Market Report, "Germany Insurance Report Q1 2015", published

From: Fast Market Research, Inc.
Published: Wed Dec 31 2014

Germany's formidable insurers have performed well in both of the major segments (NB w e include health insurance in the non-life segment). However, both life and non-life premiums will likely continue to grow only slowly through the forecast period. The low interest rate environment remains challenging.

Both the major segments of Germany's massive insurance sector are slowly growing. In the life segment, a number of the leading players achieved good growth in new business premiums in H114 through the focus on particular products. Overall, though, the latest reports suggest that total premiums have expanded slowly. The very low interest rates have meant that life insurers have had to pay greater-than-usual attention to the profitability of the products that they are selling. Over the forecast period, though, we think that the life segment will grow faster than the insurance sector as a whole: this is because it is a beneficiary of the accumulation of savings in a country that is running persistent current account surpluses.

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Some of the non-life companies are achieving good growth in particular niches as a result of new product launches and/or innovative distribution arrangements. Overall, though, growth in premiums in most sub-sectors of the non-life segment will continue to be constrained by low volume growth and/or slippage in prices. This is also true in the health insurance sub-sector, which accounts for a little over one third of all premiums written in the non-life segment. Abundance of capital in the global reinsurance market is, we think, pushing prices down in the direct property insurance market as well.

In terms of key metrics such as premiums, density (premiums per capita) and penetration (premiums as a percentage of GDP), neither of the major segments will look very different in 2018. However, the total amount of activity will be slightly larger. The many strengths of Germany's insurers - their scale, product know-how, commitment to...

The Germany Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Germany Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the German insurance industry.

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