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Germany Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 23
Germany is one of the world’s largest economies and is highly integrated into the global economy. The insurance industry of the country has been unable to reap the benefits of an economic upturn, the reason being the continuing stagnation of real incomes, the still relatively high rate of unemployment and insecurity in many parts of the population. Despite the growth in insurance density and penetration rate, it continues to rank below other developed countries such as, France, the Netherlands, and the UK. The reason for the limited growth could be the lower demand for life assurance products as a tool for retirement planning and as a component of capital accumulation. Factors such as intensive competition, partially already high market penetration rates, moderate claims statistics by trend and increasing weight of maturities or the impact of political reforms are also restricting the growth of premiums in the country.
The insurance industry in Germany is mainly categorized into two segments: Life and Non-life insurance. However, due to the increasing market share and demand for health insurance products, the health products are categorized separately from both the life and general insurance segments. The pension products account for a large share of the life assurance market as compared to the traditional life business. Life segment has been witnessing growth mainly on account of the demand for annuity and other pension products. These life insurance products function as saving instruments and are used for financial protection. The Non-life segment is expected to see growth only on account of improving real income and demand for property, motor, legal and financial risks.
The present report gives an overview of Germany’s insurance market along with an analysis of German political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the German insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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