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The Life And Non-Life Insurance Market In The European Union

Author

Listed:
  • Justyna Witkowska

    (Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn)

Abstract

The article discussed on the situation of the life and non-life insurance market in the European Union as seen at the end of 2022. The market analysis was based on data derived from the European Insurance and Occupational Pensions Authority (EIOPA) and the Organization for Economic Cooperation and Development (OECD) and included such factors as the number of insurers, the division into life insurance and non-life insurance, and the key market indicators (written premium, density and penetration rates, and concentration index). The collected data shows the life and non-life insurance market in 27 European Union Member States. The largest number of insurers is in the French, German and Luxembourg markets, the smallest in the Slovak, Estonian, Lithuanian and Latvian markets. It was noted that the more insurers sell insurance in a country, the lower the concentration ratio. Germany and France had the largest share of the global business insurance market in 2022 from EU countries. Overall, EU residents in 2022 spent more on life insurance (€652.2 billion) compared to non-life insurance (€495.2 billion). Residents of EU countries spend most of their life insurance money on index--linked and unit-linked insurance and insurance with profit participation. The largest share of EU residents' non-life insurance spending is in: Fire and other damage to property insurance, Motor vehicle liability insurance and Other motor insurance. Just as these countries differ significantly in economic terms, they also do so from the life and non-life insurance market standpoint.

Suggested Citation

  • Justyna Witkowska, 2023. "The Life And Non-Life Insurance Market In The European Union," OLSZTYN ECONOMIC JOURNAL, University of Warmia and Mazury in Olsztyn, Faculty of Economic Sciences, vol. 18(2), pages 157-170, December.
    • Handle: RePEc:ole:journl:v:18:y:2023:i:2:p:157-170
    DOI: https://doi.org/10.31648/oej.10290
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    More about this item

    Keywords

    life and non-life insurance; insurance market; European Union;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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