European cross-border life sector rebounds strongly in 2024

The European cross-border life market, excluding the UK, wrote an estimated €41.2bn in new premiums in 2024, a 22% increase on 2023 (€33.7bn). This marks a strong return to growth following two years of contraction and lifts Europe’s global market share to 62%, reaffirming the region as the world’s dominant cross-border life hub.  

These findings are published today in The European Cross-border Life Market in 2024, AILO’s dedicated annual assessment of new business trends across more than 28 markets in Europe. 

Europe returns to long-term norms 

The report shows that the region’s 2024 performance is closely aligned with historic patterns: the estimated €41.2bn written is almost identical to the five-year average (€41.3bn) and approaching pre-pandemic levels (€43.3bn in 2019). More favourable investment conditions and easing inflation supported renewed appetite for unit-linked and index-linked products, which together represented 75.2% of all business written.  

Leading markets remain highly concentrated 

Italy, France and Germany again dominated activity, collectively accounting for 76% of all European cross-border premiums, unchanged from 2023. Sweden and Belgium completed the top five, and together these markets represented 85% of the total regional new business written.  

Luxembourg strengthens its leadership; Ireland remains a European hub 

Luxembourg and Ireland continued to account for nearly all cross-border life business written in Europe. 

• Luxembourg recorded €23.1bn (+30%), increasing its jurisdictional share to 56% (up from 49.7%). 

• Ireland wrote €17.2bn, representing 41.7% of the total. 

• Liechtenstein and the Isle of Man/Channel Islands accounted for the remaining share, with the latter continuing to see minimal activity due to ongoing EU/EEA restrictions.  

Market concentration intensifies among top providers with seven companies writing more than €2bn of new business each in 2024, up from five the previous year. The combined market share of the €2bn + group in 2024 was 51%.  

Commenting on the findings, AILO Chairman Jeffrey More said: 

“The European cross-border life sector has reasserted its strength in 2024. Stable investment conditions and renewed interest in unit-linked solutions helped restore long-term market patterns across the region. As our report shows, Europe continues to anchor the global cross-border life landscape — and our role at AILO is to support Members in navigating the opportunities and challenges that come with that position.” 

The European Cross-border Life Market in 2024 report is available exclusively to AILO Members via the Member Login tab of the website, click here for details.