Online insurance in Europe reached more than 100 billion EUR in 2016

Online and direct channels are the fastest growing business models in both life and non-life insurance industry in Europe. The market share of the online/direct channel business was, in 2015, 8.2% of the total business, while the total gross written premiums of this channel throughout all Europe reached 99.3 billion EUR.

In 2016, for the first time, the total GWP has reached more than 100 billion EUR, according to "Online Insurance Trends: Europe & Country Reports", a University of Vienna & Mount Onyx study, submitted exclusively for both online and print PRIMM publications.

The research includes all 440 insurers' online channels and 260 major aggregators and top Insurtechs from Romania and other 30 European countries.

Thus, the level of maturity and market shares of the online insurance business in relation to the total business differ substantially across Europe: "Mature countries" with a market share of more than 12%, such as the UK, "developing countries" with a market share between 2.0 and 11.9%, such as Spain, and "emerging countries" with a market share of 1.9% and below, such as Russia. Between 2000 and 2015, online channels in Europe have shown significantly higher annual growth rates than the total insurance market. In 13 major European insurance markets, direct channels grew with an average annual growth rate (CAGR) of 22% per country versus the total market rate of 5%.



According to the study, the direct channel market was covered in Europe, in 2016, by 439 insurers with online channels, 214 major aggregators and 47 top insurtechs. Insurers' online channels are either international online channel players, with a presence in more than one European country, or pure national players, active solely in their home market. In 2016, out of 14.2 players per country in Europe, on average 9.5 online channels of insurers are international online channel players, while 4.6 players per country are purely national players. Furthermore, the online channels are implemented as hybrid (58.5%), passive (25.1%) or active business models (16.4%).




Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

The Insurance Business in Transition to the Cyber-Physical Market

What we generically call "Cyber risk" is, in fact, a family of risks and it is worth observing if there is a commonality in the perception - thus management - of the risk in the academic, risk management, insurance and policymaking communities. The present study found that cyber breach is perceived as "critical" due in part to its own nature and, importantly, in part to the weak understanding of its impact and our preparedness.

2018-07-19

Hail and windstorms cause multi-billion global economic loss in June; draught may be this summer's nightmare for European farmers

Overall, extreme weather events led to a multi-billion dollar economic toll, of which insurers have to pay more than USD 3 billion in claims for US losses alone, the latest edition of Aon's monthly Global Catastrophe Recap report shows. Economic losses in the Central and South-Eastern Europe amounted some hundred million USD, but weather continued also in July, adding extra costs which may also amount to significant sums.

2018-07-11

Swiss Re's sigma: The global insurance market slowed down in 2017; emerging markets and the US strengthening economy will lead future growth

Global insurance premiums increased 1.5% in real terms1 to nearly USD 5 trillion in 2017, after rising 2.2% in 2016, the latest sigma report reads. Growth in both the life and non-life sectors slowed. According to Swiss Re Institute next years will see the life insurance segment's premiums improving driven by the strong growth in the emerging markets, especially China, while the strengthening economy of the US will lead the non-life global market's development.

2018-07-05

MENA: Fast growing insurance business outpacing economic growth min the region

Insurance markets of the Middle East and Northern Africa (MENA) are expected to continue outgrowing the region's GDP over the next 12 months. Personal lines business remains the key growth driver, with primary insurers benefiting from compulsory insurance requirements as well as regulatory actions supporting rates, the latest edition of the MENA Insurance Pulse reads.

2018-06-28

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all