offsets stable

levels of employment or even the declines experienced by the largest market

players.

When looking at the structure of the workforce, according to available data, most

employees in Europe work full-time (87% in 2006), though the share of full-time

workers has been slowly decreasing over the last ten years. Likewise, the share

of the labour force employed by insurers and working within the commercial

network declined from 24% in 1995 to 19% in 2006.

13 It should be stressed that this data only focuses on employees working in insurance companies and therefore does not take into account outsourced employees or independent intermediaries

The European insurance

industry employs just under

1 million people



Distribution channelsIII.3

It should be stressed that the results presented on distribution should be interpreted

with caution since the barrier between two types of distribution channels is not

always easy to identify14 15. Some intermediaries can, for example, use other

channels such as internet or post sales in order to distribute insurance products.

A cross-section analysis, ie who (intermediary, employee, bank employee) sells an

insurance policy through which means (phone, face-to-face meeting, internet,

call centre, etc.), would bridge this gap, but it is currently difficult to carry out.

III.3.1 The non-life insurance sector

In Europe, non-life insurance products are mainly provided by intermediaries, ie agents

and brokers. More than half of premiums are collected by these intermediaries in

all the sample countries apart from the Netherlands, Switzerland, Croatia and three

Nordic countries where direct writing is predominant. Among the two different

types of intermediaries, agents take to a large extent the lion’s share and are very

strongly developed in Italy (84%), Turkey (70%) and Slovenia (67.5%).

The recent trend shows a slight decrease in the market share of this channel

in most markets. This evolution is closely linked to the diversification strategy

operated by insurers: on the one hand, new distribution channels such as

bancassurance, internet, etc. are implemented. On the other hand, insurers

embark on a multi-channel strategy. apply

Non-life distribution channels - 2006Chart 21 |

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

AT BE BG ES FR UK IE IT LU NL PL PT SI SK TR HR

Insurance company employees Agents (tied and multi-tied)Brokers Other networks (banks, post offices, etc.)Other

Notes:For Luxembourg, the data relates to new businesses1. For the Netherlands, agents also include brokers2.

14 The survey, which indicates how the gross written premiums are distributed among the different distribution channels, relates to 2006 and 2005 data for all the national markets except for Croatia (2007 data) and for Romania (2004 data)15 The findings would have been somewhat different if the study had asked consumers since consumers do not necessarily make the distinction between an agent and a broker

Non-life insurance products

are mainly provided by

agents and brokers

The diversification strategy

operated by insurers leads

to a decrease in the market

share of agents



Brokers remain much less important than agents in most European countries.

They are particularly well developed in a few markets, such as Belgium, Ireland

and the UK where they cover more than 54% of non-life premium income. The

brokers’ market share has decreased in these three markets while it has remained

stable or even slightly increased in the other markets.

Bancassurance is not particularly common in non-life insurance: it represents less

than 10% in all countries. The highest market shares are in Turkey (9.7%), Portugal

(9.3%), the UK (9.9%), France (9.0%), the Netherlands (8%) and Spain (7.9%).

Apart from the UK, these countries are also those where the bancassurance

penetration rate is high in the life business. However the development of

bancassurance in the life insurance area does not guarantee the success of this

channel in the non-life market, as is illustrated in Italy where more than two

thirds of life premiums are generated by the bancassurance network, whereas in

non-life insurance, the market share is less than 2%. The supremacy of agents

in the Italian non-life insurance market, together with the higher complexity of

non-life products, explains this situation. Bancassurance generally appears to be

more concentrated in the distribution of standard and simple policies.

Direct sales through employees or distance selling are dominant distribution

channels in the following markets: Austria (40%), Croatia (70%), the Netherlands

(52%), three Nordic countries (Denmark, Sweden, Finland) and Switzerland. In

most countries, direct sales occur mainly through company employees. Sales via

internet, phone or mail are generally not significant (market share below 5%)

except in the Netherlands (45%) and the UK (21%). The high proportion recorded

in the Netherlands is, among other factors, correlated with the recent privatisation

of the health insurance scheme, health insurance products being mainly distributed

by distance selling. In the UK, it is the broad use of the internet and telephone,

particularly for acquiring motor policies that explains the high ratio.

III.3.2 The life insurance sector

Bancassurance is the main distribution channel for life insurance products in many

western countries. It represents up to 84.5% of total life business in Portugal

and reflects the growth of a model that was developed in the 1990s and which

is based on the similarities between life insurance and banking products. The

similarities between these products facilitate the distribution through existing

banking networks and allow access to a large number of clients on a regular basis,

with a good knowledge of their financial resources. The lowest market shares

of the bancassurance channel are observed in the eastern European countries:

Slovenia (8%), Poland (21%), and Croatia (19%). This is probably linked to the

recent development of bancassurance and the slow growth in the life market in

these countries. However, with the rapid expansion of this particular channel in

many western countries, bancassurance can be expected to become more and

more popular in eastern European markets.

Bancassurance represents

less than 10% of the non-life

market in all countries

In most countries, direct

sales occur mainly through

company employees

Bancassurance is the main

distribution channel for life

insurance products



Life distribution channels - 2006Chart 22 |

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

AT BE BG DE ES FR UK IE IT LU MT NL PL PT SE SI SK TR HR

Insurance company employees Agents (tied and multi-tied)Brokers Other networks (banks, post offices, etc.)Other

Notes:For Luxembourg, Germany and the UK, the data relates to new business1. For the Netherlands, agents also include brokers2.

The role of bancassurance remains limited in two large markets: Germany (20%)

and the UK. In Germany, this lower penetration by bancassurance may be related

to the large number of small and regional banks that does not facilitate the rapid

and widespread distribution of standardised insurance products throughout the

whole country. In the UK, financial institutions account for about 17% of new

individual sales and only 2% of new group sales.

As in the non-life sector, agents play an important role in the distribution of life

policies. This is explained by the existence of large agent networks that try to

distribute non-life as well as life policies to customers. Agents are particularly

widespread in Bulgaria (63%), Slovenia (57%), Germany (46.5%), Croatia (43%),

Romania (40%), Poland (39%) and Turkey (33%).

Brokers lead the life insurance market in the UK (73%), Slovakia (79%), Ireland

(45%) and Luxembourg (46%)16. The strong presence of brokers in Ireland and

Luxembourg can be related to the high proportion of the life business which is

underwritten abroad, relying mainly on brokers’ networks.

Direct writing appears to be less developed in life than in non-life, but is,

nevertheless, not insignificant in several countries, such as Romania (47%),

Turkey (42%), Ireland (38%) and Croatia (35%). The highest market share of

the distance selling channel is in Ireland (21%), which can also be linked to

the high share of the life business done abroad. The Netherlands and the UK

have respectively 11% and 7% of the business coming through distance selling.

The other markets from our sample show rates below 5% and reveal the low

uptake in the use of the internet for purchasing complex life insurance products

compared to other non-life mass products such as motor insurance policies that

involve lower amounts of money.

16 Domestic and cross border business

However, the role of

bancassurance in life

insurance is limited in

Germany and the UK

Agents play an important

role in both the life and

non-life sectors

Direct writing appears to be

less developed in life than in

non-life



Methodological note

This report is based on annual data collected by the CEA from its members.

All 2007 figures presented in this publication are provisional data.

The 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.

The 15 old member states referred to are Austria, Belgium, Denmark, Finland,

France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal,

Spain, Sweden and the United Kingdom.

The 12 new member states referred to are Bulgaria, Cyprus, Czech Republic,

Estonia, Hungary, Lithuania, Latvia, Malta, Poland, Romania, Slovenia and

Slovakia.

For all the macroeconomic data, ie population, GDP17, exchange rate and

inflation, the source is Eurostat18.

The monetary unit used for the financial data is the euro. For the periods prior to the

introduction of the euro19 and for the countries are not part of the euro area, the

collected figures are converted into euro using the yearly average exchange rate.

The inflation-adjusted value is calculated on the basis of data expressed in

national currency deflated via the Harmonised Consumer Price Index compiled

by Eurostat (base 2005 = 100). Conversion into inflation-adjusted euro is done

at the exchange rate for the last year of the survey period in order to cancel out

variations in exchange rates.

Year-on-year variations have been calculated by subtracting from the total

amounts relating to countries for which there was no information for the previous

or following year. The average growth over time represents the average of the

past year-on-year variations.

