EU Financial services: Insurance

Insurance contributes in no small manner to economic growth and development in Europe. In 2006, insurance enterprises in the EU27 generated €996bn in turnover, employed over one million people and invested more than €5 229bn in the economy. The structure of the insurance sector varies significantly across countries. The last part of this article takes a closer look at the role of insurance enterprises in national accounts. Non-life insurance claims paid by financial corporations and the final consumption expenditure of households for insurance are briefly analysed.