Top 10 Insurance Markets
There are currently 83 life, 46 health, 204 indemnity/accident and 29 reinsurance companies operating under the supervision of BaFin that make up around 90 percent of the German insurance market. There are also 135 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 around 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.