In 2026, (re)insurance undertakings across the European Union (EU) published their 10th annual set of solvency and financial condition reports (SFCRs). In this research report, we summarise and discuss key metrics, comparing the figures in the 2025 and 2024 year-end SFCRs.
Previously, we have also included (re)insurance undertakings that are regulated in the United Kingdom (UK) and Gibraltar. Given the UK exit from the EU and the UK’s recent move to Solvency UK, the UK and Gibraltar are now excluded from this analysis—we have published a separate report for those markets. We have now included Portugal and Greece to keep the sample size to 15 countries and to give a broader perspective on the EU’s non-life insurance market.
The analyses underlying this report focus on information contained in the quantitative reporting templates (QRTs) within the SFCRs, and we have studied the text within the SFCRs in order to gain additional insights into various companies, in particular those that displayed characteristics that differed materially from the market average. Our focus has been on solo entities rather than groups, covering 762 solo companies from the 15 countries, which in aggregate account for €561 billion of gross written premium (GWP) and €718 billion of gross non-life technical provisions. Our analysis includes some composite companies but only those writing predominantly non-life business.
Key findings include the following:
- GWP increased from €533 billion at year-end 2024 to €561 billion at year-end 2025.
- The countries with the largest GWP increases over the year were Germany and France, while Austria experienced the largest decrease in GWP volume.
- The line of business with the largest proportional GWP increase over the year was other motor, with a 0.7% increase.
- Ceded written premiums increased from €150 billion at year-end 2024 to €155 billion at year-end 2025.
- The majority of non-life insurers continue to be heavily invested in bonds.
- Overall, technical provisions increased between year-end 2024 and year-end 2025: At year-end 2025, the technical provisions, gross of reinsurance, totalled €718 billion, and €527 billion net of reinsurance, compared with €686 billion gross of reinsurance and €505 billion net of resinsurance at year-end 2024.
- The ratio of eligible own funds to the solvency capital requirement (SCR) had increased, from 250% at year-end 2024 to 259% at year-end 2025. Austria had the highest coverage ratio (313%) at year-end 2025, while Romania had the lowest coverage ratio (154%).
- In total, across all 15 countries in our sample, there were no material changes to the tiering of own funds between 2024 and 2025.