List of abbreviationsbn billionEU European UnionGDP Gross Domestic Productm millionn.a. not availableUK United KingdomUS United States

17 Gross Domestic Product18 Statistical Office of the European Communities19 For the period prior to the introduction of the euro, the Ecu is the reference currency

Annex

Statistical tables


AnnexTo

tal g

ross

wri

tten

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

1 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l gro

wth

20

07/0

6

AT

Aus

tria

9 85

410

781

9 80

810

223

10 9

6011

679

12 4

7012

615

13 1

2813

974

15 2

9515

589

15 8

78-0

.3%

BEBe

lgiu

m11

414

12 0

7312

700

14 9

9816

936

20 0

3120

571

22 3

0425

774

28 4

1733

832

29 7

5031

440

3.8%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.15

919

922

831

934

242

855

457

176

925

.3%

CH

Switz

erla

nd24

284

25 7

9726

911

29 6

7128

543

30 3

7733

603

36 1

5133

907

32 8

1632

658

31 3

5230

437

0.6%

CY

Cyp

rus

248

283

319

353

754

568

454

485

527

550

589

637

695

8.0%

CZ

Cze

ch R

epub

lic97

21

168

1 33

61

543

1 71

01

983

2 36

22

950

3 28

63

499

3 90

14

309

4 79

95.

7%

DE

Ger

man

y12

0 56

911

8 12

911

8 58

212

1 19

112

7 83

013

1 82

013

6 12

414

1 32

514

7 74

915

2 10

715

7 97

416

1 94

016

3 20

0-1

.4%

DK

Den

mar

k7

836

8 92

89

584

10 6

4210

197

11 0

1712

271

13 4

2615

038

15 8

9016

988

18 7

0220

110

5.6%

EEEs

toni

a36

6167

7986

102

114

139

168

203

254

284

434

43.0

%

ESSp

ain

21 5

9823

578

25 2

0625

672

32 3

2740

851

41 0

1548

061

40 6

3045

418

48 7

7952

836

54 5

390.

4%

FIFi

nlan

d7

072

8 15

88

183

9 21

910

398

11 7

4811

819

12 2

4712

641

13 1

9114

297

14 9

4215

046

-0.9

%

FRFr

ance

101

830

110

759

115

145

103

662

114

023

131

335

128

059

131

998

142

028

158

226

175

884

197

092

194

310

-3.0

%

GB

Uni

ted

Kin

gdom

93 1

1210

4 85

213

4 47

015

5 04

118

5 25

725

2 68

922

8 69

122

9 85

121

1 61

622

1 28

923

9 06

326

7 69

729

5 04

58.

1%

GR

Gre

ece

1 46

21

680

1 85

61

992

2 52

02

604

2 64

22

895

3 23

53

624

3 92

34

334

4 68

65.

0%

HR

Cro

atia

n.a.

n.a.

n.a.

556

564

597

692

744

792

884

993

1 11

81

235

7.6%

HU

Hun

gary

709

730

917

1 01

71

178

2 40

01

635

2 03

62

206

2 38

02

767

3 14

23

701

3.8%

IEIre

land

3 67

44

370

5 45

56

648

6 78

78

321

10 5

1811

208

11 8

8411

998

13 5

8016

150

17 6

726.

4%

ISIc

elan

d16

015

817

318

421

526

926

929

429

428

134

234

639

810

.9%

ITIta

ly29

491

34 5

6542

210

50 9

8361

843

67 6

5876

254

87 7

0896

993

101

038

109

780

106

502

99 1

16-8

.8%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

132

n.a.

n.a.

n.a.

n.a.

n.a.

1 49

02

713

4 31

14

311

n.a.

LTLi

thua

nia

31n.

a.n.

a.10

010

311

813

322

424

226

930

241

941

9n.

a.

LULu

xem

bour

g3

390

2 98

54

523

5 06

15

780

6 85

66

334

6 44

47

334

8 94

011

182

12 8

5912

243

-7.2

%

LVLa

tvia

n.a.

6110

313

315

217

217

517

919

519

722

629

329

3n.

a.

MT

Mal

ta80

9211

111

213

417

318

219

921

523

825

728

934

920

.0%

NL

Net

herla

nds

27 3

9928

938

30 8

7434

239

35 8

0340

371

42 3

3543

995

46 2

3548

375

47 9

6772

947

75 9

502.

5%

NO

Nor

way

5 16

85

415

6 27

16

324

6 85

18

022

7 87

29

172

9 49

810

381

11 9

6811

945

12 9

657.

4%

PLPo

land

1 71

02

372

3 27

63

980

4 45

05

199

6 09

56

006

5 64

66

091

7 71

79

629

11 5

8013

.9%

PTPo

rtug

al3

992

4 72

84

866

5 62

86

687

7 36

17

989

8 41

49

445

10 4

7213

444

13 1

2313

749

2.3%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.43

451

461

489

01

276

2 01

842

.5%

SESw

eden

8 54

011

122

11 3

3512

467

15 1

5719

671

17 7

5116

964

19 2

6419

169

22 5

4123

148

25 0

836.

5%

SISl

oven

ia66

170

971

682

888

193

71

055

1 18

51

275

1 45

71

547

1 72

61

893

5.7%

SK

Slov

akia

272

354

445

538

536

641

736

850

1 00

81

198

1 30

91

413

1 71

47.

9%

TRTu

rkey

1 05

41

287

1 72

71

863

2 18

23

047

2 27

32

527

2 93

83

725

4 73

95

340

6 11

04.

0%

CEA

486

620

524

134

577

168

615

079

691

003

818

814

812

721

853

348

866

047

918

828

998

255

1 08

6 01

01

122

187

1.2%

Not

e: T

he 2

007

figur

es f

or L

atvi

a, L

iech

tens

tein

and

Lith

uani

a re

fer

to t

he y

ear

2006


AnnexG

ross

wri

tten

life

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

2 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l gro

wth

20

07/0

6

AT

Aus

tria

3 53

04

487

3 68

74

103

4 83

55

389

5 83

15

617

5 70

46

165

7 12

47

183

7 20

8-1

.8%

BEBe

lgiu

m4

715

5 38

66

209

8 28

910

025

12 9

0913

170

14 4

3117

524

19 8

9125

177

20 6

4321

951

4.4%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.16

2345

7638

5277

9512

118

.0%

CH

Switz

erla

nd15

592

17 3

2218

777

21 5

5219

584

20 2

0221

944

23 6

1221

154

19 5

8519

229

17 8

4717

517

1.8%

CY

Cyp

rus

125

148

169

192

585

382

251

260

265

266

274

294

323

8.9%

CZ

Cze

ch R

epub

lic26

631

935

341

954

064

083

01

110

1 29

11

386

1 50

91

667

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011

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DE

Ger

man

y47

181

48 6

4550

280

52 5

0558

749

61 2

2563

287

65 0

1867

618

68 3

9972

636

74 8

7275

375

-1.6

%

DK

Den

mar

k4

424

5 19

95

674

6 64

56

389

7 07

18

132

8 89

19

676

10 1

4311

007

12 4

7113

690

7.8%

EEEs

toni

a3

48

1314

1923

2937

5281

8418

010

0.3%

ESSp

ain

8 44

610

376

11 8

4412

296

17 3

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800

22 8

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54-2

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FIFi

nlan

d5

203

6 29

16

255

7 07

88

150

9 40

19

367

9 68

09

982

10 3

5711

251

11 8

0611

918

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%

FRFr

ance

64 1

9371

748

76 6

2564

913

74 6

6990

253

84 6

3585

500

92 0

2210

5 34

112

0 66

814

0 20

313

6 00

0-4

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GB

Uni

ted

Kin

gdom

55 6

6668

234

90 6

4710

9 75

913

9 24

319

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916

6 84

416

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514

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515

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6 34

622

2 84

211

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GR

Gre

ece

720

812

925

1 02

01

401

1 33

71

292

1 31

01

435

1 72

91

935

2 31

12

501

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HR

Cro

atia

n.a.

n.a.

n.a.

8089

100

126

154

176

209

256

297

338

10.9

%

HU

Hun

gary

215

249

301

369

475

1 11

068

283

488

596

81

218

1 59

22

023

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%

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land

2 07

12

590

3 44

14

525

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986

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87

253

7 64

47

930

9 73

912

327

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d6

67

913

1921

2628

2933

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3%

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13 3

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170

26 4

8335

597

39 7

8446

329

55 2

9462

780

65 6

2773

471

69 3

7761

440

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2%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

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n.a.

n.a.

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1 49

02

596

4 17

14

171

n.a.

