# Boleron EU — Full Curated Reference

This file complements /llms.txt with narrative, citable content: the EU-wide
insurance document/signature research matrix, verified regulator confirmations,
top regulatory FAQs, and a one-paragraph market summary per covered country.
For structured offer/market data, use the Discovery API documented in /llms.txt.

## Research matrix summary

What documents must insurers and brokers provide to clients? What requires a signature — and from whom? Verified research across all 27 EU member states for MTPL, CASCO, and Travel insurance.

Boleron is a licensed EU insurance broker, supervised by Bulgaria's Financial Supervision Commission (FSC) and passported across all 27 EU member states via Freedom of Services. This research was conducted to support pan-European digital insurance distribution — specifically to identify where the EU standard applies uniformly and where national law creates specific requirements.

The core finding: 26 of 27 EU member states require no client signature for online insurance purchase — payment or checkbox constitutes valid consent under eIDAS + Consumer Rights Directive. The single exception is Bulgaria, where the Insurance Code requires a bilateral written contract with client signature, addressed through a broker mandate agreement.

Full matrix: https://boleron.eu/en/research/eu-insurance-document-matrix

## Verified by EU National Regulators

Direct confirmations from EU national supervisory authorities — April–May 2026.

### AZN (Slovenia) — May 2026
Quote: "All elements listed in your Compliance Interpretation Matrix and Additional Framework Questions except one can be considered confirmed."
No client signature required. Checkbox + payment = valid consent.
Confidence: ★★★

### HANFA (Croatia) — May 2026
Quote: "We have not identified any inconsistencies with the legal framework in the Republic of Croatia."
Full online model confirmed.
Confidence: ★★★

### Lietuvos bankas (Lithuania) — 15.05.2026
Quote: "Your interpretation can be considered confirmed."
All matrix elements confirmed.
Reference: Ref: 2026/S12-2396 — signed with QES by Director Vaidas Cibas
Confidence: ★★★

### FIN-FSA (Finland) — March 2025
No client signature required. Language requirement: Finnish/Swedish or explicit client consent to English.
Reference: General Good memorandum
Confidence: ★★★

### CNB (Czech Republic) — April 2026
§2758(2) Civil Code: payment = written form fulfilled. No broker mandate needed. Insurance Distribution Act §96 confirmed as supervisory scope.
Confidence: ★★★

### FSMA (Belgium) — May 2026
Quote: "Home Member State is exclusive contact for all matters relating to passporting."
Host NCA has no jurisdiction over contract form.
Confidence: ★★★

### Finantsinspektsioon (Estonia) — April 2026
General Good provisions: no client signature required. Language: Estonian or explicit consent. AML: MLTFPA applies.
Reference: Via FSC Bulgaria
Confidence: ★★★

### Finansinspektionen (Sweden) — May 2026
No language requirement. No client signature requirement. Dienstverleningsdocument not required. Remuneration must be disclosed.
Reference: General Good Rules PDF (25 pages)
Confidence: ★★★

### AFM (Netherlands) — May 2026
Provisieverbod does NOT apply to MTPL/CASCO/Travel. Dienstverleningsdocument (Dutch) required before purchase.
Reference: General Good Rules PDF
Confidence: ★★★

## Top regulatory FAQs

Q: Do I have the right to cancel an insurance policy purchased online in the EU?
A: Yes. Under Directive 2023/2673/EU (Distance Selling Directive), from 19 June 2026 all consumers in the EU have a 14-day right of withdrawal from online insurance contracts. The insurer or broker must provide an online withdrawal function that is as easy to use as the conclusion flow. Travel insurance with cover under 1 month is exempt. MTPL withdrawal leaves the vehicle uninsured — a replacement policy must be purchased immediately.

Q: Is a client signature required on an insurance policy when purchasing online in the EU?
A: In 26 out of 27 EU member states, no client signature is required when purchasing insurance online. Payment or checkbox acceptance constitutes valid consent under the EU Consumer Rights Directive (2011/83/EU) and eIDAS Regulation (910/2014). The single exception is Bulgaria, where the Insurance Code (ICA) requires a bilateral written contract — meaning a client signature is legally required. Bulgarian insurtech platforms address this through a broker power of attorney (mandate agreement), where the licensed broker signs the contract on the client's behalf under a mandate granted via checkbox at the time of T&Cs acceptance.

Q: Which EU country is the only one requiring a physical paper MTPL policy with a windshield sticker?
A: Bulgaria is the only EU member state that legally requires a physical paper MTPL (motor third-party liability) policy delivered with a hologram windshield sticker and a control card, delivered by courier. In all other 26 EU member states, a digital PDF policy is fully valid and police verify insurance via national plate databases. The hologram sticker remains mandatory under Bulgarian law (ZDP). A bill to remove it was voted on in the National Assembly in July 2025 but did not pass; there is no confirmed removal date.

