European insurers collected $1.341 trillion in premium in 2013
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The European insurance industry posted premium volume of €1.117 trillion ($1.341 trillion) in 2013, according to figures published Tuesday by the Brussels-based European insurance and reinsurance federation Insurance Europe.
Of that total, €450 billion ($540.14 billion) was nonlife premium volume, Insurance Europe said.
Insurers in Europe paid out €952 billion ($1.143 trillion) in benefits and claims during 2013 — an average of €2.6 billion ($3.12 billion) a day, according to the study.
A total of €326 billion ($391.30 billion) in nonlife claims was paid during 2013, the study showed.
There were 5,357 insurance companies in operation in Europe during 2013, according to the study.
“The constant and high volume of claims and benefits paid out by insurers to their customers demonstrates the important contribution which insurers make to our society. It is crucial for policymakers to provide insurers with a regulatory framework which allows them to continue providing such a valuable service,” Michaela Koller, director general of Insurance Europe, said in a statement.
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