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Insurance Europe said that gross written premiums in Europe increased 3.7% to €1.2 trillion ($1.357 trillion) in 2014, reported Reuters.
Assets under management of European insurers increased 9.4% year on year to €9.9 trillion ($11.201 trillion) for the period, said the insurance and reinsurance federation.
The number of insurers in Europe decreased to 4,860 in 2014 from 4,883 in 2013.
Insurance Europe said that the European insurance sector has 35% share of the global market.