European Insurance Overview 2026
Introduction
The Annual European Insurance Overview is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European (re)insurance sector. The report is based on annually reported Solvency II information. This ensures that the data has a high coverage in all countries and is reported in a consistent manner across the EEA.
The report is objective, factual and data driven and does not contain analysis or policy messages. All indicators used in the report are calculated from the reported data from undertakings. All distributions displayed are unweighted, treating all undertakings in all countries equally. While the topics and indicators covered is intended to be relatively stable over time, the report will be adapted to respond to changes in micro prudential and supervisory priorities. It will therefore support the supervisory community and industry with highly relevant and easily-accessible data at European level.
This report is based on Annual reporting for 2025 with year on year changes calculated between 2024 and 2025. The report is published with all data available for download in a separate excel file. Please note that some figures may represent only a subset of the full dataset to enhance clarity and readability.
Number and type of undertakings on EEA level
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Number of undertakings reported at EEA level, by reference year and
undertaking type, as included in this publication. Depending on the
scope, individual figures may show only a subset of these.
Number and type of undertakings on country level
-
Number of undertakings reported at country level, reference year and
undertaking type, as included in this publication. Depending on the
scope, individual figures may show only a subset of these.
Life Sector
- Life gross written premium increased in EEA between 2024 and 2025 by 7%, although trends varied across individual countries.
- The 10 biggest life premium writers in Germany account for less than 50% of the national gross written premium.
- In the EEA, profit-participating, index-linked and unit-linked business together make up around 72% of life insurance gross written premiums.
Figure 1 Life concentration
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The concentration indicator is a measure of the market share of the
national gross written premium (GWP) that the 3, 5 and 10 biggest life
premium writers account for.
Figure 7 Location of underwriting per country
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The location of underwriting for any life business written by all
undertaking and their EEA branches, including by freedom of
establishment (FOE) and freedom to provide services (FPS), within the
EEA.
Non-Life Sector
- Non-Life gross written premium increased in EEA between 2024 and 2025 by %, although trends varied across individual countries.
- In France, the top 10 premium writers account for around 35% of the national gross written premium.
- The two lines of business that contribute the largest share of gross written premiums in most countries are Fire and Other Damage to Property Insurance and Motor Vehicle Liability Insurance.
Figure 9 Non-life concentration
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The concentration indicator is a measure of the market share of the
national gross written premium (GWP) that the 3, 5 and 10 biggest
premium writers account for.
Figure 13 Combined ratio per country
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The Combined ratio is defined as the sum of claims and expenses divided
by premiums earned. The chart shows interquartile range and median.
Figure 14 Claims ratio per country
-
The Claims ratio is defined as the claims paid divided by premiums
earned. The chart shows interquartile range and median.
Figure 15 Expense ratio per country
The expense ratio is defined as the expenses divided by premiums earned. The chart shows interquartile range and median.
Figure 17 Combined ratio per line of business
-
The combined Ratio is defined as the sum of claims and expenses divided
by premiums earned. The chart shows interquartile range and median.
Figure 19 Location of underwriting per country
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The location of underwriting for any non-life business written by all
undertakings and their EEA branches, including freedom of establishment
(FOE) and freedom to provide services (FPS), within the EEA.
Cross Border Business
- Cross border business at year-end 2025 amounts to EUR 187 bn.
- Non-life business accounts for the majority of cross-border business, with 38% of total gross written premiums attributable to non-life direct business and 29% to non-life reinsurance business.
CB Figure 1 Number of undertakings with cross-border activity across different lines of business
-
Number of undertakings reporting cross border business, identified based
on the approach used in the published statistics. Double counting occurs
in cases where an undertaking reports cross border business across
multiple lines of business. Only cross-border activities performed
within the European Economic Area (EEA) are considered.
CB Figure 2 Cross border business per country
-
Gross written premiums (GWP) by location of the home country. Only
cross-border activities performed within the European Economic Area
(EEA) are considered.
CB Figure 3 Cross border business per line of business
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The cross-border gross written premium (GWP) by line of business and
home country, expressed as a percentage of total cross-border GWP. Only
cross-border activities performed within the European Economic Area
(EEA) are considered. Category “Non-disclosed” is used for cases where
the line of business cannot be disclosed due to confidentiality reasons.
CB Figure 4 Top 3 cross-border inflows and outflows by country
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Top 3 cross-border host countries shown for each country. On hover the
share of total cross-border business for the respective home country is
displayed. Some shares are not shown for confidentiality reasons. When
sorting the columns, the country name is used rather than the underlying
cross-border business share. Only cross-border activities performed
within the European Economic Area (EEA) are considered.
Solvency and Capitalisation
- Eligible own funds to meet the Solvency Capital Requirement (SCR) consist of at least 82% Tier 1 – unrestricted capital in every country.
- The median Solvency Capital Requirement (SCR) ratio exceeds 135% in all countries.
