Aviva sole UK insurer in Europe’s top 10 insurance companies

The latest report from MAPFRE, a multinational insurance company, suggests that Aviva is the only UK company to make the list of top 10 largest insurance companies in Europe. 

Numerous insurance groups reported double-digit increases in their total premiums. One of these was Aviva which reported an 11.8% growth between 2021 and 2022. 

Europe’s top 15 insurance groups collectively witnessed a commendable 7.7% increase in total premium income, amassing a staggering €618.712 billion. This growth trend showcased the resilience of the European insurance industry in the face of complex macroeconomic and geopolitical challenges. 

Significant growth was observed in Latin America and North America, along with positive outcomes in the reinsurer and large risk segments. The report also noted favourable currency exchange rates against the Euro as contributing factors. 

In contrast, the Life segment of the insurance industry faced headwinds, including the impact of the war in Ukraine and volatility in financial markets. As a result, the 15 largest insurance groups reported a slight dip of -0.1% in premium income in this category. Conversely, the NonLife segment thrived, with a remarkable 13.4% increase in premium income. 

It’s worth noting that inflation, elevated losses from natural disasters, and financial market volatility impacted results negatively. The combined ratio of insurance groups in the NonLife line of business saw a decline of -9.6% compared to 2021. 

The report was prepared by MAPFRE Economics and published by Fundación MAPFRE. MAPFRE secured the 9th position in the ranking of Europe’s largest insurance companies. This marks the second consecutive year of remarkable advancement for the company. 

Image:  © VanderWolf-Images via Canva

Josie Geistfeld Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.geistfeld@barkerbrooks.co.uk