Insurance companies are financial intermediaries that provide direct insurance or reinsurance services, providing financial protection against potential future risks.
Under an insurance policy, the insurance company compensates the insured for damages caused by a predetermined event for a fee or “premium”.
Usually, insurance companies may cover certain types of events.
insurance Insurance covers many forms and types
car insurance is the insurance for the car in the event of an accident
travel insurance When people travel, this insurance covers them in case of travel and trips
car insurance quotes Car insurance rates vary depending on the make and model of the car
cheap car insurance
Health insurance is like life insurance because it takes care of people
Medicaid is a form of health insurance
renters insurance The insurance covers the house and the house in the event of a tenant
home insurance In case the house has any problem, this insurance covers your home
In a life insurance policy, the event is usually the death or ill health of the insured. Life insurance contracts are usually held longer to save money and sometimes for retirement.
Non-life insurance policies protect against the risk of financial loss. Compensating the policyholder for loss or damage to health or property (documentation provided is usually medical expenses or home, auto and fire insurance).
Reinsurance is a special case of non-life insurance. Under a reinsurance contract, the insurance company agrees to take on the risks associated with a policy held by another insurance company in return for a premium. If an obligation to pay arises, the reinsurance company is required to pay.
Why are they important?
Insurance policies are an important cornerstone of income and wealth for many European families. Insurance companies also play an important role in the financial markets as institutional investors and investment objectives. For these reasons, the European Central Bank collects statistical data on insurance companies’ balance sheets and other financial information for the financial system and family wealth analysis.
Insurance company statistics
Our Insurance Company Statistics aggregates insurance company data from Eurozone countries into one coordinated set of statistics.
Our statistics show separate information according to the operating licenses of insurance companies. This split results in four reporting segments: reinsurance, life insurance, non-life insurance, and compound insurance. Reinsurance companies can only do reinsurance business (both life and non-life). Compound insurance companies have both lifetime and non-life licenses.
The data on insurance companies is divided into three parts:
The balance sheet section displays asset and liability data for reinsurance, life, non-life, and compound insurance, as well as the weight of the “insurance entity as a whole”, as well as the “insurance entity” as a whole.
The Assets section provides information about the assets of insurance companies: it shows loans made through premium paid investments and other liabilities. It also clarifies the claims that insurers may have against third parties – for example, claims against reinsurers arising from reinsurance contracts.
The liabilities section provides information on claims for insurance companies in the Eurozone. Liabilities also include insurance companies’ equity, loans, and other financial liabilities, primarily from funds set aside by insurance companies to meet policyholders’ future payment obligations (“sizerta tekim”).
Insurance premiums, claims and purchase expenses
Financial data closely related to insurance policies is presented in the Premiums, Claims and Purchase Expenses section. Premiums refer to payments that the insured regularly transfers to the insurance company to cover in the event of any loss. Incurred claims or only claims are financial liabilities arising from both insurance and reinsurance. Purchase expenses relate to the costs incurred by the insurance company when issuing new contracts.
Major Insurance Groups
The Major Insurance Groups section includes data collected from approximately 90 insurance groups operating in the European Economic Area (EEA) under Solvency II. This data consists of indicators and growth rates compiled by the European Systemic Risk Board (ESRB) Financial Stability Monitor.
Harmonized Eurozone Insurance Corporation (IC) statistics are available as of the third quarter of 2016. These are unharmonized statistics previously published by the European Central Bank as part of Eurozone Insurance Corporation Statistics and the broader ICPF. data set. ICPF statistics are available in the Statistical Data Repository for the reference periods from the first quarter of 2008 to the second quarter of 2016.
data and reports
For detailed information on the current insurance company data series and related reporting framework, see Data and Reports.