Europe’s insurers managed €9.9trn of assets in 2014 according to figures published by Insurance Europe, the European insurance and reinsurance federation.
Insurance Europe highlights concerns about Solvency II that will make it “unnecessarily expensive” for insurers to continue making long-term investments, limiting then “their ability to continue delivering such a significant contribution to society.”
Michaela Koller, director general of Insurance Europe, commented: “While it is encouraging that these investments have continued to grow, policymakers need to ensure that regulatory capital charges are commensurate with the actual risk that these investments pose.
“We hope that this issue will be addressed as part of the EU Investment Plan to enable our industry to continue playing an increasingly important role in underpinning growth in Europe.”
Koller added: “In 2014 Europe’s insurers paid out benefits and claims equal to approximately €2.6bn every single day, illustrating another valuable contribution which they make to our society. This is why it is so important for policymakers to enact smart regulation which enables insurers to keep the cost of premiums as low as possible, so that more people and businesses can be protected across Europe.”
Figures published by Insurance Europe report an average of €1,972 was spent on insurance per capita in Europe in 2014, compared to €1,911 in 2013.
Total European gross written premiums rose by 3.7% to hit €1.17trn in 2014.
Life premiums (€714bn) and non-life premiums (€458bn) respectively increased by 5.5% and 1% compared with 2013.