The European insurance industry's assets under management went down slightly to €10.3 trillion in 2018 from a year ago, according to data from trade group Insurance Europe.
The insurance sector is the largest institutional investor in the EU with AUM equivalent to 58% of EU GDP, Insurance Europe noted.
In 2018, Europe's insurers held around 26% of their total portfolio in index- and unit-linked funds and 4% in loans and mortgages. The remaining 70% was in other investments, of which around 62% was in bonds and just under 19% was in collective investment undertakings.
Total European direct gross written premiums amounted to €1.311 trillion in 2018, made up of €764 billion of life premiums, €407 billion of property and casualty premiums and €140 billion of health premiums. Total premiums increased 6.2% from 2017, with life premiums growing 6.7%, P&C 5.7% and health 4.8%.
The increase in life insurance premiums was attributed mainly to double-digit growth in the U.K., the largest life insurance market in Europe.
European insurers paid out €1.069 trillion in claims and benefits in 2018, a 3.1% increase on 2017. Life insurers paid out €705 billion, up 2.6%. P&C claims paid increased 5.6% to €253 billion and health claims paid increased 4.0% to €111 billion.