LTLi

thua

nia

11n.

a.n.

a.15

1721

2640

6268

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113

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LULu

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g2

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2 36

33

846

4 37

55

062

6 01

95

414

5 48

36

325

7 84

59

831

11 5

7410

931

-8.0

%

LVLa

tvia

n.a.

1310

1211

77

78

1016

2323

n.a.

MT

Mal

ta20

2537

3755

8488

9511

112

914

217

122

831

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NL

Net

herla

nds

14 3

5515

508

17 2

6819

749

20 4

1423

827

25 8

7924

052

24 8

3825

136

24 8

2425

730

26 5

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6%

NO

Nor

way

2 28

02

413

3 17

83

204

3 22

53

527

4 38

25

209

5 33

26

283

7 56

17

442

8 37

111

.3%

PLPo

land

584

808

1 09

61

373

1 64

52

079

2 52

22

569

2 53

82

778

3 80

95

416

6 74

317

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PTPo

rtug

al1

737

2 24

42

304

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93

757

3 78

94

487

4 56

25

402

6 25

09

136

8 76

29

369

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RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.11

112

213

723

525

244

859

.9%

SESw

eden

4 55

06

828

7 10

18

464

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922

13 1

1211

749

12 5

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314

15 0

5915

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17 5

0811

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SISl

oven

ia98

117

126

142

159

181

225

268

305

429

465

541

609

8.5%

SK

Slov

akia

6791

124

164

193

266

321

367

410

486

571

680

853

11.7

%

TRTu

rkey

137

182

260

313

391

567

418

466

608

689

741

766

744

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7%

CEA

249

888

285

713

329

723

361

028

428

333

532

230

509

722

521

798

515

869

553

340

618

215

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899

699

528

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Not

e: T

he 2

007

figur

es f

or L

atvi

a, L

iech

tens

tein

and

Lith

uani

a re

fer

to t

he y

ear

2006


AnnexG

ross

wri

tten

no

n-l

ife

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

3 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

6 32

46

295

6 12

06

120

6 12

56

290

6 63

96

998

7 42

47

809

8 17

18

406

8 66

80.

9%

BEBe

lgiu

m6

699

6 68

66

491

6 70

96

912

7 12

17

401

7 87

38

250

8 52

68

655

9 10

79

489

2.3%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.14

317

618

324

330

337

647

054

265

011

.3%

CH

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erla

nd8

692

8 47

58

134

8 11

98

959

10 1

7511

658

12 5

3912

753

13 2

3213

428

13 5

0412

920

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%

CY

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rus

122

135

150

161

169

186

203

225

262

284

316

344

372

7.3%

CZ

Cze

ch R

epub

lic70

684

998

21

125

1 17

01

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21

840

1 99

42

113

2 39

12

642

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02.

2%

DE

Ger

man

y73

388

69 4

8468

302

68 6

8669

081

70 5

9572

837

76 3

0780

131

83 7

0885

338

87 0

6887

825

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%

DK

Den

mar

k3

412

3 72

93

910

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63

808

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74

138

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55

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5 74

75

980

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16

420

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EEEs

toni

a33

5759

6572

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131

151

173

200

254

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%

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ain

13 1

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202

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6313

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FIFi

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869

1 86

81

928

2 14

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248

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62

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72

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3 13

63

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%

FRFr

ance

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1656

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GB

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37 4

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282

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GR

Gre

ece

743

869

931

972

1 11

91

267

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01

585

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HR

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n.a.

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476

475

497

567

591

616

675

737

821

897

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HU

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495

481

616

648

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095

31

202

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11

412

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01

550

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780

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52

123

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42

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955

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13

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415

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ly18

588

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24 5

0026

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37 1

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%

LILi

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n.a.

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116

140

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LTLi

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nia

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184

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219

288

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351

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%

LVLa

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n.a.

4993

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141

165

168

172

187

187

210

270

270

n.a.

MT

Mal

ta59

6774

7579

9093

104

105

109

116

117

121

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Net

herla

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13 0

4513

429

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way

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RORo

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SISl

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359

259

068

772

275

683

091

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01

028

1 08

21

185

1 28

44.

4%

SK

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206

263

321

374

343

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415

483

598

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738

759

861

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TRTu

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917

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51

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01

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02

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6.7%

CEA

236

732

238

421

247

444

253

919

262

669

286

583

302

999

331

550

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178

365

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he 2

007

figur

es f

or L

iech

tens

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, Lith

uani

a an

d La

tvia

ref

er t

o th

e ye

ar 2

006


AnnexM

oto

r in

sura

nce

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

4 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

2 33

32

292

2 17

72

081

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72

093

2 23

62

410

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82

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12

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BEBe

lgiu

m2

493

2 42

82

344

2 39

52

463

2 53

72

611

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52

831

2 93

12

983

3 03

53

089

0.0%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.80

9798

142

188

230

308

347

445

19.1

%

CH

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2 54

52

359

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52

476

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22

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3 01

53

116

3 22

43

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300

1.4%

CY

Cyp

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6775

7982

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134

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156

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CZ

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DE

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DK

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36

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HU

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LILi

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LTLi

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3738

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102

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137

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189

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LULu

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928

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1033

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3339

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4447

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43

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54

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NO

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way

892

911

958

994

1 10

01

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605

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631

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PLPo

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666

991

1 51

41

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22

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12

229

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2 45

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566

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PTPo

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1 32

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31

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1 96

71

997

2 00

41

944

-5.3

%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.23

327

333

646

464

31

252

75.6

%

SESw

eden

1 09

11

208

1 20

11

254

1 38

81

586

1 61

01

920

2 22

32

409

2 44

92

477

2 45

8-2

.5%

SISl

oven

ia20

521

522

124

124

526

030

133

837

441

545

648

352

24.

1%

SK

Slov

akia

9011

014

218

818

720

724

028

138

747

949

348

254

71.

0%

TRTu

rkey

445

474

665

797

884

1 28

881

885

91

062

1 48

41

930

2 25

52

578

4.0%

CEA

82 2

7783

956

85 3

0187

949

93 2

4710

3 89

611

0 54

911

7 42

212

1 23

112

4 84

312

7 36

612

7 73

213

0 19

9-0

.4%

Not

e: T

he 2

007

figur

es f

or L

atvi

a an

d Li

thua

nia

refe

r to

the

yea

r 20

06


AnnexH

ealt

h &

acc

iden

t in

sura

nce

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

5 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

1 68

11

652

1 61

21

636

1 66

41

713

1 78

21

845

1 92

01

992

2 07

52

139

2 22

11.

6%

BEBe

lgiu

m1

643

1 68

91

627

1 70

11

760

1 84

91

950

2 02

92

119

2 19

42

297

2 41

02

539

3.5%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.6

67

56

77

912

15.2

%

CH

Switz

erla

nd2

502

2 48

62

510

2 42

23

131

3 98

54

989

5 37

85

338

5 69

65

764

5 77

65

548

-0.4

%

CY

Cyp

rus

1618

2123

2628

3440

3948

5461

6911

.9%

CZ

Cze

ch R

epub

lic53

6067

7599

100

123

6268

7991

103

114

4.6%

DE

Ger

man

y21

649

22 9

0423

479

24 5

0125

267

26 1

7427

286

28 7

5930

549

32 3

8233

470

34 7

2035

760

0.7%

DK

Den

mar

k44

055

259

963

094

197

11

036

1 12

11

351

1 61

71

724

1 85

01

946

3.3%

EEEs

toni

a1

23

44

55

56

77

79

10.6

%

ESSp

ain

2 59

12

887

3 05

13

037

3 14

33

282

3 67

03

979

4 37

64

853

5 26

95

758

6 26

15.

7%

FIFi

nlan

d48

649

955

167

962

760

364

167

168

172

784

688

782

7-8

.2%

FRFr

ance

8 41

08

654

8 72

28

973

9 03

09

340

9 56

110

143

11 1

6512

359

13 3

5314

230

14 8

002.

4%

GB

Uni

ted

Kin

gdom

4 34

74

480

5 64

26

125

6 52

07

803

8 15

48

538

8 05

88

465

8 31

88

596

8 60

2-1

.8%

GR

Gre

ece

3739

4043

4758

5588

107

8491

9258

-38.

8%

HR

Cro

atia

n.a.

n.a.

n.a.

7678

8193

7672

7889

9910

64.

4%

HU

Hun

gary

1113

2026

2860

3552

5563

6564

754.

4%

IEIre

land

5263

8298

119

127

5549

7766

7067

701.

6%

ISIc

elan

d14

1415

1719

2221

2627

2734

3538

5.1%

ITIta

ly2

640

2 98

23

203

3 33

53

427

3 63

53

873

4 04

74

270

4 46

44

701

4 92

95

240

4.2%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

98

810

1212

1316

2020

n.a.

