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Germany Insurance Report 2009
Business Monitor International, March 2009, Pages: 83
The Germany Insurance Report provides independent forecasts and competitive intelligence on Germany's insurance industry.
The German insurance market is huge. In non-life it is second in size only to the US and in life it is the world’s fifth largest market. Like all fully developed western markets it is relatively slow growing, but this market is so large that even small percentage increments are large in absolute terms.
Germany is home to a number of the key players in reinsurance. Munich Re is second only to Swiss Re in absolute size. Hannover Re is the second largest German reinsurer and the Berkshire Hathawayowned Cologne Re holds third place.
Like virtually all financial services companies worldwide, the German insurers have been impacted by the global financial crisis. Talanx Group CEO Herbert K. Haas put it quite directly when he commented: that 'in terms of our expected Group net income 2008 is a lost year.' In a press release issued on December 2, the company said, “The crisis on financial markets, which escalated markedly in October, has had a twofold impact on the Talanx Group: on the one hand, through write-downs and disposal losses on equities (€ 1.1 billion on balance) and, on the other hand, through impairments on bonds issued by banks and corporations that found themselves in difficulties as a consequence of the crisis. An increased default risk is to be anticipated on the securities of such issuers. The resulting write-downs produced a drag on investment income in the order of € 160 million. An indirect effect of the crisis on financial markets is the considerable uncertainty prevailing among consumers – both as regards the security of investments and the future economic trend.”
A distinctive feature of the German landscape is the degree of integration within the financial services industry. Germany pioneered the allfinanz concept and most of the main players are members of groups that include banking and investment management arms.
This integration, that is so often a strength in the present circumstances has left the German insurers more exposed to the impact of what is primarily a banking crisis than many of their counterparts in other countries. Already market leader Allianz has felt the need to sell off its Dresdner Bank subsidiary.
A number of the leading players are true global titans. More of their revenues come from markets outside Germany (even if some of that premium is written in Germany) and they will be looking to the emerging international markets, rather than their home market, for much of their future business development.
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