15 Biggest European Insurance Companies

Published on June 24, 2023 at 3:42 pm by Aima Zaheer in Lists, News

In this article, we will take a look at the 15 biggest European insurance companies. If you want to see more companies in this selection, go to the 5 Biggest European Insurance Companies.

The European insurance industry is a significant contributor to the region’s economy, providing financial protection to individuals, businesses, and governments against various risks. According to Insurance Europe, every year, European insurers pay out an impressive amount of over €1,000 billion ($1085 billion) in claims, which translates to approximately €2.8 billion ($3.04 billion) per day. They also play a significant role in the job market, as they employ over 920,000 people. Based in Brussels, Insurance Europe is the European insurance and reinsurance federation that represents insurance undertakings that make up approximately 95% of the overall premium income in Europe.

The European insurance industry is dominated by a few large multinational companies, such as Allianz SE (ALV.DE), AXA SA (CS.PA), and Zurich Insurance Group AG (ZURN.SW), but there are also many smaller regional or niche insurers operating in the market. The largest insurance markets in Europe are Germany, the United Kingdom, France, Italy, and Switzerland. According to PwC, the insurance market in the UK continues to hold its position as the largest and most dynamic market in Europe. The technical provisions for life obligations in the market amount to more than £2,208 billion ($2753 billion) as of 2021, representing an impressive growth of 21% in the past four years. The European insurance industry is subject to various national and EU-level regulations governing different aspects of insurance operations. These regulations aim to protect consumers, ensure financial stability, and promote market competition.

Insurance companies in Europe are increasingly using digital technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to improve their products, services, and operations. The European insurance industry is focused on integrating ESG factors into its operations and investment decisions aimed towards expansion. However, according to a report published in September 2022 by credit rating agency Fitch Ratings, if high inflation continues and interest rate hikes become more substantial, the outlook for several European insurance sectors could shift to ‘deteriorating.’ Fitch has assessed the potential consequences of an economic situation where inflation ranges from mid-to-high-single digits in 2023 and where 10-year interest rates increase by a total of 300 basis points during 2022 and 2023.

According to Fitch, the non-life insurance sectors would be most vulnerable to the effects of high inflation, especially those with a significant portion of the long-tail business. The rising claims inflation could result in reserve shortfalls. Additionally, in markets where there is an intense competition or societal pressure that restricts insurers’ ability to increase prices, high inflation could lead to margin constraints for short-tail businesses. In contrast, life insurance sectors that have significant holdings of traditional life policies supported by assets with shorter durations compared to their liabilities would benefit from rising interest rates. This is particularly true for the French and German life sectors. Despite the negative short-term impacts of high investment volatility, rising lapse rates, and lower new business volumes, Fitch anticipates that the positive effects on capital and medium-term earnings will outweigh the negative factors.

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Our Methodology

In this article, we have shortlisted the 15 biggest European insurance companies based on their market capitalization. Our list includes companies that are either solely focused on the insurance industry or have a substantial insurance division warranting their inclusion. For the market capitalization of private companies, we used a revenue multiple of 1.25x. We have also included information regarding these companies’ gross premiums written as it is a key metric in the insurance industry, representing the total amount of premiums that an insurance company has collected from policyholders during a specific period. It is a major source of revenue for insurance companies. The growth rate of gross premium written is often used as an indicator of an insurance company’s growth potential. The companies have been ranked in ascending order of their market capitalization as of May 1.

15 Biggest European Insurance Companies

15. Mapfre, S.A. (MAP.MC)

Market Capitalization: $6.23 billion (€5.63 billion)

2022 Gross Premium Written: $27.14 billion (€24.54 billion)

Mapfre, S.A. (MAP.MC) is a Majadahonda, Spain-based multinational insurance company. The company was founded in 1933 and has since grown to become one of the largest insurance companies in Spain and the world. Mapfre, S.A. (MAP.MC) offers a diverse variety of insurance products and services, including life, health, home, car, and travel insurance. The company operates in more than 100 countries worldwide and has a strong presence in Latin America, where it has been expanding in recent years.

14. HDI Global SE

Estimated Market Capitalization: $6.25 billion

2022 Revenue: $5 billion

HDI Global SE is a Hannover, Germany-based global insurance company that offers a comprehensive assortment of commercial insurance products and services to businesses globally. The company was founded in 1903 and has since grown to become a major player in the global insurance industry, with operations in more than 150 countries. HDI Global SE provides insurance solutions for a variety of industries, including automotive, aviation, construction, energy, engineering, marine, and more. HDI Global SE also provides speciality products such as cyber insurance, surety bonds, and trade credit insurance.

14. Aviva plc (AV.L)

Market Capitalization: $14.52 billion (£11.64 billion)

2022 Gross Premium Written: $12.17 billion (£9.75 billion)

Aviva plc (AV.L) is a London, UK-based company founded in 2000. The company is one of the largest insurance providers in the UK, with operations in Europe, Asia, and North America. Aviva plc (AV.L) provides a diverse range of insurance-related products and services. The company also deals in savings and investment products, as well as pension and retirement solutions. Aviva plc (AV.L) has also been recognized for its commitment to sustainability, including being named a “Global 100 Most Sustainable Corporation” by Corporate Knights.

