In 2023, Germany had the highest labor costs in insurance, reinsurance, and pension funding among European countries, with Italy and Austria showing notable year-on-year growth. The Netherlands also experienced a slight increase, while Ireland saw a significant decline. Luxembourg, Slovenia, Slovakia, and Estonia were among the countries with the highest growth rates despite their lower absolute costs. This indicates varying dynamics and competitiveness within the industry across Europe.
Looking ahead, labor cost trends are likely to be influenced by technological advancements, automation, and regulatory changes. Observing how these factors impact efficiency and cost management will be crucial for understanding future developments in the sector.
Top countries in Labour Costs in Insurance, Reinsurance and Pension Funding by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 12,340 | 2023 | -0.32% | -0.15% | View data |
| 2 | 2 Netherlands | 4,960 | 2023 | +0.22% | +0.59% | View data |
| 3 | 3 Italy | 3,940 | 2023 | +1.33% | +1.71% | View data |
| 4 | 4 Spain | 2,770 | 2023 | -0.11% | +0.11% | View data |
| 5 | 5 Austria | 2,440 | 2023 | +1.38% | +1.42% | View data |
| 6 | 6 Belgium | 2,260 | 2023 | +0.69% | +0.8% | View data |
| 7 | 7 Ireland | 973.66 | 2023 | -1.31% | -3.39% | View data |
| 8 | 8 Finland | 556 | 2023 | +0.36% | +0.47% | View data |
| 9 | 9 Luxembourg | 470.6 | 2023 | +2.55% | +2.56% | View data |
| 10 | 10 Greece | 374.45 | 2023 | +0.92% | +0.25% | View data |
