Biggest insurance companies in Europe - revealed

Credit rating agency AM Best has published its latest ranking of the biggest insurers in Europe based on the gross written premium (GWP) figures generated from their respective non-life segments in 2021.

The list, which excludes pure reinsurers and health insurers, consists of the following companies:

1. Allianz SE – €60.27 billion
2. AXA S.A. – €53.03 billion
3. Lloyd’s – €46.72 billion
4. Chubb Ltd – €39.12 billion
5. Zurich Insurance Group Ltd – €35.43 billion
6. HDI V.a.G. – €32.48 billion
7. Assicurazioni Generali S.p.A. – €24.12 billion
8. Achmea B.V. – €19.08 billion
9. MAPFRE S.A. – €17.27 billion
10. Société de Groupe d'Assurance Mut Covéa – €13.49 billion
11. Aviva Plc – €11.10 billion
12. R+V Versicherung AG – €9.76 billion
13. ERGO Group AG – €9.01 billion
14. Unipol Gruppo S.p.A. – €8.21 billion
15. Sampo Plc – €7.65 billion
16. Groupama Assurances Mutuelles – €7.48 billion
17. Vienna Insurance Group – €7.47 billion
18. Aéma Groupe – €6.96 billion
19. Helvetia Holding AG – €6.42 billion
20. Mutua Madrilena Automovilista SSPF – €6.05 billion
21. Crédit Agricole Assurances – €5.74 billion
22. HUK-COBURG Haftpflicht-Unterstützungs – €5.64 billion
23. RSA Insurance Group Ltd – €5.12 billion
24. ageas SA/NV – €4.59 billion
25. Groupe des Assurances du Crédit Mutuel – €4.17 billion
26. ASR Nederland N.V. – €4.12 billion
27. Beazley Plc – €4.08 billion
28. Provinzial Holding AG – €4.04 billion
29. Grupo Catalana Occidente S.A. – €3.94 billion
30. Bâloise-Holding AG – €3.92 billion

“The positions of the top 10 European insurers have remained unchanged in AM Best’s ranking of the 30 largest European insurers, with Allianz and AXA maintaining their dominance,” said AM Best. “Lower down the ranking, more movement was seen than has usually been the case, while at the bottom of the table, two insurers entered the ranking.

“Based on 2021 gross written premium, the data shows that most companies in the ranking returned to growth, with total GWP 10.8% higher than the aggregated figure for 2020. Many of the insurers reported double-digit growth.”

Of the largest European non-life insurers, six each are domiciled in France and Germany; four each in the UK and Switzerland; three, Spain; two each, Italy and the Netherlands; and one each in Austria, Belgium, and Finland.