Insurance Europe finds insurers paid out €2.6bn per day

Michaela Koller, director general of Insurance Europe

European insurers paid out nearly €952bn in claims and benefits during 2013, according to figures published by Insurance Europe.

European Insurance in Figures, a study by the pan-European trade body, revealed that during 2013 insurers paid an average €2.6bn per day to individuals and businesses in Europe, according to GR’s sister title Insurance Times.

The bulk of payments (€626bn) were for life benefits while €326bn was paid in non-life claims and benefits.

Of the total non-life claims and benefits paid out in 2013:

Motor insurance claims equalled €103bn (a 4.8% increase on 2012)

Property insurance claims amounted to €57bn (a 13.9% increase on 2012)

Health insurance claims totalled €97bn (a 12.9% increase on 2012)

The study revealed that total European gross written insurance premiums totalled €1,117bn in 2013. It also noted that the assets under management of Europe’s insurers grew by 3.1% during 2013, to €8,527bn, with 82% of those assets used to back life insurance.

Insurance Europe director general Michaela Koller said: “The constant and high volume of claims and benefits paid out by insurers to their customers demonstrates the important contribution that insurers make to our society. It is crucial for policymakers to provide insurers with a regulatory framework that allows them to continue providing such a valuable service.”