Q: What does the EU Insurance Distribution Directive (IDD) require before every policy conclusion?
A: Under IDD Art.20 (Directive 2016/97/EU), before every insurance conclusion a distributor must: (1) provide the IPID (Insurance Product Information Document) — a standardised 2-page summary on a durable medium (email qualifies); (2) provide the General Terms and Conditions (T&Cs) of the specific policy; (3) conduct a needs assessment — determine the client's requirements and needs. None of these require a wet or qualified electronic signature from the client. T&Cs acceptance via checkbox is standard and legally valid across all 27 EU member states under eIDAS Art.25(1). Note: advice / personal recommendation (Art.20(3) IDD) is a separate obligation — required only if the client explicitly requests a recommendation.

Q: What is the difference between the needs assessment (Art.20 IDD) and insurance advice?
A: These are two distinct obligations. The needs assessment (Art.20(1) IDD / Art.325a(1) of the Bulgarian Insurance Code) is mandatory before every insurance conclusion for every product — it determines the client's requirements and needs. Insurance advice (Art.20(3) IDD / Art.325a(5) ICA) — a personal recommendation as to which product best suits the client — is only required if the client explicitly requests it. For standardised products like MTPL, the needs assessment has minimal practical content since the product terms are fixed by law.

Q: Can national law require a Qualified Electronic Signature (QES) for online insurance contracts?
A: No. Under eIDAS Regulation Art.25(1) — which has direct effect across all 27 EU member states and takes precedence over national law — member states cannot deny legal effect to an electronic signature solely because it is not a Qualified Electronic Signature (QES). The eIDAS framework recognises three levels: simple, advanced, and qualified — all legally valid. A national insurance law mandating QES as the only valid form for online insurance contracts would directly conflict with eIDAS and could be challenged before national administrative courts or the Court of Justice of the EU.

Q: Is travel insurance mandatory in EU countries?
A: For EU citizens travelling within the EU: not mandatory. The EHIC (European Health Insurance Card) covers emergency public healthcare in other EU member states, though it does not replace private travel insurance for cancellation, luggage, or private hospital coverage. For non-EU citizens applying for a Schengen visa: mandatory under Regulation (EC) No 810/2009 Art.15. Requirements: minimum €30,000 medical cover, zero deductible, valid across all 29 Schengen states, covering emergency medical treatment, hospitalisation, and repatriation of remains.

Q: Is a physical travel insurance policy required in any EU country?
A: No. A digital PDF travel insurance certificate is accepted in all 27 EU member states and by all EU embassies processing Schengen visa applications. Instant PDF delivery by email after online payment is the universal standard. Note: embassies accept full PDF certificates — screenshots or partial documents are not accepted for Schengen visa applications.

Q: What documents must an insurance broker provide to the client under IDD before policy conclusion?
A: Under the Insurance Distribution Directive (IDD 2016/97/EU), before every insurance conclusion a distributor must provide: (1) the IPID — Insurance Product Information Document, a standardised 2-page summary; (2) General Terms and Conditions (T&Cs) of the specific policy; (3) a needs assessment document determining the client's requirements and needs (Art.20 IDD). These must be provided on a durable medium — which includes email and digital formats, not only paper.

Q: How does the Czech Civil Code treat online insurance contract formation?
A: Under Czech Civil Code §2758 (Act No. 89/2012), insurance contracts for periods of one year or longer require written form. However, §2758(2) creates a statutory fiction: if the policyholder accepts the offer by timely payment of the insurance premium, the written form is deemed fulfilled. No client signature, broker mandate, or QES is needed — payment constitutes the written form. For short-term policies under one year (including most travel insurance), no written form is required at all, and the contract may be concluded by any distance means including online. The Czech National Bank (CNB) confirmed in April 2026 that cross-border brokers from other EU member states should review §2758 and the Insurance Distribution Act (170/2018) when distributing in Czechia.

Q: What is the broker mandate model used for online insurance sales in Bulgaria?
A: Since the Bulgarian Insurance Code (ICA) requires a bilateral written contract with a client signature, online insurance brokers in Bulgaria developed a mandate agreement (power of attorney / възлагателен договор). The client accepts the General Terms and Conditions online (checkbox), which simultaneously grants the licensed broker the authority to sign the insurance contract on the client's behalf and on behalf of the insurer. The broker then signs both sides of the contract. This mechanism was pioneered by Boleron and is the standard online distribution model for licensed brokers in Bulgaria. It is not required in any other EU member state — in all other 26 EU countries, payment alone constitutes valid contract formation.

Q: Do I need to provide insurance documents in the local language in every EU country?
A: No — in 20 of 27 EU member states, English is accepted for insurance documents with client consent. Mandatory local language requirements exist in France (French, Loi Toubon), Belgium (by region: Dutch in Flanders, French in Wallonia, both in Brussels), and Luxembourg (French or German). Conditional requirements (local language for complaints only, or unless the client explicitly consents to English) apply in Finland, Estonia, Lithuania, and Slovenia. Source: national regulator responses, April–May 2026.

## Sources

Boleron is a licensed EU insurance broker, regulated by Bulgaria's Financial Supervision Commission (FSC/КФН) and passported across all 27 EU member states via Freedom of Services under IDD Art.6.

