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German Insurance Association
The German Life Insurance Market
XII International Yalta Forum
Volker Henke
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Comparison to illustrate total investments
Savings of private households (2010) € 169 bn
Federal Budget 2011 € 306 bn
Investments of German insurers € 1 256 bn
Public debt in 2010 € 1 732 bn
Sources: German Stock Exchange (Deutsche Börse), Federal Ministry of Finance, GDV, German Federal Bank (Deutsche Bundesbank)Photograph: German Stock Exchange
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German Insurance Association
Letzte Aktualisierung 04/2012 fzi
Premium income of insurance lines in 2011Share as per cent, in EUR bnTotal of direct insurers: 178.2 bn €Reinsurance in 2009/10*: 34.7 bn €
Source: GDV (* Earned premiums net of reinsurance incl. additional charges)
56.7 bn €
34.7 bn €
86.8 bn €
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German Insurance Association
Letzte Aktualisierung 04/2012 fzi
4
Assets of the insurance industry by class of insuranceShares as per cent, EUR bnTotal: 1.279,5 bn €
Source: GDV 30.06.2011
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German Insurance Association
Letzte Aktualisierung 04/2012 fzi
5
Structure of investments of direct insurers(Life insurance in the narrow sense, health, property, casualty and accident insurance: total: 1,279,5 bn €)
Source: GDV 30.06.2011
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German Insurance Association
Letzte Aktualisierung 03/2012 fzi
Market shares of the 5 largest insurance
companies
10 largest insurance
companies
Property/casualty/accident 32.8% 46.2%
Life 38.1% 54.4%
Health 51.3% 73.3%
Reinsurance 85.1% 95.7 %
Source: GDVAs of 2010 (reinsurance : 2009)
Market shares of the largest insurance and reinsurance companies according to premium income
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Captiveintermediaries“Pyramid selling”
BanksCredit card organizationsDepartment storesAnnexed distribution servicesTravel agencies
Single-tied intermediaries
EmployeesPart timeagents
Regularagents
Distribution via intermediariesDirect marketing
Multi-tied intermediaries
[Internet][Internet]
Part timeintermediaries
Regularintermediaries
Multipleagents
Brokers
Captiveintermediaries“Pyramid selling”
BanksCredit card organizationsDepartment storesTravel agenciesAnnexed distribution services
Distribution channels
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German Insurance Association
Share of distribution channels in new business as % (as of 31.12.2009)
* Property/accident/third party liability +motor+legal expenses
48,6
37,5
6,93,9
3,1
Health(according to premium income)
31,1
6,5
9,5
5,0
47,9
Composite*(according to premiumincome)
Multi-tied agents
Single tied agents
Credit institutions
Direct marketing
Other42,0
29,5
23,6
2,6 2,3
Life(according to total premiums)
Letzte Aktualisierung 03/2012 fzi
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Number of intermediaries listed in the register of insurance intermediaries
Total of insurance intermediaries 263 300
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Gainfully employed persons in the insurance sector as compared with other sectors (selection)
Ma
sc
hin
en
ba
u
Ins
ura
nc
e
ind
us
try
*)
Ca
r in
du
str
y(i
nc
l. s
ub
co
ntr
ac
tors
)
Ele
ctr
ica
l e
ng
ine
eri
ng
Ch
em
ica
l a
nd
p
ha
rma
ce
uti
ca
l in
du
str
y
Sources: VDMA, ZVEI, VDA, agv, DIHK, VCI
*) Insurance industry:
Employees subject tosocial security contributions 298 300+Self-employedintermediaries 263 300=Total 561 600
Me
ch
an
ica
l e
ng
ine
eri
ng
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Hardly any dissatisfied customers in a comparison
between important service sectors
Source: Consumer Satisfaction Survey, Final Report, by IPSOS INRA (2007)
5
16.2
7.85.93.62.92.62.42.21.91.7
Air
Insurance
Water suply
EnergyBank
Mobile com
Gas suply
Postal service
Land line com
Public transport
Rail system
Dissatisfied customers in Germany as per cent according to EU consumer survey
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Number of complaints to the Ombudsman
*) Rise in 2008 especially due to extended responsibilities of the ombudsman. As from 2008, complaints against intermediaries and complaints from small traders are covered as well.
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Sign of confidence:Customers maintain their pension contracts
Declining cancellation rate despite the economic and financial crisis
2003 2004 2005 2006 2007 2008 2009 2010
(Premature cancellations as a percentage of contracts)
3.5
3.6
4.0
4.2
4.0 4.0
3.8
4.0
3.9
2011
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German Insurance Association
Key figures of life insurance / pension funds
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German Insurance Association 15
Life insurance in the narrow sense: Premiums broken down by type of business in 2011
Total: 83.2 bn €
*incl. occupational disability and long-term care insurance
30,1
9,1
21,25,1
9,3
Endowment insurance: 32.2%Unit-linked endowment
and annuity insurance: 14.5%
Annuity and pension insurance: 32.7%
Group insurance*: 13.2%
Supplementary insurance: 7.4%
Source: GDV
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Structure of investments in life insuranceShares as per cent
Total: 734.4 bn €
Source: GDV
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German Insurance Association
Letzte Aktualisierung 05/2012
17
Change of paradigms in life insurance …
*) Also includes unit-linked annuity insurance policies up to and including 2000
Source: GDV
Endowment insurance policies, annuity insurance policies and unit-linked life insurance policies (number)
0%
20%
40%
60%
80%
100%
1990 1995 2000 2005 2006 2007 2008 2009 2010 2011
Endowment (whole life) insurnace Annuity insuranceUnit-linked life insurance Unit-linked annuity insurance
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German Insurance Association 18
Annuity contracts increasingly importantAnnuity contracts increasingly important
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German Insurance Association
Letzte Aktualisierung 09/2011 fzi
19
Premium income in life insurance in the broader sensePremium income in life insurance in the broader senseRegular premiums & single premiums in EUR bnRegular premiums & single premiums in EUR bn
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German Insurance Association
Benefit payouts and gross written premiums (life Benefit payouts and gross written premiums (life insurance in the broader sense)insurance in the broader sense)2000 to 2011 - in EUR bn2000 to 2011 - in EUR bn
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German Insurance Association
Letzte Aktualisierung 04/2012 fzi
Germans need to catch up with respect to old-age provision
(Premiums for life insurance in euros per head of population in 2010); source: CEA
Sweden2 377 €
France2 223 €
Italy1 493 €
Belgium1 766 €
United Kingdom2 460 €
Germany1 066 €
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German Insurance Association
Key figures of private health insurance
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Development of premium income in health insurance
Source: Private Health Insurance
In b
n €
Total in bn €
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Ample provision for old ageReserves for increasing age in EUR bn
Source: Private Health Insurance
EUR
bn
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German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Private health insurance: Enhancement of supplementary insurance
Source: Private Health Insurance
Mill
ion
Number of persons insured in millions