MAPFRE is among the top 15 insurance companies in Europe, according to the latest edition of the annual ranking prepared by MAPFRE Economics, MAPFRE’s research service. Specifically, it has remained unchanged since 2019, holding both 11th position in the global ranking and sixth place among Non-Life insurers.
AXA continues to lead the classification, generating premium volume of 99.85 billion euros in 2019, 3.7 percent more than the previous year. Premium volume for the 15 largest European insurance groups increased by 5.2 percent compared to 2019, reaching just under 600 billion euros.
Since 2009, the premiums of the insurance groups making up the ranking have risen by 22.8 percent, with average annual growth of 2.1 percent. Most of the 15 largest European insurance groups recorded positive earnings in 2019, with a number of them registering significant increases.
Overall, net earnings totaled 34.85 billion euros, 26.4 percent better than the previous year, driven by good operating and financial results. As MAPFRE Economics
notes, it is important to remember that these total earnings include not only insurance operating results, but also the financial income deriving from asset management, as is the case with a number of the larger groups.
In the Non-Life segment, all the groups that make up the ranking performed positively in 2019, with some of them showing double-digit increases. In total, premium income amounted to 290.9 billion euros, up by 10.5 percent.
Response to the pandemic
Looking ahead to 2020, the pandemic produced by COVID-19 has transformed forecasts on how the insurance industry will fare for the year. As explained by MAPFRE Economics, it is difficult for insurers to assess the effect that this phenomenon will have on results for this year, although some European groups, including the two largest, have advanced estimates of the cost based on the final duration and
severity of the crisis.
The main response of European insurers to COVID-19 has been to protect the health and safety of their employees, ensure business continuity and meet their contractual obligations, providing the client with the best possible service and advice. In addition to making good on the responsibilities undertaken with their stakeholders, they have also implemented exceptional measures, such as handling claims for damages that could be considered as excluded in the case of a pandemic or offering more flexible payment measures.
In the opinion of MAPFRE Economics, the European insurance industry has also contributed to mitigating the health, economic and human impact that the pandemic is causing with a concerted show of solidarity, and through multiple initiatives, such as donating much-needed medical supplies, helping the most vulnerable groups through the provision of basic foodstuffs and necessities, participating in solidarity funds to support independent businesses and SMEs, or contributing to the ongoing research efforts to find a COVID-19 vaccine, among others.
MAPFRE has mobilized more than 200 million euros to tackle the consequences of this health and economic crisis.
The full report can be consulted here:
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