IDD 2016/97/EU, eIDAS 910/2014, Consumer Rights Dir. 2011/83/EU, Distance Selling Dir. 2023/2673/EU, BG Insurance Code (ICA), CZ Civil Code §2758 (89/2012), CZ Insurance Distribution Act (170/2018), RO Civil Code Art.1166, PL Civil Code Art.809 + Insurance Activity Act Art.43, National regulator websites, official insurer FAQs.

## Market summaries

### austria

The Austrian insurance market is a mature and well-capitalised market within the European Economic Area. In 2024, total gross written premium income reached approximately EUR 21.4 billion, a growth of 5.3% over 2023. The property and casualty segment (including motor TPLI) is the dominant segment with EUR 13.1 billion (around 61% of total premiums), while life insurance contributed EUR 5.2 billion (approximately 24%) and private health insurance EUR 3.1 billion (approximately 15%). The market is supervised by the Austrian Financial Market Authority (FMA), which oversaw 74 licensed insurance undertakings in 2024. The sector is highly concentrated, with Vienna Insurance Group and UNIQA together controlling more than half of direct premiums. Extreme weather events, particularly the September 2024 Central European floods, drove claims to over EUR 1.6 billion in natural catastrophe losses. Austrian insurers maintain strong solvency ratios, with around 87.5% of undertakings holding an SCR solvency ratio above 200%. The market is governed primarily by the Insurance Supervision Act 2016 (VAG 2016), which transposes the EU Solvency II Directive into national law.

Source: https://boleron.eu/en/austria

### belgium

Belgium's insurance market is one of the larger markets within the EU, with total gross written premiums reaching EUR 35.1 billion in 2024, an increase of 8.4% year-on-year. The market operates under a Twin Peaks regulatory model: the National Bank of Belgium (NBB) handles prudential supervision of approximately 80 insurance companies, while the Financial Services and Markets Authority (FSMA) oversees market conduct and consumer protection. Life insurance dominates with a 52.4% share, driven by growth in guaranteed-rate Branch 21 products and unit-linked Branch 23 products. Non-life premiums reached EUR 16.7 billion in 2024, supported by motor, fire, and health lines. The broker channel accounts for the largest distribution share at around 52% of total premiums. Belgium adopted the Solvency II framework via the Insurance Supervision Act of 13 March 2016, and the insurance industry's assets represent approximately 59% of GDP.

Source: https://boleron.eu/en/belgium

### bulgaria

The Bulgarian insurance market recorded total gross written premiums of BGN 5.25 billion (EUR 2.68 billion) in full-year 2025, up approximately 12% year-on-year according to official Financial Supervision Commission (FSC/KFN) data as reported by XPRIMM. Non-life insurance dominates with an approximately 83.4% share (non-life GWP up 12.16% y-o-y to a record BGN 4.38 billion), while life insurers wrote BGN 870 million (up 11.36% y-o-y). Property insurance was the standout performer, with gross written premium in Fire and other natural disasters up over 24% y-o-y to BGN 542.3 million and paid property claims almost 2.5x higher, reflecting growing climate-driven demand, while motor MTPL grew about 10% and Motor Hull about 15%. Growth accelerated through 2025: Q1 GWP rose 21.58% y-o-y to BGN 1.37bn, H1 was up 17% to BGN 2.73bn, Q1-Q3 reached BGN 3.94bn (+12.97%), and the full year closed at BGN 5.25bn (+12%). ZD Evroins AD ended 2025 as the largest non-life insurer with GWP of about EUR 314.8 million, ahead of Bulstrad Vienna Insurance Group (EUR 246.65 million) and Armeec (EUR 178.5 million). As of end-2024, the latest formal FSC annual census before the 2026 licence revocation, there were 36 locally licensed insurers: 26 non-life (including health) and 10 life/mixed-activity; following the June 2026 revocation of ZAD DallBogg's licence the number of active locally licensed insurers fell to approximately 35. Around 434 EU/EEA insurers had notified intent to operate in Bulgaria under freedom of services as of March 2026. Insurance broker intermediated premium reached BGN 1.494 billion for H1 2025 (up 9.5% y-o-y, including EU-domiciled brokers), with broker commissions of BGN 261.8 million (+8%), covering 343 registered brokers; the market continued growing into 2026, with UNIQA Bulgaria reporting almost 33% premium growth in Q1 2026, one of the fastest-growing markets in the UNIQA CEE group. Bulgaria's population as of 31 December 2025 was 6,423,207, a decline of 14,153 people (-0.22%) versus 2024, per final NSI data. Bulgaria's nominal GDP reached EUR 116.018 billion in 2025 per NSI (3.1% real growth, GDP per capita EUR 18,060), implying insurance penetration of roughly 2.3% of GDP, well below the EU average; home insurance remains particularly underdeveloped, with only about 10% of dwellings insured, last in Europe. Two landmark developments frame 2026: Bulgaria adopted the euro on 1 January 2026 at the irrevocably fixed rate of BGN 1.95583 per EUR 1, becoming the 21st eurozone member, so all insurance accounts and premiums are now denominated in euro (the FSC and industry confirmed that the sector's readiness meant 2026 premium movements reflect standard market factors rather than currency conversion); and on 9 June 2026 the FSC revoked the insurance licence of ZAD DallBogg: Life and Health AD, which had become one of Bulgaria's largest MTPL writers with over 900,000 customers in Bulgaria and abroad, after finding a EUR 280 million shortfall in capital reserves and citing non-compliance with the Solvency II minimum capital requirement, failure to implement administrative orders, systemic violations of EU internal market conduct rules, and refusal to pay court-ordered claims in Poland, Romania and Italy; a ban on new business had been imposed on 2 April 2026 after DallBogg's recovery plan was rejected by the FSC on 11 May 2026, and the company is now managed by two appointed quaestors, with the Guarantee Fund confirming it holds sufficient resources to meet resulting MTPL claim obligations. Earlier cross-border restrictions on DallBogg had been imposed by Polish (April 2025), Romanian (October 2025), and FSC (July 2025, renewed October 2025) regulators.