LULu

xem

bour

g22

2224

2224

2630

3438

4044

4546

-0.4

%

LVLa

tvia

n.a.

711

1724

2125

2829

3140

5151

n.a.

MT

Mal

ta7

811

1214

1618

1818

1923

2526

5.8%

NL

Net

herla

nds

5 48

65

744

5 99

16

421

7 10

67

595

7 60

09

661

10 3

7311

644

11 4

7735

246

36 7

152.

5%

NO

Nor

way

9094

9086

8480

9110

111

410

611

913

513

70.

5%

PLPo

land

7389

108

127

140

164

192

197

176

186

221

252

306

15.0

%

PTPo

rtug

al59

964

568

072

579

998

61

064

1 17

21

241

1 27

31

311

1 35

01

371

-0.9

%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.12

1416

1730

28-1

8.0%

SESw

eden

580

695

759

702

797

918

871

906

1 45

41

528

1 60

81

683

1 53

9-1

0.1%

SISl

oven

ia18

020

119

325

929

731

234

337

238

638

538

443

947

64.

5%

SK

Slov

akia

1417

2125

1412

1013

1315

1726

291.

4%

TRTu

rkey

8812

820

423

628

439

229

233

736

545

859

970

990

516

.1%

CEA

53 7

1256

645

59 3

3362

041

65 5

2570

374

73 9

1879

776

84 5

1990

923

94 2

0212

1 84

312

5 94

41.

4%

Not

e: T

he 2

007

figur

es f

or L

atvi

a an

d Li

thua

nia

refe

r to

the

yea

r 20

06


AnnexPr

op

erty

insu

ran

ce p

rem

ium

s –

1995

-200

7 (€

m)

Tab

le 6

|

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

1 44

91

460

1 43

81

465

1 46

61

471

1 54

71

615

1 71

81

879

1 98

92

077

2 19

33.

3%

BEBe

lgiu

m1

408

1 42

11

368

1 38

81

425

1 44

71

505

1 65

61

784

1 82

51

813

1 97

02

121

5.7%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.38

4349

6274

9594

116

123

-1.3

%

CH

Switz

erla

nd2

015

1 99

91

867

1 89

61

908

1 98

42

107

2 23

82

268

2 23

52

250

2 24

42

175

0.5%

CY

Cyp

rus

2123

2628

2933

3743

6069

7685

949.

9%

CZ

Cze

ch R

epub

lic13

918

418

619

621

132

432

341

350

352

057

960

566

54.

7%

DE

Ger

man

y13

095

13 1

8512

826

12 6

5312

387

12 2

9912

382

13 1

1313

844

14 1

1014

172

14 2

3414

200

-2.4

%

DK

Den

mar

k1

351

1 40

01

414

1 46

71

347

1 38

91

463

1 58

71

874

1 96

62

018

2 02

82

054

-0.5

%

EEEs

toni

a8

1112

1315

1820

2529

3438

4555

14.9

%

ESSp

ain

1 94

62

037

1 88

81

808

2 80

93

121

3 42

54

288

4 94

45

526

6 17

36

560

7 00

23.

8%

FIFi

nlan

d44

043

043

043

351

353

354

056

361

063

466

065

468

53.

1%

FRFr

ance

8 78

19

297

8 98

29

072

9 06

09

540

9 91

011

041

11 8

5312

366

12 6

4512

831

13 2

801.

9%

GB

Uni

ted

Kin

gdom

10 5

3310

136

12 6

2212

363

11 6

0913

352

14 7

2516

666

17 5

3218

398

18 8

8718

226

18 2

28-1

.9%

GR

Gre

ece

163

174

179

176

207

245

278

326

386

422

430

463

491

3.0%

HR

Cro

atia

n.a.

n.a.

n.a.

110

105

104

111

120

124

136

141

159

167

2.3%

HU

Hun

gary

134

124

190

202

223

353

301

398

429

420

457

456

518

0.2%

IEIre

land

381

416

471

493

552

645

824

1 01

61

158

1 11

71

071

1 03

01

032

-2.6

%

ISIc

elan

d40

4146

4952

5756

6361

5972

7182

11.7

%

ITIta

ly2

579

2 94

43

048

3 24

83

310

3 44

13

632

4 05

84

195

4 44

64

654

4 83

44

919

-0.3

%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

1920

2123

2930

3136

4848

n.a.

LULu

xem

bour

g96

9799

111

117

123

136

153

157

174

222

218

223

-0.3

%

LVLa

tvia

n.a.

1621

2926

3234

2831

2834

4343

n.a.

MT

Mal

ta14

1617

1818

2121

2322

2222

2222

-0.6

%

NL

Net

herla

nds

2 48

02

490

2 45

22

529

2 51

52

671

2 39

33

129

3 38

53

512

3 50

33

523

3 52

6-1

.5%

NO

Nor

way

721

755

817

783

855

998

1 15

11

436

1 49

71

504

1 58

11

606

1 61

6-0

.4%

PLPo

land

258

312

370

435

443

522

632

633

584

611

688

742

812

3.6%

PTPo

rtug

al30

535

838

242

346

949

752

560

962

367

668

468

970

70.

2%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.50

6368

8412

725

680

.9%

SESw

eden

1 56

71

740

1 68

01

591

1 61

51

731

1 76

32

022

2 57

62

256

2 82

62

874

2 87

8-1

.6%

SISl

oven

ia12

812

712

412

811

812

012

113

013

314

114

616

117

65.

4%

SK

Slov

akia

6476

9589

8195

116

132

143

160

158

167

185

-1.6

%

TRTu

rkey

247

289

355

289

467

606

541

614

644

749

883

921

878

-13.

4%

CEA

50 3

6351

556

53 4

0353

503

54 0

1057

836

60 6

9168

280

73 3

3676

189

79 0

8979

828

81 4

55-0

.2%

Not

e: T

he 2

007

figur

es f

or L

atvi

a an

d Li

thua

nia

refe

r to

the

yea

r 20

06


AnnexG

ener

al li

abili

ty in

sura

nce

pre

miu

ms

– 19

95-2

007

(€m

)Ta

ble

7 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

390

400

398

415

428

448

468

494

536

564

603

628

660

2.8%

BEBe

lgiu

m46

947

848

851

852

955

057

261

463

764

964

769

472

22.

2%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.2

35

68

1114

1616

-6.7

%

CH

Switz

erla

nd89

788

384

186

487

094

21

061

1 10

01

229

1 21

31

229

1 26

51

124

-7.9

%

CY

Cyp

rus

55

89

99

1011

1821

2428

3316

.2%

CZ

Cze

ch R

epub

lic85

103

113

120

126

129

149

229

243

258

307

337

371

4.7%

DE

Ger

man

y6

073

6 21

46

254

6 28

25

891

5 87

75

922

6 14

86

306

6 53

56

807

6 87

46

900

-1.8

%

DK

Den

mar

k11

111

812

512

912

112

814

317

623

219

620

220

921

61.

4%

EEEs

toni

a0

11

11

12

33

44

55

11.5

%

ESSp

ain

496

565

558

578

655

736

827

1 08

81

334

1 55

91

672

1 82

81

892

0.6%

FIFi

nlan

d83

8588

117

112

126

131

145

160

163

160

160

177

8.9%

FRFr

ance

2 85

13

007

3 04

53

153

3 28

23

520

3 86

94

183

4 96

75

398

5 81

56

276

6 56

02.

9%

GB

Uni

ted

Kin

gdom

3 47

43

363

3 93

23

953

4 04

14

588

5 71

77

692

8 74

38

915

9 09

99

127

7 99

3-8

.3%

GR

Gre

ece

1113

1415

2025

2933

4051

5163

719.

4%

HR

Cro

atia

n.a.

n.a.

n.a.

1113

1215

1820

2326

3134

7.0%

HU

Hun

gary

1514

2325

2949

4147

5762

6467

66-1

4.1%

IEIre

land

300

328

368

359

391

433

535

725

860

865

794

822

729

-13.

7%

ISIc

elan

d8

911

1213

1617

1818

1922

2524

-6.0

%

ITIta

ly1

291

1 52

31

658

1 82

01

920

2 03

32

229

2 47

22

798

2 99

93

116

3 18

43

271

0.7%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

76

86

78

812

1515

n.a.

LULu

xem

bour

g41

4144

5054

5154

5459

5887

8385

-0.2

%

LVLa

tvia

n.a.

