European Insurance Study 2023


European giants

A look at what makes the largest insurers so successful – and how they are defying inflation

The four European market leaders AXA, Allianz, Generali and Zurich have been growing significantly faster than their competitors for years and are highly profitable, particularly in their non-life business. That’s why we took a closer look at them in this study, identifying the key factors behind their success.


How are insurers doing overall?

Once again, we have scrutinized the 25 biggest European insurers based on the criteria of growthprofitability and solvency, as we do every year.

Overall, insurers have coped well with the pandemic and the consequences of the Ukraine war and are in a stable position.

Compared to last year, however, the results are somewhat more mixed.

What about inflation?

At the beginning of the year, the forecasts for insurers were bleak. By now, however, many of them have presented excellent half-year figures. So how do they manage to defy inflation? We took a closer look at this, once again using the European giants as an example.

The result: the comparatively low number of natural disasters has played into the insurers’ hands. But the managers also got a lot of things right – amongst others, compensated for inflation by consistently raising prices.

Download our study for more detailed insights into the strategies and management decisions of the “European giants”.

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Further publications

zeb is a thought leader in the financial services sector. Below you will find a selection of our current publications.