On this article, we’ll check out the 15 greatest European insurance coverage corporations. If you wish to see extra corporations on this choice, go to the 5 Largest European Insurance coverage Firms.
The European insurance coverage business is a major contributor to the area’s financial system, offering monetary safety to people, companies, and governments towards varied dangers. In line with Insurance coverage Europe, yearly, European insurers pay out a powerful quantity of over €1,000 billion ($1085 billion) in claims, which interprets to roughly €2.8 billion ($3.04 billion) per day. In addition they play a major function within the job market, as they make use of over 920,000 folks. Based mostly in Brussels, Insurance coverage Europe is the European insurance coverage and reinsurance federation that represents insurance coverage undertakings that make up roughly 95% of the general premium revenue in Europe.
The European insurance coverage business is dominated by just a few giant multinational corporations, corresponding to Allianz SE (ALV.DE), AXA SA (CS.PA), and Zurich Insurance coverage Group AG (ZURN.SW), however there are additionally many smaller regional or area of interest insurers working available in the market. The biggest insurance coverage markets in Europe are Germany, the UK, France, Italy, and Switzerland. In line with PwC, the insurance coverage market within the UK continues to carry its place as the biggest and most dynamic market in Europe. The technical provisions for all times obligations available in the market quantity to greater than £2,208 billion ($2753 billion) as of 2021, representing a powerful development of 21% up to now 4 years. The European insurance coverage business is topic to varied nationwide and EU-level rules governing totally different elements of insurance coverage operations. These rules purpose to guard customers, guarantee monetary stability, and promote market competitors.
Insurance coverage corporations in Europe are more and more utilizing digital applied sciences corresponding to synthetic intelligence (AI), blockchain, and the Web of Issues (IoT) to enhance their merchandise, companies, and operations. The European insurance coverage business is concentrated on integrating ESG components into its operations and funding choices aimed in direction of enlargement. Nevertheless, in accordance with a report printed in September 2022 by credit standing company Fitch Scores, if excessive inflation continues and rate of interest hikes turn out to be extra substantial, the outlook for a number of European insurance coverage sectors might shift to ‘deteriorating.’ Fitch has assessed the potential penalties of an financial scenario the place inflation ranges from mid-to-high-single digits in 2023 and the place 10-year rates of interest enhance by a complete of 300 foundation factors throughout 2022 and 2023.
In line with Fitch, the non-life insurance coverage sectors could be most susceptible to the consequences of excessive inflation, particularly these with a good portion of the long-tail enterprise. The rising claims inflation might end in reserve shortfalls. Moreover, in markets the place there’s an intense competitors or societal strain that restricts insurers’ potential to extend costs, excessive inflation might result in margin constraints for short-tail companies. In distinction, life insurance coverage sectors which have vital holdings of conventional life insurance policies supported by property with shorter durations in comparison with their liabilities would profit from rising rates of interest. That is significantly true for the French and German life sectors. Regardless of the unfavorable short-term impacts of excessive funding volatility, rising lapse charges, and decrease new enterprise volumes, Fitch anticipates that the optimistic results on capital and medium-term earnings will outweigh the unfavorable components.
docstockmedia/Shutterstock.com
Our Methodology
On this article, we’ve shortlisted the 15 greatest European insurance coverage corporations primarily based on their market capitalization. Our record contains corporations which are both solely targeted on the insurance coverage business or have a considerable insurance coverage division warranting their inclusion. For the market capitalization of personal corporations, we used a income a number of of 1.25x. We’ve got additionally included info relating to these corporations’ gross premiums written as it’s a key metric within the insurance coverage business, representing the entire quantity of premiums that an insurance coverage firm has collected from policyholders throughout a particular interval. It’s a main income for insurance coverage corporations. The expansion charge of gross premium written is usually used as an indicator of an insurance coverage firm’s development potential. The businesses have been ranked in ascending order of their market capitalization as of Might 1.
15 Largest European Insurance coverage Firms
15. Mapfre, S.A. (MAP.MC)
Market Capitalization: $6.23 billion (€5.63 billion)
2022 Gross Premium Written: $27.14 billion (€24.54 billion)
Mapfre, S.A. (MAP.MC) is a Majadahonda, Spain-based multinational insurance coverage firm. The corporate was based in 1933 and has since grown to turn out to be one of many largest insurance coverage corporations in Spain and the world. Mapfre, S.A. (MAP.MC) presents a various number of insurance coverage services, together with life, well being, house, automobile, and journey insurance coverage. The corporate operates in additional than 100 nations worldwide and has a robust presence in Latin America, the place it has been increasing lately.
14. HDI World SE
Estimated Market Capitalization: $6.25 billion
2022 Income: $5 billion
HDI World SE is a Hannover, Germany-based world insurance coverage firm that gives a complete assortment of economic insurance coverage services to companies globally. The corporate was based in 1903 and has since grown to turn out to be a significant participant within the world insurance coverage business, with operations in additional than 150 nations. HDI World SE supplies insurance coverage options for quite a lot of industries, together with automotive, aviation, development, power, engineering, marine, and extra. HDI World SE additionally supplies speciality merchandise corresponding to cyber insurance coverage, surety bonds, and commerce credit score insurance coverage.
14. Aviva plc (AV.L)
Market Capitalization: $14.52 billion (£11.64 billion)
2022 Gross Premium Written: $12.17 billion (£9.75 billion)
Aviva plc (AV.L) is a London, UK-based firm based in 2000. The corporate is among the largest insurance coverage suppliers within the UK, with operations in Europe, Asia, and North America. Aviva plc (AV.L) supplies a various vary of insurance-related services. The corporate additionally offers in financial savings and funding merchandise, in addition to pension and retirement options. Aviva plc (AV.L) has additionally been acknowledged for its dedication to sustainability, together with being named a “World 100 Most Sustainable Company” by Company Knights.