1114

1414

2016

1518

129

88

n.a.

MT

Mal

ta0

22

22

22

55

66

77

5.9%

NL

Net

herla

nds

541

547

541

556

590

1 33

069

581

496

51

065

1 11

31

161

1 24

25.

3%

NO

Nor

way

8182

8780

9197

118

125

126

128

142

143

144

-0.5

%

PLPo

land

3035

4560

7392

113

117

118

140

176

211

238

6.8%

PTPo

rtug

al35

3941

4552

5762

7180

9595

9710

88.

4%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.4

711

1219

3460

.5%

SESw

eden

469

404

347

159

128

251

157

179

285

464

350

369

405

7.9%

SISl

oven

ia16

1617

1920

2123

2528

3236

3943

6.3%

SK

Slov

akia

1437

3841

3435

1319

2327

3741

485.

3%

TRTu

rkey

1214

1920

2430

2833

4146

6193

260

153.

0%

CEA

17 7

9818

336

19 1

1819

435

19 5

4221

619

23 0

2826

671

29 9

7231

597

32 7

9233

925

33 5

01-1

.6%

Not

e: T

he 2

007

figur

es f

or L

atvi

a an

d Li

thua

nia

refe

r to

the

yea

r 20

06


AnnexM

arin

e, a

viat

ion

& t

ran

spo

rt in

sura

nce

pre

miu

ms

– 19

95-2

007

(€m

) Ta

ble

8 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

104

101

101

102

101

103

121

132

135

132

134

131

131

-2.2

%

BEBe

lgiu

m14

113

513

714

414

514

715

919

321

621

620

823

020

4-1

2.9%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.10

1212

1616

1718

3430

-16.

2%

CH

Switz

erla

nd22

624

922

621

922

125

027

331

830

931

928

927

727

11.

3%

CY

Cyp

rus

66

89

1013

1616

267

77

7-2

.1%

CZ

Cze

ch R

epub

licn.

a.n.

a.10

109

1117

2522

2424

2427

4.6%

DE

Ger

man

y1

638

1 64

41

611

1 63

61

610

1 63

61

746

1 79

31

880

1 91

21

845

1 86

01

900

-0.1

%

DK

Den

mar

k17

713

512

511

810

199

109

127

135

132

125

149

148

-2.4

%

EEEs

toni

a1

23

32

23

34

44

45

2.0%

ESSp

ain

325

358

333

278

300

347

387

482

494

495

574

593

594

-2.6

%

FIFi

nlan

d11

710

310

099

104

113

126

153

113

112

113

113

111

-3.3

%

FRFr

ance

1 59

21

472

1 38

01

057

1 14

41

179

1 60

91

504

1 22

91

144

1 17

41

096

1 05

0-5

.7%

GB

Uni

ted

Kin

gdom

6 05

55

268

5 69

55

754

4 73

85

559

7 04

28

842

9 55

57

699

8 86

89

492

9 39

2-3

.0%

GR

Gre

ece

5553

3735

5263

6269

6569

6670

754.

0%

HR

Cro

atia

n.a.

n.a.

n.a.

3130

2934

3536

3340

4845

-8.9

%

HU

Hun

gary

66

99

816

1214

1314

1212

13-8

.3%

IEIre

land

1114

1617

2214

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

ISIc

elan

d25

2630

2626

2521

2223

2023

2021

3.8%

ITIta

ly77

984

985

165

160

466

970

576

473

974

078

171

567

2-7

.9%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

54

53

44

32

22

n.a.

LULu

xem

bour

g21

722

924

220

521

130

833

533

535

537

645

840

641

5-0

.4%

LVLa

tvia

n.a.

46

611

1111

1014

127

55

n.a.

MT

Mal

ta6

55

55

76

66

55

55

12.0

%

NL

Net

herla

nds

532

536

521

520

490

515

490

579

616

657

681

721

790

7.9%

NO

Nor

way

704

738

728

671

666

637

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

PLPo

land

5657

5758

5053

6666

5861

7377

80-1

.5%

PTPo

rtug

al58

6161

6059

6273

8687

8179

7782

3.3%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.13

1014

21n.

a.n.

a.n.

a.

SESw

eden

216

209

200

181

183

187

216

119

141

125

108

120

123

0.8%

SISl

oven

ia13

1212

1111

1210

1712

1312

1213

8.1%

SK

Slov

akia

n.a.

34

55

54

43

44

78

-1.1

%

TRTu

rkey

115

124

129

111

117

141

123

155

145

162

201

3620

441

6.3%

CEA

13 1

7512

400

12 6

3912

037

11 0

4912

232

13 7

9115

904

16 4

6114

601

15 9

5516

342

16 4

22-1

.7%

Not

e: T

he 2

007

figur

es f

or L

atvi

a an

d Li

thua

nia

refe

r to

the

yea

r 20

06


AnnexLi

fe in

sure

rs’ i

nve

stm

ent

po

rtfo

lio –

199

5-20

07 (

€m)

Tab

le 9

|

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l g

row

th

2007

/06

AT

Aus

tria

23 2

5325

789

26 8

8029

374

31 8

8534

507

36 7

3038

850

40 6

2543

315

47 4

4250

099

52 2

992.

1%

BEBe

lgiu

m35

311

44 3

5749

262

62 0

8869

067

74 6

3781

393

85 0

9799

610

119

958

148

318

161

940

171

029

3.7%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.13

622

134

444

.6%

CH

Switz

erla

nd12

0 64

913

0 32

513

6 42

615

5 53

617

2 26

818

0 19

819

2 82

719

8 91

619

5 68

818

8 95

618

9 56

519

0 36

618

2 62

6-0

.5%

CY

Cyp

rus

485

574

695

636

844

1 67

21

382

1 15

11

277

1 33

01

567

1 90

71

958

1.7%

CZ

Cze

ch R

epub

licn.

a.n.

a.1

711

2 08

82

368

2 92

73

520

4 54

5n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.

DE

Ger

man

y37

5 59

340

2 19

242

4 53

346

3 86

150

4 67

953

9 93

957

0 94

859

3 08

460

9 33

762

4 40

964

8 69

666

6 92

769

4 44

91.

8%

DK

Den

mar

k68

259

76 5

8086

086

96 6

5511

1 91

011

8 63

711

7 52

612

0 47

913

1 23

014

4 60

816

7 48

418

3 62

419

9 98

47.

0%

EEEs

toni

a6

1417

2124

3650

6590

114

146

174

n.a.

n.a.

ESSp

ain

30 1

0138

950

43 5

3849

318

56 2

6260

672

87 6

1293

676

100

237

107

987

116

507

124

072

126

578

3.1%

FIFi

nlan

d27

523

32 2

8437

639

45 2

4955

052

59 8

0261

218

66 9

8473

638

80 2

0391

710

97 7

8210

1 31

12.

0%

FRFr

ance

361

395

453

681

526

344

612

799

675

569

743

037

782

049

810

951

886

934

989

294

1 12

0 44

11

230

039

1 32

0 88

55.

7%

GB

Uni

ted

Kin

gdom

590

200

653

962

919

233

1 08

2 23

91

345

426

1 51

6 58

01

384

584

1 27

8 58

21

290

075

1 37

2 98

91

615

762

1 73

0 43

01

811

965

2.7%

GR

Gre

ece

1 58

11

957

2 31

92

505

3 47

94

051

4 01

44

040

3 90

05

529

6 58

07

621

7 62

1n.

a.

HR

Cro

atia

n.a.

n.a.

n.a.

117

152

216

286

377

486

628

665

n.a.

1 23

8n.

a.

HU

Hun

gary

369

564

867

1 08

51

352

2 16

71

378

1 73

4n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.

IEIre

land

15 8

3019

157

26 7

9130

394

28 8

1531

146

40 0

5838

047

44 5

7555

308

68 8

2380

521

93 0

0012

.3%

ISIc

elan

dn.

a.n.

a.n.

a.n.

a.n.

a.27

3534

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

ITIta

ly60

334

77 5

9396

481

123

262

156

773

190

183

218

168

250

751

297

899

338

812

383

676

398

711

384

023

-5.6

%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2 85

05

813

9 74

69

746

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

512

2645

7010

015

616

2n.

a.n.

a.n.

a.

LULu

xem

bour

g5

019

7 30

611

178

14 6

3319

064

21 9

8223

841

23 7

7028

107

33 4

6342

307

52 4

4252

442

n.a.

LVLa

tvia

816

2126

3642

4550

4738

4768

68n.

a.