Source: https://boleron.eu/en/bulgaria

### croatia

The Croatian insurance market posted EUR 1.92 billion in gross written premiums in 2024, a 9.9% year-on-year increase, according to HANFA's annual report. The market is heavily skewed toward non-life business, which accounted for 82.57% of total premiums (EUR 1.59bn), while life insurance contributed 17.43% (EUR 335.1 million). Motor third-party liability (MTPL) is the largest non-life class with EUR 573 million in 2024, followed by motor own-damage (EUR 297 million) and property insurance (EUR 294 million). As of end-2024, 14 insurance companies were licensed and operating in Croatia. The market is supervised by HANFA (Croatian Financial Services Supervisory Agency), established in 2005. Claims paid in 2024 reached EUR 1.3 billion, up 8.3% year-on-year. Croatia adopted the euro in January 2023, eliminating currency risk for the sector. The market has recorded consistent annual premium growth since 2020, driven by motor and property line price corrections and an expanding vehicle fleet.

Source: https://boleron.eu/en/croatia

### cyprus

The Cyprus insurance market totaled EUR 1.31 billion in gross written premiums in 2024, an increase of 8.23% year-on-year, according to the Insurance Association of Cyprus (IAC). The market is dominated by the life insurance segment, which accounts for approximately 56% of total GWP, driven by investment-linked products, group pension plans, and bancassurance. Non-life insurance represents the remaining 44%, with motor insurance being the largest non-life line of business. Over 30 insurance undertakings are licensed and supervised by the Insurance Companies Control Service (ICCS), a division of the Ministry of Finance. The sector manages assets exceeding EUR 2.5 billion and is fully aligned with EU regulatory standards, including Solvency II (transposed via Law 38(I)/2016). Cyprus serves as a passporting hub for international insurers operating across the EU, benefiting from its favorable regulatory and tax environment.

Source: https://boleron.eu/en/cyprus

### czechia

The Czech insurance market is one of the largest in Central and Eastern Europe and is supervised by the Czech National Bank (ČNB) as the single integrated financial market regulator. Gross written premiums reached CZK 247.15 billion in 2025 (up 7.26% year-on-year in local currency, according to CNB year-end data), continuing several years of steady growth driven mainly by non-life lines, especially motor and property insurance, against a backdrop of claims inflation and increasingly frequent natural catastrophe losses (the September 2024 floods caused record insured losses). Life insurance remains a smaller but recovering segment, weighed down historically by low unit-linked sales but showing renewed growth momentum in 2025. The market is highly concentrated, with the five largest insurance groups (Generali/Česká pojišťovna, VIG's Kooperativa and Česká podnikatelská pojišťovna, Allianz and others) controlling roughly 84% of premium volume. Insurance penetration stands at around 2.9% of GDP, slightly below the Western European average.

Source: https://boleron.eu/en/czechia

### denmark

The Danish insurance market is one of the most developed in the Nordic region, characterised by a large life and pension sector underpinned by compulsory occupational pension contributions and high household savings rates. Life insurance and pension premiums dominate total GWP. The non-life segment, led by Tryg, Alm. Brand and Topdanmark, is moderately concentrated and has seen strong premium growth driven by motor rate increases and claims inflation. The market is regulated by Finanstilsynet (the Danish Financial Supervisory Authority) and the industry trade body is Forsikring & Pension (F&P). A new standalone Insurance Business Act (Lov om forsikringsvirksomhed) entered into force in 2025, separating insurance regulation from the broader Financial Business Act.

Source: https://boleron.eu/en/denmark

### estonia

Estonia's insurance market is small but steadily growing, denominated entirely in euros since 2011. Total gross written premiums reached EUR 685.43 million in 2024, a 7.36% year-on-year increase, according to data published by the Estonian National Statistics Board. Non-life insurance dominates, accounting for approximately 87-88% of total premiums, led by motor (MTPL and casco), property, and health lines. Life insurance represents roughly 12-13% of the market. All 18 active insurers operating in Estonia are members of the Estonian Insurance Association (EKsL). The market is supervised by Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), which grants operating licences and ensures compliance with the Insurance Activities Act and Solvency II requirements. Insurance penetration was estimated at approximately 1.6% of GDP in 2023. Digital distribution is highly advanced, with approximately 85-90% of non-life sales conducted through electronic channels.

