evidence: The non-decreasing penetration rate against a background of sustained economic growth implies that gross premiums written have been growing steadily over recent decades, except for the period of the GFC. This growth has been recorded for most of the insurance subsegments, while the volatility of the growth rate has varied significantly across both segments and countries. This is apparent from the width of the grey areas in Fig. 1. The differences between countries in growth rates, levels, and importance of the individual insurance subsegments (Fig. 3) are caused by various factors. These include the level of development of financial markets, the existence of public insurance schemes, the overall wealth and income situation of economic agents, and the natural need to be insured against specific risks. The heterogeneity in life insurance and its penetration is significantly affected by different shares of guaranteed and unit-linked products in life insurance across countries, which has also affected the growth of life insurance in the low-yield environment. Motor, property, and accident insurance account for over 60% of business in the non-life market in all European countries (and more than 80% in most cases).