TOP 25 Largest Insurance Companies in Europe

Largest European Insurers — 2023 were ranked by gross premiums written (US$ thousands) is based on global rating agency A.M. Best data and research.

There were more than 9,000 insurance companies operating in Europe. In terms of domestic companies, only around 300 companies were operating inside Europe.

TOP 25 European Insurance Companies 2023

Insurance Company / GroupGross Premiums WrittenCapital & SurplusProfit/(Loss) After Tax
3Assicurazioni Generali82,829,78436,887,6242,496,109
4Munich Re67,426,87636,723,0181,487,592
8Swiss Re42,951,00027,135,000-824
10Credit Agricole Assurances36,162,86819,968,8701,517,074
11CNP Assurances33,310,40025,403,4351,987,428
12BNP Paribas Cardif25,485,6157,068,214715
17R+V Versicherung23,280,6379,983,207192
18Poste Italiane20,755,04614,129,0571,481,450
19Societe de Groupe d'Assurance Mut Covea20,350,16721,308,727670
20SCOR SE20,106,4517,560,802283
21Aegon N.V.19,776,01231,182,93468
22Swiss Life17,529,82019,448,6311,190,478
23Groupama Assurances Mutuelles17,513,29913,148,794219
24Legal & Gen Group17,035,10613,575,1262,133,292
25NN Group16,978,94547,287,2582,365,898

Source: A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED

Home to one of the world’s leading insurance markets, Europe’s motor insurance industry is also quite extensive. Total motor premiums written on the European insurance market amounted to a value of over 100 bn euros. At that time, Germany had the highest value of total motor claims expenditure paid on the insurance market in Europe, with claims paid amounting to about 25 bn euros.

Total number of companies on the European insurance market

Total number of companies on the European insurance market
Source: Statista

Market penetration refers to the ratio of insurance premiums to GDP. Penetration on the European domestic insurance market generally increased between 2004 and 2023 albeit with some fluctuation. The ratio is used as an indicator of insurance sector development, and it peaked at 9.5% after 6 years of annual growth. The premiums ratio to GDP on the European market fell to 6.8%.

Total premiums to GDP ratio as insurance penetration measure on the domestic market in Europe

Total premiums to GDP ratio as insurance penetration measure on the domestic market in Europe
Source: Statista

According to the European Insurance and occupational Pensions Authority (EIOPA) “Insurance undertakings are required by the Solvency II regulation to hold a certain amount of capital of sufficient quality in addition to the assets they hold to cover the contractual obligations towards policyholders. The amount of capital (called eligible own funds) required is defined by the Minimum Capital Requirement (MCR) and the Solvency Capital Requirement (SCR), which depend on the risks to which the undertaking is exposed.”

Solvency Capital Requirement (SCR) ratio of insurance markets in Europe

Solvency Capital Requirement (SCR) ratio of insurance markets in Europe
Source: Statista

The German insurance industry had Solvency Capital Requirement (SCR) ratio of three. The United Kingdom (UK), which was the largest insurance market in Europe, had a SCR ratio of around half of that of the German insurance sector. In addition to the SCR ratio, insurers must also calculate minimum capital requirement (MCR). The MRC is essentially a tipping point in which, if an insurer falls below, the authorization of an insurer could be withdrawn.

The combined ratio, which is the sum of claims and expenses incurred divided by premiums earned, is a measure of profitability used by insurance companies to see how efficiently they are running their business. The combined ratio can be displayed as a measure of 1 or as a percentage of 100. Insurance markets with a ratio of over 1 means that companies are paying out more in claims than they are receiving through premiums earned. The expense ratio is another measure of profitability and is calculated as the sum of expenses divided by premiums earned.