THE LIFE AND NON-LIFE INSURANCE MARKET IN THE EUROPEAN UNION

Justyna Witkowska ()
Additional contact information
Justyna Witkowska: Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn

OLSZTYN ECONOMIC JOURNAL, 2023, vol. 18, issue 2, 157-170

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.

Keywords: life and non-life insurance; insurance market; European Union (search for similar items in EconPapers)
JEL-codes: G15 G22 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://czasopisma.uwm.edu.pl/index.php/oej/article/view/10290/7568 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ole:journl:v:18:y:2023:i:2:p:157-170

DOI: 10.31648/oej.10290

Access Statistics for this article

More articles in OLSZTYN ECONOMIC JOURNAL from University of Warmia and Mazury in Olsztyn, Faculty of Economic Sciences
Bibliographic data for series maintained by Wioletta Wierzbicka ().