MT

Mal

tan.

a.n.

a.15

119

126

835

141

949

947

460

580

01

009

1 21

820

.0%

NL

Net

herla

nds

143

376

156

830

174

261

198

954

224

528

230

323

236

721

223

767

238

222

254

953

287

660

294

406

292

322

-2.3

%

NO

Nor

way

28 5

7731

385

35 4

9936

310

44 1

1547

023

49 3

2757

308

56 5

1464

157

75 9

4784

335

92 8

679.

0%

PLPo

land

692

1 05

11

627

2 44

63

232

4 72

56

760

8 12

28

418

9 76

412

850

16 6

9720

204

14.6

%

PTPo

rtug

al5

477

7 65

610

016

12 4

2215

454

17 3

6618

749

20 7

7723

371

26 8

4633

664

38 6

9741

715

5.2%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.89

132

191

333

n.a.

n.a.

n.a.

SESw

eden

71 4

2997

699

119

481

135

554

163

764

182

652

163

022

170

399

191

631

209

910

243

152

231

644

228

531

-3.0

%

SISl

oven

ia99

139

195

324

430

528

1 29

21

762

1 95

42

313

2 49

72

997

3 75

620

.8%

SK

Slov

akia

524

572

630

665

591

694

800

920

1 09

41

307

1 57

71

791

2 11

35.

0%

TRTu

rkey

408

575

795

858

1 05

41

564

1 44

11

676

1 89

72

252

3 61

52

882

3 16

1-0

.3%

CEA

1 96

6 49

82

261

204

2 73

2 67

83

159

616

3 68

8 47

14

067

710

4 08

6 24

04

096

573

4 32

7 56

04

682

247

5 31

7 94

15

661

147

5 89

7 45

22.

3%

Not

e: T

he 2

007

figur

es f

or G

reec

e, L

atvi

a, L

iech

tens

tein

and

Lux

embo

urg

refe

r to

the

yea

r 20

06


AnnexN

on

-lif

e in

sure

rs’ i

nve

stm

ent

po

rtfo

lio –

199

5-20

07 (

€m)

Tab

le 1

0 |

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rea

l gro

wth

20

07/0

6

AT

Aus

tria

12 9

1813

710

14 6

2514

132

14 4

0414

285

14 3

2514

918

15 3

2916

557

18 3

2619

314

19 6

42-0

.5%

BEBe

lgiu

m19

537

23 7

4825

231

27 9

4727

207

26 5

2527

581

27 8

0928

985

31 7

7230

271

31 1

4532

892

3.7%

BGBu

lgar

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.25

833

942

917

.6%

CH

Switz

erla

nd38

098

45 3

3346

139

46 7

2950

423

59 3

2670

851

73 4

8373

712

75 3

5382

775

88 0

7685

226

0.3%

CY

Cyp

rus

9711

212

411

313

715

515

917

715

416

518

520

724

517

.6%

CZ

Cze

ch R

epub

licn.

a.n.

a.88

893

31

018

1 05

21

338

1 90

9n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.

DE

Ger

man

y22

0 38

823

7 32

726

1 20

428

7 44

031

1 35

433

1 22

837

2 89

641

3 18

145

0 17

546

7 71

350

6 95

957

4 74

958

1 92

7-1

.0%

DK

Den

mar

k13

336

13 5

8813

472

14 5

1111

924

11 8

6812

155

12 2

6513

429

14 3

5016

064

17 5

7818

790

5.0%

EEEs

toni

a18

3554

5452

6168

9311

314

819

524

4n.

a.n.

a.

ESSp

ain

12 6

6413

480

13 7

1915

540

17 7

2820

224

28 1

6521

267

23 5

3026

002

29 1

9631

786

31 3

211.

6%

FIFi

nlan

d7

508

8 36

29

326

11 5

0518

020

15 6

639

308

7 96

18

295

8 86

69

636

10 0

4910

509

3.0%

FRFr

ance

73 2

8382

979

92 1

4310

2 22

911

1 32

511

3 43

711

1 65

611

0 26

612

5 40

313

6 36

715

7 23

817

2 16

219

2 71

510

.2%

GB

Uni

ted

Kin

gdom

92 6

7596

648

125

319

149

005

135

119

122

317

101

801

107

616

101

285

120

365

117

745

126

301

131

514

2.1%

GR

Gre

ece

651

755

925

1 03

71

306

1 64

51

681

1 78

02

176

2 43

42

687

2 83

92

839

n.a.

HR

Cro

atia

n.a.

n.a.

n.a.

478

553

608

723

786

833

902

1 04

3n.

a.1

355

n.a.

HU

Hun

gary

662

583

550

499

587

1 74

71

586

1 99

6n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.

IEIre

land

5 30

96

106

8 55

54

952

4 42

85

196

7 35

48

597

9 62

610

660

10 0

6610

469

11 6

398.

1%

ISIc

elan

dn.

a.n.

a.n.

a.n.

a.n.

a.62

658

065

3n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.

ITIta

ly35

111

41 0

5044

085

45 3

2548

104

53 0

5359

744

63 8

3567

486

71 8

6675

788

78 8

3477

098

-4.2

%

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

583

581

579

579

n.a.

LTLi

thua

nia

n.a.

n.a.

n.a.

7812

716

016

120

022

123

026

0n.

a.n.

a.n.

a.

LULu

xem

bour

g90

61

410

1 65

11

765

1 73

81

987

2 02

51

966

2 25

02

279

2 66

63

017

3 01

7n.

a.

LVLa

tvia

2131

6070

7710

010

811

210

512

013

519

519

5n.

a.

MT

Mal

tan.

a.n.

a.14

916

116

718

320

821

011

710

743

566

91

051

56.1

%

NL

Net

herla

nds

18 5

1920

704

22 8

3425

485

27 9

1427

487

27 2

9127

120

29 5

2133

055

37 2

2240

132

40 1

32n.

a.

NO

Nor

way

8 48

98

922

9 72

29

514

11 6

9111

771

11 6

7913

784

13 3

3413

888

16 3

9617

721

20 7

9616

.1%

PLPo

land

554

818

1 20

61

854

2 54

13

426

4 57

54

939

4 88

35

947

7 60

79

002

10 7

7713

.4%

PTPo

rtug

al3

574

3 92

54

144

4 31

14

758

5 05

75

041

5 19

05

325

6 00

76

565

6 75

56

755

-2.4

%

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.72

9113

410

7n.

a.n.

a.n.

a.

SESw

eden

20 2

2032

707

35 5

3739

387

42 3

6549

875

41 5

5233

471

36 8

3639

753

45 4

3547

846

48 9

950.

7%

SISl

oven

ia34

443

653

563

273

882

31

000

1 34

11

560

1 73

81

274

1 46

21

042

-31.

3%

SK

Slov

akia

127

165

179

214

275

314

242

232

334

442

593

1 02

71

172

1.6%

TRTu

rkey

404

619

714

1 06

11

834

1 86

71

373

1 24

71

546

1 87

42

618

3 39

04

417

18.5

%

CEA

585

414

653

554

733

089

806

961

847

914

882

067

917

229

958

476

1 01

6 65

41

089

679

1 18

0 32

61

295

885

1 33

7 06

91.

3%

Not

e: T

he 2

007

figur

es f

or G

reec

e, L

atvi

a, L

iech

tens

tein

, Lux

embo

urg

and

the

Net

herla

nds

refe

r to

the

yea

r 20

06


AnnexStructure of the insurers’ investment portfolio – 1998-2006 (€m)Table 11 |

1998 1999 2000 2001 2002 2003 2004 2005 2006

Land and buildings and participating interests

208 531 220 114 255 107 260 576 269 936 261 163 265 853 285 877 321 031

Investments in affiliated undertakings and participating interests

157 373 170 598 184 888 237 719 273 797 283 378 279 120 308 547 328 895

Shares and other variable-yield securities and units in unit trusts

1 282 093 1 678 669 1 788 176 1 648 385 1 357 104 1 483 040 1 617 181 2 022 388 2 272 108

Debt securities and other fixed-income securities

1 541 279 1 608 604 1 508 793 1 644 095 1 860 291 2 018 688 2 231 652 2 398 228 2 484 344

Loans, including loans guaranteed by mortgages

550 655 576 166 796 470 806 780 862 263 886 467 936 652 1 000 388 1 057 974

Deposits with credit institutions 57 153 46 169 52 085 73 840 93 639 81 647 150 353 152 064 163 403

Other 170 106 236 716 284 365 333 247 354 147 363 573 328 061 372 883 366 148

Total 3 967 191 4 537 035 4 869 884 5 004 642 5 071 179 5 377 956 5 808 871 6 540 376 6 993 902