12. Authorized & Basic Group Plc (LGEN.L)
Market Capitalization: $18.87 billion (£15.11 billion)
2022 Gross Premium Written: $17.09 billion (£13.69 billion)
Authorized & Basic Group Plc (LGEN.L) is one other London, UK-based monetary companies and insurance coverage company on our record of the 15 greatest European insurance coverage corporations on the earth. Authorized & Basic Group Plc (LGEN.L) got here into being in 1836. Authorized & Basic Group Plc (LGEN.L) is a member of the distinguished FTSE 100 Index. Authorized & Basic operates by 4 enterprise segments, specifically Retirement, Insurance coverage, Funding Administration, and Capital. Along with the enlargement of its insurance coverage enterprise, the corporate can be dedicated to selling sustainable and accountable enterprise practices.
11. Swiss Re AG (SREN.SW)
Market Capitalization: $28.84 billion (CHF25.7 billion)
2022 Gross Premium Written: $47.89 billion
Swiss Re AG (SREN.SW) is a Zürich, Switzerland-based main world reinsurer based in 1863. The corporate presents reinsurance and insurance coverage options to purchasers all over the world. The corporate has a headcount of over 14,400 staff. Swiss Re AG (SREN.SW) presents a variety of services, together with property and casualty reinsurance, life and well being reinsurance, and insurance coverage options for company purchasers. Swiss Re AG (SREN.SW) is understood for its experience in danger evaluation and danger administration.
10. Assicurazioni Generali S.p.A. (G.MI)
Market Capitalization: $31.50 billion (€28.5 billion)
2022 Gross Premium Written: $90.08 billion (€81.5 billion)
Assicurazioni Generali S.p.A. (G.MI), extra generally often called Generali, is among the greatest insurance coverage corporations on the earth, with a historical past courting again to 1831. The corporate is headquartered in Trieste, Italy, and operates in over 50 nations, serving greater than 68 million prospects worldwide by its 82,000 staff. Assicurazioni Generali S.p.A. (G.MI) has a robust presence in Europe, significantly in Italy, France, Germany, and Austria, in addition to in Asia, with a major presence in China, India, and Southeast Asia.
9. Crédit Agricole S.A. (ACA.PA)
Market Capitalization: $36.50 billion (€33.02 billion)
2022 Gross Premium Written: $39.02 billion (€35.3 billion)
Crédit Agricole S.A. (ACA.PA) is a Montrouge, France, banking group that gives a variety of economic services to people, companies, and establishments. The corporate additionally presents a spread of insurance coverage services by its subsidiaries and partnerships. Crédit Agricole Assurances is the insurance coverage subsidiary of Crédit Agricole S.A. and offers in a spread of property and casualty insurance coverage merchandise. The subsidiary additionally supplies journey insurance coverage merchandise that cowl journey cancellations, medical emergencies, and different travel-related dangers.
8. Lloyds Banking Group plc (NYSE:LYG)
Market Capitalization: $39.83 billion
2022 Gross Premium Written: $58.28 billion (£46.7 billion)
Lloyds Banking Group plc (NYSE:LYG) is an Edinburgh, UK-based main monetary companies group that gives varied sorts of monetary services, together with insurance coverage. The overall insurance coverage enterprise is operated by the Group’s subsidiary, Lloyds Financial institution Basic Insurance coverage Restricted, whereas the life insurance coverage enterprise is operated by one other subsidiary, Scottish Widows. Scottish Widows takes care of pension and retirement-related merchandise as nicely. Lloyds additionally offers in several types of funding merchandise, together with funding bonds and funding funds.
7. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.MI)
Market Capitalization: $48.23 billion (€43.63 billion)
2022 Gross Premium Written: $74.20 billion (€67.13 billion)
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.MI) or extra extensively often called Munich Reinsurance, is a Munich, Germany-based famend world reinsurance firm. Munich Re is primarily a reinsurance agency, offering insurance coverage for different insurance coverage corporations, serving to to unfold danger and defend towards giant losses. The corporate provides out speciality reinsurance for area of interest markets corresponding to aviation, marine, and cyber danger. Munich Re has a robust asset administration enterprise, managing a portfolio of investments in a spread of asset lessons, together with equities, bonds, actual property, and different investments.
6. CNP Assurances
Estimated Market Capitalization: $60.9 billion
Income 2022: $48.72 billion
CNP Assurances is an Issy-les-Moulineaux, France-based insurance coverage firm fashioned in 1959 that makes a speciality of private insurance coverage, together with life insurance coverage, private accident insurance coverage, medical insurance, and supplementary pension insurance coverage. The corporate has the excellence of being the second greatest life insurer in France, with a market share of 10% as a result of its unique distribution agreements with main banks within the nation. CNP Assurances additionally operates in Italy, Spain, and Portugal. The corporate has a robust deal with innovation, significantly in digital transformation and information analytics.
Along with CNP Assurances, corporations corresponding to Allianz SE (ALV.DE), AXA SA (CS.PA), and Zurich Insurance coverage Group AG (ZURN.SW) are additionally among the greatest European insurance coverage corporations on the earth.
Click on to proceed studying and see the 5 Largest European Insurance coverage Firms.
Prompt articles:
Disclosure: None. 15 Largest European Insurance coverage Firms is initially printed on Insider Monkey.
