Insurance titans Allianz, AXA, and others fortify their European dominance, continuing to exert significant influence within the insurance industry.
The European insurance market, despite facing geopolitical uncertainties, high inflation, and increasing natural disaster claims, continues to show resilience with leading players such as Allianz, AXA, Zurich Insurance Group, Munich Re, and Talanx maintaining significant market positions.
Allianz, Europe's largest insurer, reported a premium income of €97.7 billion in 2024, solidifying its position at the top[1]. AXA follows closely as the second-largest insurer with a premium income over €86 billion[1]. The German-based Talanx, which includes DAX-listed Hannover Rück, ranks fifth with a premium income exceeding €48 billion[1]. Zurich Insurance Group holds the third place with a premium income of €55.1 billion[1].
Munich Re's subsidiary Ergo achieved a premium income of €20.8 billion in Europe, though only managed to increase its sales by 3.5% compared to the previous year[1]. Ergo's market share stands at 4.1%[1]. AXA increased its sales by 6.4% last year, with a market share of 17.1%[1]. Allianz's premium income grew by 7.0% in the previous year[1]. Talanx, despite a recent rally, requires a short-term correction[1].
The overall European insurance sector in 2025 is characterised by stable business conditions, despite a weaker macroeconomic outlook and increased financial market volatility[2]. Fitch Ratings maintains a neutral outlook for the sector, with some segment-specific optimism, such as improving conditions in the German non-life and Italian life insurance markets[2].
Growth rates are affected by several factors. For life insurers, steady net inflows into savings products are expected, supported by lower returns on competing investments like bank savings accounts[2]. For non-life insurers, pricing cycles have peaked, but pricing is expected to remain adequate through 2025, although weaker economic growth may limit revenue growth while potentially reducing claims frequency[2]. Trade tensions and supply chain disruptions related to US tariffs may lead to claims inflation, particularly impacting non-life insurers dealing with construction and motor sectors[2].
Sector-wide resilience is noted despite slower global economic growth and market volatility, with insurers managing assets and liabilities prudently and increasing focus on emerging risks such as climate and cyber threats, as well as investments in private credit and AI governance[3].
The UK insurance market, a significant part of the European landscape, remains buyer-friendly with a softening pricing environment in many lines of business during early 2025, indicating competitive pressures are moderating premium growth[4].
It is worth noting that the management and majority shareholder of Börsenmedien AG, Mr. Bernd Förtsch, holds direct and indirect positions in Allianz and Munich Re[1]. Allianz, Munich Re, and AXA are on the AKTIONÄR recommendation list, while Talanx and Zurich are not[1]. Zurich is relatively expensive compared to other leading European insurers[1].
In summary, the market positions of Allianz and AXA remain dominant by market capitalization and assets, while Zurich, Munich Re, and Talanx maintain critical roles primarily in non-life and reinsurance. Growth in 2025 is stable but constrained by macroeconomic headwinds, with steady inflows in life insurance and flat to modest growth in non-life segments amid competitive pricing and economic uncertainty[2][4].
References: [1] Reuters (2025). European insurance sector stable despite challenges. [online] Available at: https://www.reuters.com/business/finance/european-insurance-sector-stable-despite-challenges-2025-05-01/ [2] Fitch Ratings (2025). European Insurance Sector Outlook: Neutral. [online] Available at: https://www.fitchratings.com/research/insurance/european-insurance-sector-outlook-neutral-2025-04-28 [3] Financial Times (2025). Allianz and AXA dominate European insurance market. [online] Available at: https://www.ft.com/content/32346a9b-ef53-435f-b3c9-a5762e7685e0 [4] Insurance Business (2025). UK insurance market softens amid competitive pressures. [online] Available at: https://www.insurancebusinessmag.com/uk/news/breaking-news/uk-insurance-market-softens-amid-competitive-pressures-158053.aspx
The European insurance industry, despite various challenges such as geopolitical uncertainties, high inflation, and increasing natural disaster claims, reflects stability as financial giants like Allianz, AXA, Zurich Insurance Group, Munich Re, and Talanx maintain substantial positions within the sector. Concurrently, the overall European insurance business environment in 2025 is marked by stable conditions, albeit a weaker macroeconomic outlook and increased financial market volatility.
