Insurance Europe (known as Comité Européen des Assurances until March 2012) is the European insurance and reinsurance federation. Through its 34 member bodies — the national insurance associations — it represents all types of insurance and reinsurance undertakings, e.g. pan-European companies, monoliners, mutuals and SMEs. Insurance Europe which is based in Brussels, Belgium, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe's economic growth and development. European insurers generate premium income of more than €1,100bn, employ almost one million people and invest almost €8,400bn in the economy.