Germany Insurance Industry – Governance, Risk and Compliance

The Germany insurance market report is the result of extensive research into the insurance regulatory framework in Germany. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation and transit insurance. The Germany insurance industry report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

What are the market dynamics in the Germany insurance industry?

Federal Financial Supervisory Authority (BaFin) is the federal regulator responsible for the supervision and regulation of banking, financial services, and insurance and reinsurance. Under its supervision department, BaFin has a separate head, the Insurance Undertakings and Pension Funds Department known as the Supervisory Authority, which regulates and supervises the German insurance industry. The Supervisory Authority regulates private insurers with significant economic and financial importance, and public insurance companies operating in multiple states, whereas state regulators regulate public insurance companies confined only to one state and private insurers with lesser economic and financial significance.

Which are the compulsory insurances in the Germany insurance industry?

The compulsory insurances in the German insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, liability insurance, property insurance, transit insurance, and clinical trials liability insurance.

Which are the key associations in the Germany insurance industry?

The key associations in the Germany insurance industry are International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), German Insurance Association (GDV).

International Association of Insurance Supervisors (IAIS)

The IAIS formulates and issues various global insurance principles, standards, and guidance provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.

European Insurance and Occupational Pensions Authority (EIOPA)

The EIOPA, which is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system’s stability, the transparency of markets and financial products, and the protection of insurance policyholders, pension scheme members, and beneficiaries of all European Member States. One of the main responsibilities of the EIPOA is the preparation of the new supervisory regime for insurance and reinsurance companies in the EU: Solvency II.

Federation of European Risk Management Associations (FERMA)

The FERMA established in 1974, is a member of the International Federation of Risk and Insurance Management Associations (IFRIMA). FERMA aims to lead and enhance the effective practice of risk management, risk financing, and insurance in Europe. Its main objectives include monitoring new regulations and standards, detecting early issues that can impact the risk management and insurance sectors, establishing technical alliances and ad hoc coalitions with other stakeholders, maintaining two-way communication with national associations on the development and application of risk management, setting up surveys and benchmarks to identify and share current practices, organizing conferences, seminars, and forums.

German Insurance Association (GDV)

The GDV is the umbrella organization in Germany for private insurance companies. The Berlin-based association assists insurers by representing the position of the insurer and also helps them to perform their responsibilities effectively. The key functions of GDV are providing information and support to its member companies, identifying socio-political developments impacting the insurance industry, and propose solutions.

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Market report scope

 Scope

• The report covers details of the insurance regulatory framework in Germany.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Germany.
• Track the latest regulatory changes and expected changes impacting the German insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.