Number of insurance companies – 1993-2007Table 12 |

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

AT Austria 75 74 78 78 77 77 77 77 75 73 72 71 73 72 71

BE Belgium 266 252 255 257 242 234 222 210 204 201 189 181 171 161 158

BG Bulgaria n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24 30 30 31 37 37

CH Switzerland 125 128 127 132 136 138 138 144 142 143 141 143 143 143 143

CY Cyprus 43 46 44 38 39 41 41 38 36 36 34 33 33 32 30

CZ Czech Republic 20 27 35 35 40 40 42 41 43 42 42 40 45 49 52

DE Germany 739 742 766 719 715 719 725 706 690 703 677 662 663 647 642

DK Denmark 248 250 265 266 264 260 288 252 243 228 216 213 206 201 201

EE Estonia n.a. n.a. 22 23 23 21 15 14 14 13 13 13 12 16 19

ES Spain 415 417 379 374 368 378 370 423 414 401 393 379 362 354 354

FI Finland 58 57 58 57 62 63 65 65 69 68 68 68 67 66 65

FR France 599 577 571 570 543 539 525 527 504 495 486 475 486 477 480

GB United Kingdom 828 821 826 814 841 832 829 822 808 806 772 1 167 1 118 1 050 1 050

GR Greece 156 149 141 139 130 126 114 110 107 102 100 99 95 90 87

HR Croatia n.a. n.a. n.a. n.a. n.a. 22 25 27 24 23 24 24 25 20 23

HU Hungary 13 13 14 18 19 23 21 22 23 28 28 28 28 27 31

IE Ireland 108 122 139 145 152 161 183 191 196 199 224 217 226 226 226

IS Iceland 26 18 18 18 15 14 13 13 11 10 11 11 11 10 9

IT Italy 274 265 261 271 261 253 250 252 256 254 249 245 239 244 241

LI Liechtenstein n.a. n.a. n.a. n.a. n.a. 9 10 14 19 21 23 25 23 23 23

LT Lithuania 33 35 36 36 32 32 31 33 31 31 31 28 27 25 25

LU Luxembourg 73 76 81 90 91 93 94 93 93 95 95 95 95 95 95

LV Latvia n.a. 42 37 30 28 29 27 25 21 20 19 18 20 19 19

MT Malta n.a. n.a. n.a. 21 21 27 24 23 19 18 18 20 25 37 41

NL Netherlands 491 492 491 503 499 521 517 367 353 389 379 363 352 368 352

NO Norway 95 95 94 80 87 87 83 82 96 96 96 112 116 114 115

PL Poland 28 34 39 42 50 54 60 65 71 74 77 74 74 72 67

PT Portugal 87 87 87 89 97 96 92 88 86 85 74 70 70 76 80

RO Romania n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 42 46 39 37 36 36

SE Sweden 510 494 496 492 490 492 473 482 461 448 440 428 415 392 392

SI Slovenia 10 10 13 12 14 14 14 14 14 14 15 16 18 18 18

SK Slovakia 9 11 15 19 23 26 27 28 28 29 28 25 26 25 24

TR Turkey 53 52 54 58 60 65 63 63 63 58 55 53 53 53 56

CEA 5 382 5 386 5 442 5 426 5 419 5 486 5 458 5 311 5 214 5 269 5 165 5 465 5 385 5 275 5 262

Note: The 2007 figures for Latvia, Liechtenstein, Lithuania, Luxembourg, Romania and Spain refer to the year 2006


AnnexConcentration ratios in the life sector – 1996 & 2006Table 13 |

CR5 CR10 CR15

1996 2006 1996 2006 1996 2006

AT Austria 45% 63% 69% n.a. 81% n.a.

BE Belgium 63% 77% 80% 91% 89% 97%

CH Switzerland 76% 79% 93% 95% 98% 99%

CY Cyprus 92% 85% 99% 97% 100% 100%

CZ Czech Republic 97% n.a. 99% n.a. 100% n.a.

DE Germany 30% 46% 46% 64% 56% 74%

DK Denmark 58% n.a. 75% n.a. 83% n.a.

EE Estonia 99% 100% 100% 100% n.a. n.a.

ES Spain 21% 42% 34% 67% 44% 81%

FI Finland 100% 89% 100% 100% n.a. n.a.

FR France 48% 56% 70% 82% 83% 92%

GB United Kingdom 31% 44% 45% 75% 56% 93%

GR Greece 67% 65% 83% 86% 93% 98%

HR Croatia n.a. 61% n.a. 91% n.a. 100%

HU Hungary 92% n.a. 99% n.a. 100% n.a.

IE Ireland 59% n.a. 85% n.a. 98% n.a.

IS Iceland 100% n.a. n.a. n.a. n.a. n.a.

IT Italy 44% 61% 55% 83% 65% 89%

LU Luxembourg 78% n.a. 100% n.a. 100% n.a.

LV Latvia 98% n.a. 100% n.a. 100% n.a.

MT Malta 100% 100% n.a. n.a. n.a. n.a.

NL Netherlands 59% 72% 78% n.a. 87% n.a.

NO Norway 89% 90% 100% 99% 100% 100%

PL Poland 99% 71% 100% 85% 100% 94%

PT Portugal 71% 80% 89% 91% 96% 97%

SE Sweden 68% 64% 92% 94% 100% 100%

SI Slovenia 92% 82% 100% 99% 100% 100%

SK Slovakia 92% 73% 100% 93% n.a. 99%

TR Turkey 77% 62% 87% 89% 93% 98%

CEA 45% 55% 62% 79% 71% 90%

Note: No data available for Bulgaria, Liechtenstein, Lithuania and Romania


AnnexConcentration ratios in the non-life sector – 1996 & 2006Table 14 |

CR5 CR10 CR15

1996 2006 1996 2006 1996 2006

AT Austria 54% 75% 73% n.a. 85% n.a.

BE Belgium 52% 61% 72% 80% 84% 90%

CH Switzerland 71% 56% 87% 74% 90% 84%

CY Cyprus 46% 49% 66% 70% 80% 84%

CZ Czech Republic 90% n.a. 96% n.a. 98% n.a.

DE Germany 23% 45% 36% 65% 46% 76%

DK Denmark 62% n.a. 80% n.a. 90% n.a.

EE Estonia 63% 96% 87% 100% 96% 100%

ES Spain 21% 44% 34% 63% 44% 75%

FI Finland 88% 91% 97% 99% 100% 100%

FR France 40% 55% 63% 73% 77% 84%

GB United Kingdom 31% 52% 45% 69% 52% 77%

GR Greece 42% 36% 55% 57% 63% 71%

HR Croatia n.a. 83% n.a. 96% n.a. 100%

HU Hungary 90% n.a. 100% n.a. 100% n.a.

IE Ireland 64% n.a. 88% n.a. 97% n.a.

IS Iceland 93% n.a. 100% n.a. 100% n.a.

IT Italy 34% 73% 52% 89% 63% 93%

LU Luxembourg 80% n.a. 96% n.a. 100% n.a.

LV Latvia 64% n.a. 86% n.a. 95% n.a.

MT Malta 63% 81% n.a. 95% n.a. 100%

NL Netherlands 37% 60% 57% n.a. 65% n.a.

NO Norway 82% n.a. 94% n.a. 97% n.a.

PL Poland 90% 76% 95% 87% 98% 93%

PT Portugal 56% 66% 81% 83% 92% 96%

SE Sweden 74% 87% 91% 96% 96% 99%

SI Slovenia 95% 92% 100% 100% 100% 100%

SK Slovakia 94% 84% 100% 96% 100% 99%

TR Turkey 40% 49% 63% 74% 75% 85%

CEA 37% 56% 53% 72% 63% 82%

Note: No data available for Bulgaria, Liechtenstein, Lithuania and Romania


AnnexN

um

ber

of

emp

loye

es –

199

5-20

07Ta

ble

15

|

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

AT

Aus

tria

30 6

4630

269

30 5

9829

166

27 6

4228

530

27 3

5925

925

26 1

0626

494

26 2

6726

292

26 6

67

BEBe

lgiu

m25

501

25 0

7025

262

25 3

1325

256

24 8

9826

293

25 9

1224

722

24 5

0624

004

23 7

5224

070

CH

Switz

erla

nd47

273

47 5

1048

110

48 9

3747

859

49 3

6648

171

46 1

7544

514

42 1

8645

606

47 1

8447

505

CY

Cyp

rus

1 30

01

300

1 35

01

400

1 44

41

607

1 65

01

660

1 66

51

691

1 70

01

749

1 76

7

CZ

Cze

ch R

epub

lic13

400

15 0

0016

319

16 3

3716

408

16 1

1215

718

15 7

4015

658

14 6

0014

506

14 4

1014

501

DE

Ger

man

y24

5 60

024

1 70

023

9 30

023

8 80

023

9 60

024

0 20

024

5 40

024

8 10

024

4 30

024

0 80

023

3 30

022

5 70

021

8 90

0

DK

Den

mar

k12

432

12 6

2613

614

13 6

0015

605

13 3

8413

692

13 5

1611

298

10 9

7514

046

14 2

5914

300

EEEs

toni

a70

01

500

1 18

21

234

1 68

71

669

1 62

31

552

1 45

81

444

1 36

4n.

a.n.

a.