12. Legal & General Group Plc (LGEN.L)

Market Capitalization: $18.87 billion (£15.11 billion)

2022 Gross Premium Written: $17.09 billion (£13.69 billion)

Legal & General Group Plc (LGEN.L) is another London, UK-based financial services and insurance corporation on our list of the 15 biggest European insurance companies in the world. Legal & General Group Plc (LGEN.L) came into being in 1836. Legal & General Group Plc (LGEN.L) is a member of the prestigious FTSE 100 Index. Legal & General operates through four business segments, namely Retirement, Insurance, Investment Management, and Capital. In addition to the expansion of its insurance business, the company is also committed to promoting sustainable and responsible business practices.

11. Swiss Re AG (SREN.SW)

Market Capitalization: $28.84 billion (CHF25.7 billion)

2022 Gross Premium Written: $47.89 billion

Swiss Re AG (SREN.SW) is a Zürich, Switzerland-based leading global reinsurer founded in 1863. The company offers reinsurance and insurance solutions to clients around the world. The company has a headcount of over 14,400 employees. Swiss Re AG (SREN.SW) offers a wide range of products and services, including property and casualty reinsurance, life and health reinsurance, and insurance solutions for corporate clients. Swiss Re AG (SREN.SW) is known for its expertise in risk assessment and risk management.

10. Assicurazioni Generali S.p.A. (G.MI)

Market Capitalization: $31.50 billion (€28.5 billion)

2022 Gross Premium Written: $90.08 billion (€81.5 billion)

Assicurazioni Generali S.p.A. (G.MI), more commonly known as Generali, is one of the biggest insurance companies in the world, with a history dating back to 1831. The company is headquartered in Trieste, Italy, and operates in over 50 countries, serving more than 68 million customers worldwide through its 82,000 employees. Assicurazioni Generali S.p.A. (G.MI) has a strong presence in Europe, particularly in Italy, France, Germany, and Austria, as well as in Asia, with a significant presence in China, India, and Southeast Asia.

9. Crédit Agricole S.A. (ACA.PA)

Market Capitalization: $36.50 billion (€33.02 billion)

2022 Gross Premium Written: $39.02 billion (€35.3 billion)

Crédit Agricole S.A. (ACA.PA) is a Montrouge, France, banking group that provides a wide range of financial products and services to individuals, businesses, and institutions. The company also offers a range of insurance products and services through its subsidiaries and partnerships. Crédit Agricole Assurances is the insurance subsidiary of Crédit Agricole S.A. and deals in a range of property and casualty insurance products. The subsidiary also provides travel insurance products that cover trip cancellations, medical emergencies, and other travel-related risks.

8. Lloyds Banking Group plc (NYSE:LYG)

Market Capitalization: $39.83 billion

2022 Gross Premium Written: $58.28 billion (£46.7 billion)

Lloyds Banking Group plc (NYSE:LYG) is an Edinburgh, UK-based leading financial services group that offers various types of financial products and services, including insurance. The general insurance business is operated through the Group’s subsidiary, Lloyds Bank General Insurance Limited, while the life insurance business is operated through another subsidiary, Scottish Widows. Scottish Widows looks after pension and retirement-related products as well. Lloyds also deals in different forms of investment products, including investment bonds and investment funds.

7. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.MI)

Market Capitalization: $48.23 billion (€43.63 billion)

2022 Gross Premium Written: $74.20 billion (€67.13 billion)

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.MI) or more widely known as Munich Reinsurance, is a Munich, Germany-based renowned global reinsurance company. Munich Re is primarily a reinsurance firm, providing insurance for other insurance companies, helping to spread risk and protect against large losses. The company gives out speciality reinsurance for niche markets such as aviation, marine, and cyber risk. Munich Re has a strong asset management business, managing a portfolio of investments in a range of asset classes, including equities, bonds, real estate, and alternative investments.

6. CNP Assurances

Estimated Market Capitalization: $60.9 billion

Revenue 2022: $48.72 billion

CNP Assurances is an Issy-les-Moulineaux, France-based insurance company formed in 1959 that specializes in personal insurance, including life insurance, personal accident insurance, health insurance, and supplementary pension insurance. The company has the distinction of being the second biggest life insurer in France, with a market share of 10% due to its exclusive distribution agreements with leading banks in the country. CNP Assurances also operates in Italy, Spain, and Portugal. The company has a strong focus on innovation, particularly in digital transformation and data analytics.

In addition to CNP Assurances, companies such as Allianz SE (ALV.DE), AXA SA (CS.PA), and Zurich Insurance Group AG (ZURN.SW) are also some of the biggest European insurance companies in the world.

Click to continue reading and see the 5 Biggest European Insurance Companies.