Diversity as a strength of Europe’s insurance market (Insurance Europe)

Summary

• The European insurance sector relies on diversity across products, distribution channels, and providers to meet varied consumer and business needs.p.1
• European insurers provide more than 25 categories of insurance cover under the Solvency II Framework.p.2
• Life insurance products focus on long-term financial security such as life cover, investments, and pensions.p.2
• Non-life insurance addresses short- and medium-term risks including health, natural catastrophes, and cyber security.p.2
• Prevalent distribution models vary by country, such as bancassurance in France and Spain, brokers in the Netherlands, and digital distribution in Sweden.p.3
• The European insurance ecosystem comprises 2,294 insurance undertakings according to EIOPA.p.4
• Insurance Europe, representing undertakings through its 39 member bodies, advocates for EU legislation that preserves consumer choice and local market structures.p.4

Key insights

1. A resilient EU market requires preserving the variety of insurance products, providers, and distribution channels rather than prescribing one-size-fits-all rules.p.1
2. The Solvency II Framework encompasses more than 25 categories of insurance cover available to European consumers.p.2
3. Non-life insurance directly responds to societal challenges such as healthcare costs, natural catastrophes, and cyber incidents.p.2
4. Insurance distribution habits differ across EU Member States, with bancassurance leading life sales in France and Spain while digital channels lead in Sweden.p.3
5. Europe's insurance ecosystem features 2,294 undertakings spanning global multi-line insurers, specialist insurers, and mutual or regional providers.p.4
6. Insurance Europe represents undertakings across the region through its 39 national insurance association member bodies.p.4