Insurance

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Insurance Location Germany

The insurance sector is one of the most important economic sectors in Germany and it plays an even more important role in business and society.

Germany’s insurance market – measured in terms of premium revenue – is the second-largest reinsurance market in the world after the USA.

Insurance Location Germany

Top 10 Insurance Markets | © Swiss Re 2016

Top 10 Insurance Markets
1USA28.6 %
2Japan10.0 %
3China9.9 %
4United Kingdom6.4 %
5France5.0 %
6Germany4.5 %
7South Korea3.6 %
8Italy3.4 %
9Canada2.4 %
10Taiwan2.1 %

There are currently 360 life, health, indemnity/accident and reinsurance companies operating under the supervision of BaFin that make up around 90 percent of the German insurance market. There are also 139 pension schemes and 29 occupational pension funds as well as 35 death benefit funds and numerous foreign providers. Insurers in the market have different business strategies and target groups that are further differentiated as a result of digitalization. This strong supplier diversity benefits the insured party first and foremost.

The insurance industry employs more than half a million people. Large insurance locations in Germany include Munich (> 33,000 employees in the insurance industry), Cologne (> 25,000) and Hamburg (> 21,000). More than 10,000 people also work in the respective insurance industries in Hanover, Stuttgart, Dusseldorf, and Berlin.

InsurTech hubs are located in Munich and Cologne.

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Dr. Josefine Dutschmann Dr. Josefine Dutschmann | © GTAI

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