Sunday 17 November 2019

Insurance claims cost €2.6bn a day

Claims costing the industry
Claims costing the industry
Gavin McLoughlin

Gavin McLoughlin

European insurers paid €2.6bn a day on average in claims and benefits during 2013, according to a new study.

Figures released today by Insurance Europe –an insurance and reinsurance federation - show that €952bn was paid out by insurers to individuals and businesses in Europe that year, broadly similar to the amount paid in 2012.

The high volume of claims “demonstrates the important contribution which insurers make to our society”, Insurance Europe director general Michaela Koller said.

Of the €952bn that was paid out, €626bn was in life benefits and €326bn was in non-life claims and benefits.

In the non-life category, most money was paid out under motor insurance, followed by health insurance.

The amount paid by European consumers in premiums was €1.12 trillion in 2013.

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