- The median Minimum Capital Requirement (MCR) ratio is consistently above 300% in every country.
Figure 21 Solvency capital requirement (SCR) ratio, distribution by undertaking type
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This figure shows the solvency capital requirement (SCR) coverage ratios
by company type. The charts shows interquartile range and median.
Figure 22 Solvency capital requirement (SCR) ratio, distribution per country
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This figure shows the solvency capital requirement (SCR) coverage ratios
by country. The charts shows interquartile range and median.
Figure 23 Minimum capital requirement (MCR) ratio, distribution per country
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This figure shows the minimum capital requirement (MCR) coverage ratios
by country. The charts shows interquartile range and median.
Figure 24 Basic solvency capital requirement (BSCR) composition - standard formula users
-
The aggregated value of the solvency risk modules for standard formula
undertakings by company type.
Figure 25 Basic solvency capital requirement (BSCR) composition by country
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The aggregated value of the solvency risk modules for standard formula
undertakings by country.
Figure 26 Tiering of own funds - by undertaking type
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Shows the breakdown of eligible own funds (EOF) to meet the solvency
capital requirement (SCR) into the tiers of own funds which it consists
of. Aggregated by company type.
Figure 27 Tiering of own funds - by country
-
Shows the breakdown of eligible own funds to meet the solvency capital
requirement (SCR) into the tiers of own funds which it consists of.
Aggregated by country.
Figure 28 Impact of loss absorbing capacity of deferred taxes, by undertaking type
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Loss absorbing capacity of deferred tax assets (LACDT) expressed as a
percentage of the eligible own funds to meet the solvency capital
requirement (SCR) by company type. Only undertakings that explicitly
reported a value for LACDT are included. The chart shows interquartile
range and median.
Figure 29 Impact of loss absorbing capacity of deferred taxes (LACDT), by country
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Loss absorbing capacity of deferred tax assets (LACDT) expressed as a
percentage of the eligible own funds to meet the solvency capital
requirement (SCR) by country. Only undertakings that explicitly reported
a value for LACDT are included. The chart shows interquartile range and
median.
Figure 32 Solvency capital requirement (SCR) ratio with & without transitionals, LTGs - all undertakings
-
The solvency capital requirement (SCR) ratio calculated with &
without the impact of transitionals and long term guarantees (LTG),
respectively. Sample includes all undertakings irrespective of whether
or not they use any of the measures.
Figure 33 Solvency capital requirement (SCR) ratio with & without transitionals, LTGs - undertakings using measures
-
The solvency capital requirement (SCR) ratio calculated with &
without the impact of transitionals and long term guarantee (LTG)
measures, respectively. Sample includes undertakings who use at least
one of the measures.
Figure 34 Impact of transitionals & LTG per country
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The impact of transitionals and impact of long term guarantee (LTG)
measures are calculated as a percentage of the eligible own funds to
meet the solvency capital requirement (SCR). Sample includes life
undertakings who use at least one of the measures.
Investments
- Government bonds, corporate bonds, and collective investment undertakings (CIUs) together account for the majority of direct investments (excluding look-through).
- In recent years, France has consistently been the leading issuer country for insurers’ investments in both government and corporate bonds.
- The United States is by far the biggest non-EEA country in terms of insurers’ exposure to equity investments.
Figure 35 CIC category
Total portfolio
-
Only direct investments without look-through approach are included. The
complementary identification code (CIC) is a set of industry standard
codes for identifying the specific type of financial instrument under
Solvency II. For more detailed break down of the category “Other
investments” please refer to the data-file.
Non unit linked portfolio
-
Only direct investments without look-through approach are included. Data
shows assets held neither in index- nor unit linked contracts. The
complementary identification code (CIC) is a set of industry standard
codes for identifying the specific type of financial instrument under
Solvency II. For more detailed break down of the category “Other
investments” please refer to the data-file.
Unit linked portfolio
-
Only direct investments without look-through approach are included. Data
shows assets held in index- and unit linked contracts. The complementary
identification code (CIC) is a set of industry standard codes for
identifying the specific type of financial instrument under Solvency II.
For more detailed break down of the category “Other investments” please
refer to the data-file.
Figure 36 Credit quality step
Total portfolio
-
Credit quality step (CQS) reported for relevant assets (CIC: 1, 2, 5,
6). Allocation by country. standard formula users only. CQS is a
standardised scale of credit quality with mappings to the credit ratings
of the largest ratings agencies. CQS 0-3 correspond to investment grade
assets with 4-6 being non-investment grade.
Non unit linked portfolio
-
Credit quality step (CQS) reported for relevant assets (CIC: 1, 2, 5,
6). Data shows assets held neither in index- nor unit linked contracts.
Allocation by country. standard formula users only. CQS is a
standardised scale of credit quality with mappings to the credit ratings
of the largest ratings agencies. CQS 0-3 correspond to investment grade
assets with 4-6 being non-investment grade.
