Financial Sector

Modern office Building in Frankfurt, Germany | © Nikada/Getty Images

Financial Sector

The financial sector enjoys great importance in Germany and is an important sector in the domestic economy. The financial services industry plays an important role in the economic development of a national economy, for example, in the financing of entrepreneurial activities and expansions.

Financial Services Sector

Financial services and insurance providers contributed around EUR 111 billion to GDP in 2017 – equivalent to almost four percent of total domestic GDP. The financial services and insurance sector employs a workforce of around 1.2 million people in Germany.

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Banking

There were 1,888 credit institutions active in Germany in 2016, of which 281 were private banks. The banking sector has a workforce of more than 600,000 people.

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Insurance

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

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Dr. Josefine Dutschmann Dr. Josefine Dutschmann | © GTAI

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