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The total annual volume of property and casualty and life insurance policies sold through digital channels, including major players such as Google and Amazon, in Europe could reach €25 billion in 2016, more than double the 2012 value of €12 billion, according to a new Accenture study based on a survey of 78 insurers across Europe.

According to the study, policies sold through digital channels are expected to account for 18 percent of European insurers’ total annual new business premium volume in 2016, compared to 11 percent in 2013. The study also found that three-quarters (78 percent) of European insurers are planning to increase investments in the digital transformation of their sales and distribution functions, and expect to spend €27 million, on average, in this space over the next three years.

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