ENP Newswire -
Release date- 01092014 - Insurers' investments in the European economy continued to grow during 2013.
Concerns remain, however, about how the Solvency II directive will affect their ability to continue as
'This will make it more expensive for insurers to invest in long-term government and corporate bonds, as well as growth-stimulating activities, such as infrastructure projects. This could discourage insurers from making these vital investments, which would have a significantly negative effect on the European economy at a time when boosting growth is an overall policy objective.'
The Key Facts booklet also found that
In 2013, total premiums were
Koller said: 'The amount of benefits and claims paid out by European insurers underscores the value that insurance provides to society. Insurance is truly a financial service that provides real value. Whether it is by providing financial security that allows economic activity to flourish or through the everyday protection afforded to individual policyholders, insurers ensure that, when the worst does happen, the pain is spread across the shoulders of the many, rather than just the few.'
Other Key Facts from the booklet include:
Life insurance constitutes the largest proportion of the European market, representing around 60%. Property, casualty and accident makes up 30% and health 10%
Developments in the total investment portfolio were mainly driven by the life business, since the investment holdings of the life insurance industry account for more than 80% of the total portfolio
More than 5 100 insurance companies were operating in
The European insurance industry employs close to 1 million people directly, as well as around 1 million outsourced employees and independent intermediaries
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