Source: https://boleron.eu/en/estonia

### finland

Finland has a mature and highly developed insurance market characterised by a large proportion of statutory insurance. Two thirds of total premiums written derive from statutory lines including employee pension insurance, workers' compensation insurance, motor third-party liability insurance and patient insurance. At end-2024 there were 46 licensed Finnish insurers: 34 specialising in non-life business and reinsurance, 8 in life insurance and 4 in statutory employee pension insurance. Total gross premiums written across all sectors grew 5.2% to EUR 29.8bn in 2024; life premiums grew 20% to EUR 5.5bn, non-life premiums grew 3% to EUR 5.6bn and statutory pension premiums grew 2% to EUR 18.8bn. The market is highly concentrated, with Pohjola Insurance (OP Group), LocalTapiola and If P&C dominating the non-life sector. The Finnish Financial Supervisory Authority (Finanssivalvonta, FIN-FSA) is the primary prudential regulator, operating under the Solvency II framework as implemented by the Insurance Companies Act 521/2008 and its 2015 amendments.

Source: https://boleron.eu/en/finland

### france

France is the largest insurance market in the European Union by prudential balance sheet, with 639 licensed insurance organisations and EUR 2,972 billion in total prudential assets as of 2024. Total gross written premiums reached EUR 283.3 billion in 2024, up 12.1% year-on-year, driven by record life insurance net inflows of EUR 22.8 billion and solid non-life premium growth of 6.8%. Life and capitalisation insurance dominates the market at approximately 73.5% of total premiums (EUR 208.3 billion), while property and liability insurance accounts for the remaining 26.5% (EUR 75.0 billion). Insurance penetration exceeds 10% of GDP, well above the OECD average. The market is supervised by the ACPR, an administrative authority attached to the Banque de France, and intermediaries are registered with ORIAS. The French market operates under the Solvency II framework, transposed via Ordonnance n°2015-378 of 2 April 2015. The public reinsurer CCR provides state-backed reinsurance cover for natural catastrophe and extreme risks.

Source: https://boleron.eu/en/france

### germany

Germany is the largest insurance market in Europe by total premium volume. In 2025, the German insurance industry recorded gross written premiums of approximately EUR 254 billion, a growth of 6.6% over the prior year, according to the Gesamtverband der Deutschen Versicherungswirtschaft (GDV). The market is divided into three main segments: life insurance (EUR 99.4bn, +5.1%, driven mainly by single-premium business), property and casualty or Schaden- und Unfallversicherung (EUR 99.7bn, +7.7%), and private health insurance or PKV (EUR 54.4bn, +7.3%). Motor insurance was the main growth driver in P&C, with premiums up 13.4% to EUR 38.6bn, and the segment returned to technical profitability in 2025 with a combined ratio of about 96%, after loss-making years with ratios above 100%. For 2026, GDV expects more moderate growth of 4.7% across all lines amid a weak macroeconomic backdrop. The primary regulator is BaFin (Bundesanstalt fur Finanzdienstleistungsaufsicht), which supervised 469 insurance undertakings, Pensionskassen and Pensionsfonds at the federal level in 2025 (down from 522 in 2023/2024, reflecting continued market consolidation). A further number of smaller undertakings remain under the supervision of the Lander authorities. The legal basis for insurance supervision is the Versicherungsaufsichtsgesetz (VAG), and the Solvency II Directive has applied since 1 January 2016. Germany's population stood at approximately 83.5 million at the end of 2025, the first population decline since 2020, and nominal GDP reached about EUR 4.47 trillion (~USD 5.0 trillion).

Source: https://boleron.eu/en/germany

### greece

Greece's private insurance market is supervised by the Bank of Greece and represented industry-wide by the Hellenic Association of Insurance Companies (HAIC/EAEE). In 2025, total premium production reached EUR 6.01 billion, up 5.6% year-on-year, with non-life insurance (EUR 3.20 billion, +8.3%) outweighing life insurance (EUR 2.81 billion, +2.7%). Motor insurance (land vehicles plus MTPL) remains the largest single line at about EUR 1.33 billion (+7.3%), representing roughly 40% of non-life premium, while property insurance grew to about EUR 705 million (+8.2%) partly on the back of claims from the late-2025 Adel and Byron storms that hit Western Greece, Attica and Eastern Greece. The market operates through 26 domestically incorporated companies plus 1 mutual cooperative, 13 branches of foreign insurers and 6 EU insurers under freedom of services, 46 entities in total. The market remains structurally underpenetrated relative to EU peers, with premiums equal to about 2.4% of the country's EUR 248.4 billion nominal GDP in 2025, reflecting the dominant role of the public social security system and historically low uptake of natural catastrophe and health covers outside compulsory motor third-party liability. The sector has seen notable consolidation, including Piraeus Bank's completed acquisition of Ethniki Insurance in November 2025 and Reale Mutua's acquisition of a majority stake in Ydrogios, alongside continued digitalization and the rollout of electronic vehicle-insurance verification tools.

