Insurance in figures
The insurance industry is Europe’s largest institutional investor, with a portfolio equivalent to 61% of GDP.
Europe’s insurers pay out €1 010bn annually in claims and benefits.
Insurance Europe’s members write €668bn of life premiums, €419bn of property & casualty premiums and €173bn of health premiums every year.
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Insurance is a cornerstone of modern life. Without insurance, many aspects of today’s society and economy could not function. The insurance industry provides the cover for economic, climatic, technological, political and demographic risks that enables individuals to go about their daily life and companies to operate, innovate and develop.
Despite this, the way insurance functions and its value are not always well understood. This booklet explains how insurance works, the value it provides and the importance of the regulatory environment in maximising the benefits that insurance can offer.
We live in challenging times. Europe faces significant economic headwinds, demands on strained public finances are higher than ever and the impact of natural catastrophes is rising.
Faced with such uncertainty, policymakers are seeking answers to difficult questions:
While these questions often require complicated answers, the end result boils down to the everyday lives and businesses of people like Maxine and her family. Read more about it in our booklet.
Insurance is a unique financial service, without which many aspects of modern societies and economies simply could not function. And due to its special features, the insurance industry requires a tailored regulatory approach that reflects its business model.
This booklet sets out four essentials:
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