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Germany Insurance Report 2010
Business Monitor International, Nov 2009, Pages: 60
The Germany Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Germany's insurance industry.
The German insurance market is immense. Its non-life market is second in size only to the US, and in life insurance, it is the world’s fifth largest market.
Germany is home to some of the world’s largest insurers, and a number of the key players in reinsurance.
Allianz is the second largest insurance company, and the largest property/casualty insurance company, in the world. Munich Re is the sixth largest insurance company, and the largest reinsurance company, in the world. Hannover Re is the second largest German reinsurer and the Berkshire Hathaway-owned Cologne Re holds third place in Germany. Most of the revenues of the global insurance giants come from markets outside Germany (even if some of that premium total is written in Germany).
A distinctive feature of the German landscape is the high level of integration of insurance within the financial services industry. Germany pioneered the Allfinanz (bancassurance in French) concept, and most of the main players are members of groups that include banking and investment management arms.
However, this means that the insurance industry is exposed to volatility in financial markets to a greater extent than in most other insurance markets.
In the global financial downturn, German insurers have been more impaired by the impact of what is primarily a banking crisis than many of their counterparts in other countries. For example, market-leader Allianz has had to sell off its Dresdner Bank subsidiary. While the world slowly recovers from the downturn, there is uncertainty in the German insurance market, but at a reduced level. Inflation, interest rates and the possibilities of future insolvencies are the main concerns.
Growth in the German insurance market is expected to remain slow over the next few years. Total premium growth for the industry is expected to grow modestly, but the weakened state of the German economy, expected to continue for the next few years, will adversely affect premiums, margins and rates.
However, some gains were made in the first half of 2009. German life insurers increased their premiums by 6.6% in H109 compared to H208. Property and casualty insurers expect to achieve a modest increase in premiums of 0.2% year-on-year (y-o-y) for 2009 as a whole.
(Source: Gesamtverband der Deutschen Versicherungswirtschaft, or GDV) Many individuals are taking steps to improve the safety of their pension savings, and this led to the growth of single premiums by 44% in H109 compared to H208. Single premiums now account for 60% of annuities.
(Source: GDV) Germany is the fourth largest economy in the world but will diminish in relative size over time. We expect that by the end of 2018 it will be the sixth largest economy in nominal US dollar terms. Growth will be constrained by increasing global competition in Germany’s key capital export industries, the reluctance of German consumers to spend money and past governments shying away from marketfriendly reforms.
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