Businessmen working together on a laptop. Businessmen working together on a laptop. | © Courtney Keating/Getty Images

Insurance Location Germany

Germany is the second-largest reinsurance market (21.5%) in the world after the USA (21.8%) of worldwide premium revenue.

Insurance Location Germany

Top 10 Insurance Markets, Swiss Re 2019
Top 10 Insurance Markets, Swiss Re 2019 | © GTAI

Top 10 Insurance Markets

1

USA

28.3 %

2

China

11.1 %

3

Japan

8.5 %

4

United Kingdom

6.5 %

5

France

5.0 %

6

Germany

4.7 %

7

South Korea

3.4 %

8

Italy

3.3 %

9

Canada

2.5 %

10

Taiwan

2.3 %

There are currently 359 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 136 pension schemes and 33 occupational pension funds as well as 33 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 (> 30,000 employees in the insurance industry), Cologne (> 24,000) and Hamburg (> 18,000). More than 10,000 people also work in the respective insurance industries in Stuttgart, Hanover, Dusseldorf, and Berlin.

InsurTech hubs are located in Munich and Cologne.

More Information:

Insurance Industry Workforce by Federal State 2019

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