ESSp

ain

47 7

7348

269

48 8

9646

500

47 0

0045

917

55 7

2847

477

48 1

1645

953

49 1

3548

049

48 0

49

FIFi

nlan

d10

800

10 7

7010

770

10 9

9011

280

11 5

7010

888

11 3

0111

542

11 1

8010

448

10 5

8310

669

FRFr

ance

135

300

135

400

133

300

132

050

132

350

136

500

138

600

139

200

138

500

138

000

143

700

143

750

143

800

GB

Uni

ted

Kin

gdom

212

200

217

300

229

600

234

600

229

700

228

300

223

900

217

475

211

300

208

100

178

200

177

600

177

500

GR

Gre

ece

9 60

09

500

9 50

09

300

9 30

09

500

9 50

09

500

9 50

09

500

9 50

09

000

9 00

0

HR

Cro

atia

n.a.

n.a.

n.a.

3 97

54

367

4 54

05

049

5 49

56

194

6 19

07

017

7 98

49

304

HU

Hun

gary

17 7

0023

843

28 2

3427

420

30 3

3027

478

27 7

6227

587

28 0

6927

226

26 0

0126

131

29 6

85

IEIre

land

10 3

8610

231

10 0

3110

478

11 3

2012

289

12 8

4215

000

15 2

2714

989

14 0

0014

000

14 0

00

ISIc

elan

d60

060

060

060

060

060

060

060

060

060

060

060

060

0

ITIta

ly46

516

45 2

3943

986

42 9

8642

622

42 2

6441

746

39 9

8039

291

40 1

0539

924

39 7

9539

650

LILi

echt

enst

ein

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

154

170

223

223

LTLi

thua

nia

n.a.

n.a.

3 00

03

300

3 60

04

000

4 90

06

300

6 50

0n.

a.n.

a.n.

a.n.

a.

LULu

xem

bour

g1

349

1 42

81

545

1 70

61

923

2 26

82

532

2 65

42

673

2 70

93

045

3 19

13

191

LVLa

tvia

n.a.

864

1 08

01

282

1 48

61

587

1 79

91

786

2 83

72

988

3 33

33

800

3 80

0

MT

Mal

ta82

080

982

31

148

1 23

21

106

1 05

693

388

81

085

1 10

21

196

1 25

0

NL

Net

herla

nds

40 9

3441

445

42 6

4744

658

47 2

5048

468

n.a.

n.a.

n.a.

53 1

9052

930

52 4

7052

040

NO

Nor

way

11 6

3911

577

11 4

3011

400

11 3

509

300

9 00

09

800

9 60

09

300

9 90

010

000

10 0

00

PLPo

land

26 0

0026

000

26 5

0028

621

27 6

6632

764

32 5

9531

199

30 5

3730

057

29 2

6728

474

30 2

51

PTPo

rtug

al14

402

14 3

8714

180

14 2

0014

058

13 6

2313

700

13 1

0512

575

11 8

3511

829

11 5

1811

600

RORo

man

ian.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.n.

a.25

300

36 1

3036

000

n.a.

n.a.

SESw

eden

22 0

5720

336

20 2

4319

892

16 9

1417

162

17 2

5818

987

18 9

7318

914

19 0

0019

389

20 0

32

SISl

oven

ia3

570

3 74

84

013

4 25

24

546

4 79

94

929

5 20

45

521

5 69

05

878

5 99

26

100

SK

Slov

akia

4 67

05

079

6 08

07

206

7 75

07

783

7 91

67

622

6 74

36

484

6 30

46

300

6 30

0

TRTu

rkey

6 26

17

142

8 38

39

483

9 97

310

302

10 1

6810

750

11 4

2612

140

12 8

3713

550

14 5

63

CEA

999

429

1 00

8 94

21

030

576

1 04

0 83

41

042

118

1 04

7 88

61

012

374

1 00

0 53

51

011

633

1 05

5 21

51

030

913

986

941

989

317

Not

es:

No

data

ava

ilabl

e fo

r Bu

lgar

ia1.

The

2007

figu

res

for

Latv

ia, L

iech

tens

tein

, Lux

embo

urg

and

Spai

n re

fer

to t

he y

ear

2006

2.


AnnexBreakdown of non-life insurance premiums by distribution channel – 2006Table 16 |

Insurance company

employees

Agents (tied and multi-

tied)Brokers

Other networks

(banks, post offices, etc.)

Other

AT Austria 40.1% 13.2% 36.3% 4.8% 5.7%

BE Belgium 19.9% 9.2% 63.4% 5.9% 1.5%

BG Bulgaria 29.0% 42.3% 28.7% 7.9% 1.4%

ES Spain 24.0% 38.7% 28.1% 7.9% 1.4%

FR France 35.0% 35.0% 18.0% 9.0% 3.0%

GB United Kingdom 22.2% 3.8% 54.3% 9.9% 9.8%

HR Croatia 69.8% 20.3% 2.3% 1.0% 6.6%

IE Ireland 38.2% 0.0% 61.8% 0.0% 0.0%

IT Italy 6.6% 84.2% 7.5% 1.7% 0.0%

LU Luxembourg 35.0% 40.0% 24.6% 0.4% 0.0%

NL Netherlands 52.0% 40.0% 0.0% 8.0% 0.0%

PL Poland 24.1% 58.6% 15.4% 1.0% 1.0%

PT Portugal 11.0% 60.1% 16.7% 9.3% 2.8%

SI Slovenia 20.9% 67.5% 8.8% 0.4% 2.4%

SK Slovakia 8.1% 48.4% 43.5% 0.0% 0.0%

TR Turkey 10.9% 70.2% 9.2% 9.7% 0.0%

Breakdown of life insurance premiums by distribution channel – 2006Table 17 |

Insurance company

employees

Agents (tied and multi-tied)

Brokers

Other networks

(banks, post offices, etc.)

Other

AT Austria 23% 6% 20% 46% 5%

BE Belgium 21% 4% 32% 43% 0%

BG Bulgaria 17% 63% 20% 0% 0%

DE Germany 10% 47% 21% 20% 2%

ES Spain 8% 18% 9% 63% 2%

FR France 15% 7% 12% 64% 2%

GB United Kingdom 7% 20% 73% 0% 0%

HR Croatia 35% 43% 0% 19% 4%

IE Ireland 38% 16% 45% 0% 0%

IT Italy 12% 20% 1% 68% 0%

LU Luxembourg 7% 2% 46% 37% 8%

MT Malta 3% 19% 2% 76% 0%

NL Netherlands 27% 53% 0% 20% 0%

PL Poland 28% 39% 3% 21% 9%

PT Portugal 4% 10% 1% 85% 0%

SE Sweden 28% 0% 19% 45% 8%

SI Slovenia 1% 57% 13% 8% 21%

SK Slovakia 3% 79% 19% 0% 0%

TR Turkey 42% 33% 1% 24% 0%

CEA Statistics N° 36 is available on the CEA’s website: www.cea.eu

Data compilation, processing and comments:

Luc Stevens ([email protected]), Catherine Goislot ([email protected])

Graphic design:

Morris-Chapman

Corentin Pollet

© CEA aisbl

Brussels, October 2008

All rights reserved

The entire content of the CEA Statistics publication is subject to copyright with all rights reserved. This information may be

used for private or internal purposes, provided that any copyright or proprietary notices are quoted.

Reproduction in part or use for any public purpose is permitted if the source reference “CEA Statistics 36 – 2008” is

indicated. Reproduction in whole is prohibited without prior authorisation of the CEA. Courtesy copies are appreciated.

Although all the information used in this study 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

informational purposes only and in no way constitutes the CEA’s position. In no event shall the CEA be liable for any loss or

damage arising in connection with the use of this information.

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