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Germany Insurance Report 2011
Business Monitor International, Nov 2010, Pages: 66
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.
Germany’s largest insurers include several of the biggest names worldwide in direct insurance and 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).
It is a measure of the strength of the German economy, German (re-)insurers and the market for insurance in the country that the global financial crisis had very little impact on demand for insurance in tGermany. Particular German multinationals may have faced difficult conditions in some (but definitely not all) of the foreign markets in which they operate, but at home, premiums in the non-life and life segments have remained within a trend of sluggish growth – interspersed with the occasional year of low double-digit increase or minimal decrease.
Of particular note is the 14% growth in life premiums that we estimate for in 2010. This expansion is marginally less than the 16% reported by Allianz for its German life business in H110, which was driven by strong sales in unit-linked products. As is the case in France, China and perhaps Italy, Germany is a country with an excess of savings and a large number of households who understand the attractions of life insurance as a vehicle for long-term savings. Germany’s insurance and financial markets may be fully integrated with those of the rest of the world, but the dynamics are quite different to those of, for instance, the major Anglo-Saxon economies.
Partly because of their global scale and partly because of the absolute size of the German market for most kinds of insurance and reinsurance, German insurers are able to generate benefits for their customers, shareholders and other stakeholders that can be matched by few majors in the rest of the world. We do not see why any of this should change anytime soon. In 2009, total premiums amounted to EUR204,443mn. This includes non-life premiums of EUR121,043mn and life premiums of EUR83,400mn. In 2014, the corresponding figures should be EUR245,417mn, EUR140,083mn and EUR105,334mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise marginally from 5.06% of GDP in 2009 to 5.07% in 2014. We forecast life density to increase from US$1,431 per capita to US$1,630.
Unsurprisingly, BMI’s proprietary Insurance Business Environment Rating for Germany is one of the highest for any country in the world at 82.2.
Key Features Of This Report
The structure of this report is substantially similar to previous ones. We have updated our comments and data using information made available by regulators, trade associations and insurance companies over the course of 2010.
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