The European insurance industry maintained solid, sustained growth in 2025, according to the latest Mapfre Economics report. The continent’s 20 largest insurance groups recorded premium volume of 922.8 billion euros, up 4.57% from 2024, in a complex economic environment in which the insurance business proved resilient.
Premium growth over the past year was supported by improved financial returns linked to the interest-rate environment and by the positive performance of both the Life and Non-Life segments, which expanded at a balanced rate of around 4.5%. This is one of the findings of the analysis conducted by Mapfre Economic Research, based on public information from Europe’s leading insurers.
However, growth in total premium volume in 2025 was lower than in the previous year, when premiums rose by 10.28%, driven mainly by the Life segment, whose strong performance was closely linked to interest rates.
Stable internationalization
In terms of the geographic distribution of premiums, the study shows that 2025 marked a stabilization phase after years of gradual expansion. Business outside insurers’ domestic markets and their five largest international markets (“Other countries”) accounted for 13.57% of premiums, broadly in line with the 13.69% recorded the previous year. Geographic diversification is much greater in Non-Life, where these non-core markets account for 23.95%, than in Life, where the figure is 6.28%, as this line remains more concentrated in home markets.
The United States is the leading destination for international expansion, accounting for more than 15% of premiums generated outside insurers’ home markets, especially in the Non-Life segment. In the Life line, Italy stands out as the largest recipient of foreign business among the major companies, while Asian markets are gaining importance thanks to the growth of the middle class and the sector’s development potential in the region.
Mapfre Economics also analyzes each country’s share of insurers’ core business, defined as their domestic market and their five largest international markets. In this ranking, France stands out with 26.58% of the core business of the major insurance groups as a whole. The United Kingdom remained in second place, at 15.19%, although it continued to trend downward due to the impact of Brexit and divestments in the Life line. Italy and Germany recorded shares of 12.49% and 11.37%, respectively, while Spain accounted for just 1.6% of total premiums under this metric.
Solvency improves in a more favorable environment for insurers
The solvency level of the major European insurance groups as a whole rose in 2025, reaching 217.7%, compared with 208.4% at year-end 2024.
This increase reflects a more favorable financial environment, with developments in interest rates and risk premiums helping to strengthen capital levels. The increase in the solvency ratio was widespread among the companies analyzed, especially those with a larger Life business, where sensitivity to these variables is greater.
The 2025 results “show a European insurance system with a solid and resilient capital position, despite the uncertain economic environment,” explains Ricardo García, director of analysis, sector research, and regulation at MAPFRE Economics.
