A new study from the Comite Europeen des Assurances (CEA) has reportedly attributed much of the growth in the region's life insurance markets to an ageing population.
Investment and Pensions Europe (IPE) reports that the findings form part of the CEA’s latest review on the state of the industry.
According to the CEA, total turnover in European life assurance reached E551 billion in 2004, while the total amount invested in life-related business grew by some 5.6%.
IPE quotes the CEA statistics group’s chairman Jerome Comu as saying that, the growth observed in most western countries over the last few years is, among other things, related to the change in European demography.
The new pension systems under development emphasize the role of private insurance in the provision of pension revenue. This change is reflected by tax advantages for several life products in many countries, he added.