Unit linked portfolio
-
Credit quality step (CQS) reported for relevant assets (CIC: 1, 2, 5,
6). Data shows assets held in index- and unit linked contracts.
Allocation by country. standard formula users only. CQS is a
standardised scale of credit quality with mappings to the credit ratings
of the largest ratings agencies. CQS 0-3 correspond to investment grade
assets with 4-6 being non-investment grade.
Figure 37 Issuer country of government bonds
Total portfolio
-
The location of investment for all government bonds (i.e. CIC main
category is equal to 1). Those figures don’t show government bonds held
via other investment vehicles, i.e. no look-through. The category
‘Other’ includes non EEA countries not explicitly listed, as well as
issuers such as supranational organizations and European Union
institutions.
Non unit linked portfolio
-
The location of investment for all government bonds (i.e. CIC main
category is equal to 1) held neither in index- nor unit linked
contracts. Those figures don’t show government bonds held via other
investment vehicles, i.e. no look-through. The category ‘Other’ includes
non EEA countries not explicitly listed, as well as issuers such as
supranational organizations and European Union institutions.
Unit linked portfolio
-
The location of investment for all government bonds (i.e. CIC main
category is equal to 1) held in index- and unit linked contracts. Those
figures don’t show government bonds held via other investment vehicles,
i.e. no look-through. The category ‘Other’ includes non EEA countries
not explicitly listed, as well as issuers such as supranational
organizations and European Union institutions.
Figure 38 Issuer country of corporate bonds
Total portfolio
-
The location of investment for all corporate bonds (i.e. CIC main
category is equal to 2). Those figures don’t show corporate bonds held
via other investment vehicles, i.e. no look-through. The category
‘Other’ includes non EEA countries not explicitly listed.
Non unit linked portfolio
-
The location of investment for all corporate bonds (i.e. CIC main
category is equal to 2) held neither in index- nor unit linked
contracts. Those figures don’t show corporate bonds held via other
investment vehicles, i.e. no look-through. The category ‘Other’ includes
non EEA countries not explicitly listed.
Unit linked portfolio
-
The location of investment for all corporate bonds (i.e. CIC main
category is equal to 2) held in index- and unit linked contracts. Those
figures don’t show corporate bonds held via other investment vehicles,
i.e. no look-through. The category ‘Other’ includes non EEA countries
not explicitly listed.
Figure 39 Issuer country of equity
Total portfolio
-
The location of investment for all equity (i.e. CIC main category is
equal to 3). Those figures don’t show equity held via other investment
vehicles, i.e. no look-through. The category ‘Other’ includes non EEA
countries not explicitly listed.
Non unit linked portfolio
-
The location of investment for all equity (i.e. CIC main category is
equal to 3) held neither in index- nor unit linked contracts. Those
figures don’t show equity held via other investment vehicles, i.e. no
look-through. The category ‘Other’ includes non EEA countries not
explicitly listed.
Unit linked portfolio
-
The location of investment for all equity (i.e. CIC main category is
equal to 3) held in index- and unit linked contracts. Those figures
don’t show equity held via other investment vehicles, i.e. no
look-through. The category ‘Other’ includes non EEA countries not
explicitly listed.
Figure 40 Use of derivatives
Total portfolio
-
Derivative positions split by use of derivative. Notional amounts
expressed as a percentage of total shown. Blank rows indicate no
derivative positions reported. A&L Matching: Matching assets and
liabilities cash-flows used in the context of matching adjustment
portfolios; N/A: No use of derivative reported.
Non unit linked portfolio
-
Derivative positions split by use of derivative held neither in index-
nor unit linked contracts. Notional amounts expressed as a percentage of
total shown. Blank rows indicate no derivative positions reported.
A&L Matching: Matching assets and liabilities cash-flows used in the
context of matching adjustment portfolios; N/A: No use of derivative
reported.
Unit linked portfolio
-
Derivative positions split by use of derivative held in index- and unit
linked contracts. Notional amounts expressed as a percentage of total
shown. Blank rows indicate no derivative positions reported. A&L
Matching: Matching assets and liabilities cash-flows used in the context
of matching adjustment portfolios; N/A: No use of derivative reported.
Figure 41 Classification of investments into economic sectors per country (NACE sector)
NACE codes are the standard European nomenclature of productive
economic activities. Reporting data for the years 2024 and before
contained only codes of NACE Revision 2 (NACE
2.0). From 2025 onwards, the transition to the new NACE revision 2.1
(NACE
2.1) started. Note: Data reported for 2025, may contain NACE
2.0 and/or NACE 2.1 codes. To maintain comparability, NACE 2.1 codes
have, for the time being, been mapped to NACE 2.0. Percentages are shown
relative to each country: for each country and year, the percentages
across all NACE codes sum to 100%. Darker shades represent higher
percentage values.
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Description of the NACE codes
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