Overview
- Europe’s 20 largest insurance groups recorded €922.8 bn in premiums in 2025, up 4.57% from 2024, with Life and Non-Life both growing by about 4.5%.
- International expansion stabilised, with non-core foreign markets accounting for 13.57% of premiums, almost unchanged from 13.69% in 2024.
- Solvency improved across the largest European insurers, with the aggregate ratio rising to 217.7% from 208.4%, supported by a more favourable financial environment.
European insurers maintained steady growth in 2025, according to the Mapfre Economics report. The continent’s 20 largest insurance groups recorded €922.8 bn in premium volume, up 4.57% from 2024, even as the wider economy remained difficult.
The insurance business held up. Life and Non-Life both expanded at a balanced rate of about 4.5%, supported by stronger financial returns tied to the interest-rate environment.
Growth slowed from the previous year. In 2024, premium volume rose 10.28%, driven mainly by Life insurance, where higher interest rates had a stronger effect.
Top 20 European insurers: premium growth and solvency
| Metric | 2024 | 2025 | Change |
| Premium volume, top 20 European insurers | €882.5 bn | €922.8 bn | +4.57% |
| Premium growth rate | +10.28% | +4.57% | Slower growth |
| Aggregate solvency ratio | 208.4% | 217.7% | +9.3 pp |
The geographic picture changed little in 2025. After years of gradual expansion abroad, internationalisation entered a steadier phase.
Business outside insurers’ home markets and their five largest foreign markets, grouped as Other countries in the report, represented 13.57% of total premiums. That compares with 13.69% a year earlier.
Diversification remains much deeper in Non-Life. Non-core markets accounted for 23.95% of premiums in that segment, compared with 6.28% in Life. Life insurance still depends more heavily on domestic markets.
European insurance growth by segment in 2025
| Life | 4.5% | Interest-rate-linked financial returns |
| Non-Life | 4.5% | Stable underwriting growth |
| Total market | 4.57% | Balanced Life and Non-Life expansion |
The United States remains the largest destination for international expansion, generating more than 15% of premiums written outside insurers’ home markets. The effect is strongest in Non-Life.
Geographic distribution of European insurance premiums
| Geographic category | Share of premiums |
| Domestic markets and five largest international markets | 86.43% |
| Other countries | 13.57% |
| Other countries in Non-Life | 23.95% |
| Other countries in Life | 6.28% |
In Life insurance, Italy ranks as the largest recipient of foreign business among the major European groups. Asian markets are also becoming more relevant, helped by middle-class growth and the region’s room for insurance penetration.
Analysts also measured each country’s share of insurers’ main business, defined as the domestic market plus the five largest foreign markets. France led that ranking, accounting for 26.58% of the major groups’ combined business.
The United Kingdom stayed in second place with 15.19%, though its share continued to decline after Brexit and Life divestments. Italy held 12.49%, Germany 11.37% and Spain only 1.6% under this measure.
Main findings from Mapfre Economics report
| Main finding | Detail |
| Premium growth stayed positive | Europe’s 20 largest insurers reached €922.8 bn in premiums in 2025. |
| Growth slowed | 2025 growth of 4.57% was below the 10.28% recorded in 2024. |
| Internationalisation stabilised | Other countries represented 13.57% of premiums, nearly unchanged from 13.69% in 2024. |
| Non-Life is more diversified | Non-core foreign markets accounted for 23.95% of Non-Life premiums. |
| Solvency improved | The aggregate solvency ratio rose to 217.7% from 208.4%. |
Capital positions improved. The aggregate solvency ratio of the largest European insurance groups rose to 217.7% in 2025, compared with 208.4% at the end of 2024.
Core markets and international expansion destinations
| Country / Market | Role in European insurers’ business | Share |
| France | Largest share of core business | 26.58% |
| United Kingdom | Second-largest core market | 15.19% |
| Italy | Major core market | 12.49% |
| Germany | Major core market | 11.37% |
| Spain | Smaller share under this metric | 1.6% |
| United States | Largest international expansion market | More than 15% of foreign premiums |
The increase reflects a more supportive financial environment. Interest-rate movements and risk-premium trends helped strengthen capital levels across the companies analysed.
Insurers with larger Life books saw a stronger effect because their balance sheets respond more directly to those variables.
2025 results show a European insurance system with a solid capital position despite economic uncertainty.
For insurers, 2025 looked less dramatic than 2024. Premiums still grew, solvency improved and international exposure stayed stable. The real shift was pace. Growth cooled, but the sector kept moving.