Source: https://boleron.eu/en/greece

### hungary

The Hungarian insurance market recorded HUF 1,695.5 billion (EUR 4.13 billion) in gross written premiums in 2024, representing 12.4% year-on-year growth according to Magyar Nemzeti Bank (MNB) data. Non-life insurance accounted for approximately 66.7% of total GWP, with life insurance representing 33.3%. Insurance penetration reached approximately 2.08% of GDP in 2024, recovering after years of decline, partly aided by the easing of extra-profit tax burdens. The market is dominated by multinational groups, with Vienna Insurance Group, Generali and Allianz being the three largest by premium income. Supervision is conducted exclusively by the MNB, which absorbed the former Hungarian Financial Supervisory Authority (PSZAF) in October 2013. The sector operates under the Solvency II framework applicable since January 1, 2016. Composite insurance is not permitted; non-admitted insurance is prohibited except for EEA/EU insurers operating under freedom of services or branch.

Source: https://boleron.eu/en/hungary

### ireland

Ireland is a major European hub for insurance and reinsurance, with the Central Bank of Ireland as the primary prudential regulator. The market is characterised by a large international life insurance sector writing cross-border EU business from Dublin, alongside a domestic non-life segment covering motor, property, liability and health. As of year-end 2024, 86 non-life insurers were authorised by the CBI, and life insurers wrote gross premiums of EUR 48.1bn. Post-Brexit relocations, Solvency II compliance, and digital distribution are key market drivers. The industry holds over EUR 85bn in investments and employs over 43,000 people in Ireland.

Source: https://boleron.eu/en/ireland

### italy

The Italian insurance market is one of the largest in Europe. In 2024, total gross written premiums collected by IVASS-supervised firms reached EUR 151.4 billion (6.9% of GDP), driven by a strong rebound in life insurance (+21.2%), particularly unit-linked products (+59%), and continued growth in non-life (+7.5%). At year-end 2024, 89 supervised firms operated in Italy (85 domestic and 4 non-EEA branches), alongside 895 firms operating under freedom of services and 92 EEA branches. Life insurance dominates the market at 73% of total premiums, with bancassurance as the leading distribution channel (56.6%). The non-life segment represents 27%, with motor accounting for approximately 42.8% of non-life premiums. Italy has the highest motorisation rate in the EU (701 passenger cars per 1,000 inhabitants) and a significant compulsory motor third-party liability (RC Auto) insurance obligation. The market is regulated by IVASS (Istituto per la Vigilanza sulle Assicurazioni), an independent supervisory authority closely integrated with the Bank of Italy.

Source: https://boleron.eu/en/italy

### latvia

The Latvian insurance market reached approximately EUR 1.23 billion in gross written premiums in 2024, a circa 10% increase year-on-year, continuing a strong multi-year growth trend. Non-life insurance accounts for around 81% of total GWP with motor and health insurance as the leading segments, while life insurance represents approximately 19%. Since 1 January 2023 the sector is supervised by Latvijas Banka, which absorbed the former Financial and Capital Market Commission (FKTK). At year-end 2023, six insurance undertakings were registered in Latvia alongside eleven branches of EU Member State insurers. The market is fully privatised and open to foreign participation. Health insurance and unit-linked life products have been key growth drivers, while MTPL premiums moderated in 2024 due to falling policy prices.

Source: https://boleron.eu/en/latvia

### lithuania

Lithuania's insurance market reached EUR 1.585 billion in gross written premiums in 2024, growing by 9.1% year-on-year according to the Bank of Lithuania. The market first crossed the EUR 1 billion threshold in 2021 and has grown rapidly since, driven primarily by non-life insurance which accounts for 77% of total premiums. The non-life segment was led by compulsory motor third-party liability (MTPL) insurance at 28.9% of the non-life market, CASCO motor vehicle insurance (EUR 283.8 million), property insurance (EUR 282.1 million), and rapidly growing medical expense insurance (EUR 139.4 million). The life segment, accounting for 23% of total premiums (EUR 370 million), is dominated by unit-linked products (80.6% of life premiums). At end-2024, the market was served by 19 insurers: 8 locally registered undertakings and 11 branches of EU-registered insurers. Insurance penetration relative to GDP remains below the EU average, reflecting the market's continued growth potential. The Bank of Lithuania acts as the sole prudential and conduct supervisor of the insurance sector.

Source: https://boleron.eu/en/lithuania

### luxembourg

Luxembourg is one of Europe's premier insurance and reinsurance hubs, with a sector dominated by cross-border life insurance for high-net-worth individuals distributed under EU freedom to provide services, and a thriving captive reinsurance sector for which Luxembourg is the EU's largest domicile. As of 31 December 2024, total gross written premiums across life, non-life and reinsurance reached a record EUR 63.6 billion, driven by a 41% rebound in life insurance to EUR 26.8 billion, a 4.3% rise in non-life to EUR 19.6 billion, and reinsurance premiums of approximately EUR 15 billion. Total sector balance sheets reached EUR 380 billion at year-end 2024. The CAA supervised 278 entities as of mid-2025 and issued 7 new licences in 2024. Despite an OECD-leading total insurance penetration of 33% of GDP, this predominantly reflects cross-border activities; the domestic penetration is approximately 3.8% of GDP for both life and non-life. The non-life segment saw its total balance sheets multiply fivefold between 2015 and 2024, boosted by post-Brexit portfolio transfers from the UK.

