NU Online News Service, July 3, 12:20 p.m. EDT

Despite Europe's economic woes and record catastrophe losses, the top 10 European insurers increased their written premiums in 2011 by 3 percent over the previous year, according to a report released by Fundación Mapfre.

According to the report, the top 10 non-life insurers increased gross premiums to €198 billion ($249 billion at the current exchange rate). That was an increase of €5.8 billion ($7.3 billion) from €192 billion ($242 billion) from 2010.

Of the top 10, German-based Allianz takes the top spot with a 2 percent increase totaling €45 billion ($56.5 billion).

Sixth place Mapfre Group, the Spanish insurer that produced the report, experienced the highest increase in premium on a year-over-year basis, up more than 13 percent to €14.5 billion ($18.2 billion).

Switzerland-based insurer Zurich and Achmea in the Neatherlands (former name Eureko) were the only two of the 10 to record negative premium growth, of 1.4 percent and 0.4 percent respectively.

Zurich's premium loss was blamed on currency exchange. Mapfre notes that Zurich presents its results in U.S. dollars, which produced a premium increase of close to 5 percent.

Achmea's premium revenue drop was caused by the sale of Avéro Belgium in early 2011.

Mapfre notes that the difficulties insurers faced with the economic climate and natural catastrophe losses “were partly offset by the dynamism of the emerging economies in the Asia-Pacific region and Latin America.”

Total insurance losses on a global scale from natural disasters amounted to $110 billion, the report says, with insured damage in Asia surpassing $49 billion.

The most expensive natural disaster for insurers in the European insurance sector was flooding in Denmark in July of 2011, which caused an estimated $800 million in damage. Winter storms also caused additional damage in the north of Europe and along the Mediterranean coast, the report notes.

Special Reports /

European Insurers' Premiums Rise 3% Despite Economic Woes

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