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Germany

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Germany

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Germany Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Germany includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Germany can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight EB Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Berlin
EUR
83.90 mn
0.96%
1.39%
244,796.95 (mn)
6.36

Germany has Europe's largest domestic non-life market and fourth largest life market. It is a major reinsurance market and home of the world's largest reinsurance company, Munich Re, and the world's oldest reinsurance company, General Re (formerly Cologne Re). In 2019 some 30 reinsurers operated from Germany in domestic and worldwide markets.  According to the supervisory authority, at the end of 2018, 199 non-life companies were under federal supervision plus six under regional supervision, compared to 322 in 1990. The market remains fragmented.

There are 96 life insurance companies, 34 funeral expenses insurers, 46 health insurers, 31 reinsurers (of which two have no business activity), 139 pensionskassen (of which three have no business activity) and 33 pensionsfonds.

Germany's strong tied agent market is slowly but steadily reducing. Online insurance continues to grow in importance, particularly in motor insurance. In commercial and industrial business brokers have long enjoyed a significant share of the market. As regards bancassurance, certain large insurance companies produce a significant proportion of business through bank relationships.

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