Source: https://boleron.eu/en/luxembourg

### malta

Malta is an EU member state and eurozone country whose insurance sector serves two distinct markets: a small domestic retail market and a large international market. The domestic market is served by a handful of local composite insurers and is characterised by insurance penetration below the EU average. Malta has simultaneously developed into a significant international insurance domicile, attracting multinational captives, protected cell companies (PCCs), incorporated cell companies (ICCs), and reinsurers through its EU passporting rights, innovative PCC legislation and competitive regulatory framework. The Malta Financial Services Authority (MFSA) is the single prudential and conduct regulator for all financial services including insurance, operating under the Insurance Business Act (Cap. 403) and the Insurance Distribution Act (Cap. 487). Total gross premiums written for risks outside Malta by Malta-domiciled insurers reached EUR 7.6 billion in 2023, with insurance cells growing to 79 and non-domestic insurers and captives numbering 57. The domestic non-life premium income stood at approximately EUR 217.75 million in 2019 per MIA data, and the market has continued to grow since. The financial and insurance sector collectively accounts for 8.2% of Malta's real Gross Value Added as of 2024.

Source: https://boleron.eu/en/malta

### netherlands

The Netherlands hosts one of the largest insurance markets in the European Union, ranking fifth by gross written premiums. The market is dominated by non-life (schade) and health insurance, driven by the mandatory Zorgverzekeringswet (Health Insurance Act), which accounts for the bulk of non-life GWP. In 2024, total gross insurance premiums rose 7% to EUR 37.7 billion, with non-life/damage premiums at EUR 18.1 billion, life premiums at EUR 14.6 billion, and income-protection (inkomen) premiums at EUR 4.9 billion. The Dutch insurance sector is supervised under the twin-peaks model by De Nederlandsche Bank (DNB) for prudential supervision and the Autoriteit Financiele Markten (AFM) for conduct-of-business supervision. The sector is governed primarily by the Financial Supervision Act (Wet op het financieel toezicht, Wft) and the Solvency II framework. The number of domestic non-life insurers has declined significantly from 251 in 2002 to around 107 at end-2022 due to consolidation. The motor insurance market saw premiums grow 7% to EUR 6.9 billion in 2024, though results remain under pressure from rising claims and repair costs. Life insurance received a boost from the new Future Pensions Act (Wet toekomst pensioenen), with more pension funds transferring obligations to insurers.

Source: https://boleron.eu/en/netherlands

### poland

Poland is the largest insurance market in Central and Eastern Europe, accounting for approximately 39% of regional GWP. As of year-end 2024, 46 licensed insurance undertakings operated in Poland (20 life, 26 non-life) plus one domestic reinsurer. Total gross written premiums reached PLN 85.67 billion in 2024, up 8.6% year-on-year, with non-life strongly dominant at 72.4% of the market. The market is supervised by the Polish Financial Supervision Authority (KNF/UKNF) and governed primarily by the Act on Insurance and Reinsurance Activity of 11 September 2015, which implemented Solvency II. Motor insurance leads the non-life segment, while the life segment is smaller relative to peers due to long-term structural trends. Market concentration is increasing, with PZU holding leading positions in both segments.

Source: https://boleron.eu/en/poland

### portugal

Portugal's insurance market recorded strong growth in 2024, with total direct gross written premiums exceeding EUR 14.3 billion, a 21.2% increase over 2023. This followed a contraction in 2023 (-2%) driven by a sharp decline in Life premiums. The 2024 rebound was led by the Life segment (+34.9%), propelled by retirement savings products (PPR) and capitalisation policies, while Non-Life also grew steadily (+10.5%), with health and motor as the largest non-life segments. As of 2024, 39 insurers are headquartered in Portugal (under ASF prudential supervision), supplemented by 27 EU branches and over 536 insurers operating under the freedom to provide services regime. The market is moderately concentrated, with the top three insurers holding approximately 59% of premium volume. The sector is regulated and supervised by the ASF (Autoridade de Supervisao de Seguros e Fundos de Pensoes), established in its current form in 2015, and is subject to the Solvency II framework. Insurance penetration as a share of GDP stood at approximately 4.9% in 2024, reflecting the market's recovery from the 2022-2023 contraction.

Source: https://boleron.eu/en/portugal

### romania

Romania's insurance market reached RON 23.4 billion (EUR 4.7 billion) in gross written premiums in 2024, an 11% year-on-year increase, according to the Financial Supervisory Authority (ASF). The market is dominated by general insurance, which accounts for 81% of total GWP, with motor lines (RCA and CASCO) representing approximately 72% of non-life premiums. Life insurance, though smaller at 19% of GWP, recorded strong growth of approximately 16% in 2024. The market is moderately concentrated, with 25 ASF-authorised insurers and 14 EU branches active; the top 10 companies account for roughly 92% of total GWP. Insurance penetration remains among the lowest in the EU at 1.1% of GDP in 2024, signalling significant untapped potential. The market has recovered strongly following the high-profile insolvencies of City Insurance (2021) and Euroins (2023), which were managed through the Policyholder Guarantee Fund (FGA). Brokers are the predominant distribution channel, intermediating around 69% of total GWP.

