1. The German Life Insurance Market
XII International Yalta Forum
Volker Henke

2. Comparison to illustrate total investments
Savings of private households (2010) € 169 bn
Federal Budget € 306 bn
Investments of German insurers € bn
Public debt in € bn
Sources: German Stock Exchange (Deutsche Börse), Federal Ministry of Finance, GDV, German Federal Bank (Deutsche Bundesbank)
Photograph: German Stock Exchange
Letzte Aktualisierung 10/2011 fzi

3. Premium income of insurance lines in 2011
Share as per cent, in EUR bn
Total of direct insurers: bn €
Reinsurance in 2009/10*: 34.7 bn €
34.7 bn €
86.8 bn €
56.7 bn €
Relative Bedeutung der einzelnen Sparten nach den Beitragseinnahmen.
Source: GDV
(* Earned premiums net of reinsurance incl. additional charges)
Letzte Aktualisierung 04/2012 fzi

4. Assets of the insurance industry by class of insurance
Shares as per cent, EUR bn
Total: 1.279,5 bn €
Mit über 1,100 Mrd. € sind die Versicherungsunternehmer die größten institutionellen Kapitalanleger in Deutschland.
Der mit Abstand größte Anteil der Kapitalanlagen befindet sich in den Händen der Lebensversicherer.
Die Versicherer verfolgen bei den Kapitalanlagen eine langfristige Perspektive und tragen damit maßgeblich zur Stabilität der Finanzmärkte bei.
Source: GDV
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
Letzte Aktualisierung 04/2012 fzi

6. 5 largest insurance companies 10 largest insurance companies
Market shares of the largest insurance and reinsurance companies according to premium income
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 %
Neben einigen großen Versicherern, die einen großen Anteil der Beiträge auf sich verbuchen, gibt es eine Vielzahl kleiner Versicherungen.
Source: GDV
As of 2010 (reinsurance : 2009)
Letzte Aktualisierung 03/2012 fzi

7. Distribution channels
Direct marketing
Distribution via intermediaries
[Internet]
[Internet]
Banks
Credit card organizations
Department stores
Annexed distribution services
Travel agencies
Single-tied intermediaries
Employees
Part time
agents
Regular
Multi-tied intermediaries
Regular
intermediaries
Part time
intermediaries
Multiple
agents
Brokers
Übersicht über die Vertriebswege
Captive
intermediaries
“Pyramid selling”
Captive
intermediaries
“Pyramid selling”
Banks
Credit card organizations
Department stores
Travel agencies
Annexed distribution services
Letzte Aktualisierung 10/2011 fzi

8. Share of distribution channels in new business as % (as of 31.12.2009)
Life (according to total premiums)
Multi-tied agents
Single tied agents
Credit institutions
Direct marketing
Other
Health (according to premium income)
Composite* (according to premiumincome)
Nun: erste Ergebnisse aus Leben:
* Property/accident/third party liability +motor+legal expenses
Letzte Aktualisierung 03/2012 fzi

9. Letzte Aktualisierung 10/2011 fzi
Number of intermediaries listed in the register of insurance intermediaries
Total of insurance intermediaries
Letzte Aktualisierung 10/2011 fzi

10. Letzte Aktualisierung 10/2011 fzi
Gainfully employed persons in the insurance sector as compared with other sectors (selection)
*) Insurance industry:
Employees subject to
social security contributions +
Self-employed
intermediaries =
Total
Car industry (incl. subcontractors)
Chemical and pharmaceutical industry
Insurance industry*)
Mechanical engineering
Electrical engineering
Maschinenbau
Sources: VDMA, ZVEI, VDA, agv, DIHK, VCI
Letzte Aktualisierung 10/2011 fzi

11. Letzte Aktualisierung 10/2011 fzi
Hardly any dissatisfied customers in a comparison between important service sectors
Dissatisfied customers in Germany as per cent according to EU consumer survey
Air traffic Insurance Water supply Electricity industry Banks Mobile communications Gas supply Postal services Landline telephone networks Local public transport Rail traffic
Source: Consumer Satisfaction Survey, Final Report, by IPSOS INRA (2007)
Letzte Aktualisierung 10/2011 fzi

12. 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.
Letzte Aktualisierung 10/2011 fzi

13. 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
2011
(Premature cancellations as a percentage of contracts)
Letzte Aktualisierung 10/2011 fzi

14. Key figures of life insurance / pension funds

15. Life insurance in the narrow sense: Premiums broken down by type of business in 2011
Total: bn €
9,3
21,2
5,1
9,1
30,1
Source: GDV
*incl. occupational disability and long-term care insurance

16. Structure of investments in life insurance
Shares as per cent
Total: bn €
Source: GDV
Letzte Aktualisierung 10/2011 fzi

17. Change of paradigms in life insurance …
Endowment insurance policies, annuity insurance policies and unit-linked life insurance policies (number)
Source: GDV
*) Also includes unit-linked annuity insurance policies up to and including 2000
Letzte Aktualisierung 05/2012

18. Annuity contracts increasingly important

19. Letzte Aktualisierung 09/2011 fzi
Premium income in life insurance in the broader sense Regular premiums & single premiums in EUR bn
Neugeschäftsbeiträge insgesamt in Mrd. Euro
lfd. BE f. 1 J.
Einmalbeitrag
Summe
Anteil BAV in %
2000
0,700
1,189
1,889
15,4%
2001
0,793
0,933
1,726
12,8%
2002
1,124
1,208
2,332
15,9%
2003
1,828
1,66
3,488
19,9%
2004
2,088
1,457
3,545
17,7%
2005
1,382
1,827
3,209
20,8%
2006
1,394
3,021
4,415
22,8%
2007
1,355
2,941
4,296
22,2%
Letzte Aktualisierung 09/2011 fzi
2000
12,303
2001
13,478
2002
14,666
2003
17,520
2004
20,077
2005
15,445
2006
19,367
2007
19,349

20. Benefit payouts and gross written premiums (life insurance in the broader sense) 2000 to in EUR bn

21. Germans need to catch up with respect to old-age provision
Sweden €
United Kingdom €
Germany €
France €
Belgium €
Italy €
(Premiums for life insurance in euros per head of population in 2010); source: CEA
Letzte Aktualisierung 04/2012 fzi

22. Key figures of private health insurance

23. Development of premium income in health insurance
Total in bn €
In bn €
Source: Private Health Insurance
Letzte Aktualisierung 10/2011 fzi

24. Ample provision for old age Reserves for increasing age in EUR bn
Source: Private Health Insurance
Letzte Aktualisierung 10/2011 fzi

25. Private health insurance: Enhancement of supplementary insurance
Number of persons insured in millions
Million
Full cover
Long-term care insurance
Supplementary insurance
Source: Private Health Insurance
Letzte Aktualisierung 10/2011 fzi