Source: https://boleron.eu/en/romania

### slovakia

Slovakia's insurance market reached EUR 2.08 billion in gross written premiums in 2024, up 7% year-on-year, according to Q4 2024 data published by the National Bank of Slovakia (NBS). The market is dominated by non-life insurance, which accounts for approximately 63% of total GWP, with motor and property as the leading lines. Life insurance accounts for around 37%. The market is supervised by the NBS and is governed primarily by Act No 39/2015 on insurance, which transposed Solvency II into Slovak law effective January 2016. The main industry association is SLASPO (Slovenská asociácia poisťovní), whose membership includes both domestic insurers and EU branches. Composite insurance is not permitted; insurers must be licensed separately for life and non-life business. Compulsory motor third-party liability insurance is the most significant mandatory line, administered through the Slovak Insurers' Bureau (SKP). The market is characterised by a high degree of foreign ownership, with leading players including Allianz, Kooperativa (VIG) and Generali.

Source: https://boleron.eu/en/slovakia

### slovenia

The Slovenian insurance market is a well-developed, euro-denominated market dominated by two large domestic groups — Zavarovalnica Triglav and Zavarovalnica Sava — alongside Generali zavarovalnica and Vzajemna zdravstvena zavarovalnica. In 2024, the market contracted sharply by approximately 11% in consolidated gross written premiums to EUR 2.73 billion, driven entirely by a structural policy change: the government replaced voluntary supplementary health insurance with a mandatory public health contribution effective 1 January 2024, removing the largest single non-life class from private insurers' balance sheets. Excluding this effect, the underlying market — motor, property, liability and life — continued to grow. Life insurance GWP rose 5.7% to EUR 885 million, while non-life fell 17% to EUR 1.84 billion. Solvency II has been in force since 2016. The market is supervised by the independent Insurance Supervision Agency (Agencija za zavarovalni nadzor, AZN), established in 2000. The primary legislation is the Insurance Act ZZavar-1. In 2024, 12 domestic and 9 branch insurers operated in the market, with the four largest accounting for over 80% of gross premiums. There were approximately 1.8 million registered road vehicles and a population of about 2.13 million. After the 2024 contraction, the market returned to growth in early 2025 with an 11% increase in Q1 GWP to EUR 1.6 billion.

Source: https://boleron.eu/en/slovenia

### spain

Spain is one of Europe's largest insurance markets, ranking among the top ten globally by premium volume. In 2025, total gross written premiums surged to EUR 85.879 billion, a strong increase of approximately 13.73% compared to 2024, driven by a rebound in life savings products (up sharply amid falling interest rates boosting demand for guaranteed products) alongside continued robust growth in non-life lines. Non-life insurance accounted for roughly 58.2% of total premiums (EUR 49.963bn), with motor (EUR 14.285bn, +8.38%), health (EUR 13.443bn, +11.43%) and multirisk (EUR 10.697bn, +6.60%) as the leading lines, while life insurance represented about 41.8% (EUR 35.916bn). Insurance penetration rose to roughly 5.1% of GDP as nominal GDP reached EUR 1,687.15 billion in 2025. The market is supervised by the Dirección General de Seguros y Fondos de Pensiones (DGSFP) and remains highly concentrated, with around 170 operative entities registered as of mid-2025, continuing a multi-year trend of consolidation. In the prior full year (2024) the sector reported a profit of EUR 6.403 billion and a non-life combined ratio of 90.93%, underscoring continued technical and financial strength.

Source: https://boleron.eu/en/spain

### sweden

Sweden has one of the most developed insurance markets in Europe, characterised by high insurance density and a dominant life and occupational pension segment. In early 2024 the industry comprised 271 companies: 237 Swedish-domiciled entities (28 life insurers, 14 occupational pension companies, 171 non-life insurers and 24 mutual benefit associations) and 34 foreign-owned branches. Non-life premium income reached SEK 116bn in 2024 (up approximately 5% year on year), while competitive life and pension premiums reached SEK 413bn. The market is moderately concentrated; the four largest non-life groups (Länsförsäkringar, If Skadeförsäkring, Trygg-Hansa and Folksam) account for roughly 81% of non-life premiums. Life insurance, including occupational pension, accounts for the large majority of total premiums, a pattern consistent with Sweden being identified by the OECD as having one of the highest life insurance penetration rates among advanced economies. All insurers require authorisation from Finansinspektionen (FI) under the Insurance Business Act (SFS 2010:2043), which implements Solvency II. Motor third-party liability insurance is compulsory under the Traffic Injuries Act (1975:1410), administered through the motor bureau Trafikförsäkringsföreningen (TFF).

Source: https://boleron.eu/en/sweden